Companies

Companies

Banorte lent to oil company at heart of Citigroup scandal

Reuters - Mexico's third-largest bank Banorte lent around $40 million to the oilfield services company at the center of an alleged fraud which forced Citigroup to cut its 2013 profit, said a source who added that Banorte is in the process of putting aside a provision for the loan in case of non-payment.

http://www.reuters.com/article/2014/03/19/mexico-oceanografia-banks-idUSL2N0MG1LJ20140319

Aston Martin celebrates first showroom in Mexico

GTSpirit.com - Aston Martin recently entered the Mexican market through the opening of their first dealership in the country, a bold statement that shows the brand is committed to its clients and posses a strong will to have a share of the supercar sales in México.

http://www.gtspirit.com/2014/03/20/grand-opening-aston-martin-celebrates-its-first-showroom-in-mexico/

Subway snafu irritating commuters sinks ICA shares

Bloomberg - A service halt on a new $2 billion subway line built in partnership with billionaire Carlos Slim is making Empresas ICA Mexico's worst performing stock.  ICA shares slumped 15 percent last week as more than half the stations on the capital’s Golden Line were closed after twisted rails and damaged ties were endangering passengers.

http://www.bloomberg.com/news/2014-03-18/subway-snafu-irking-commuters-sinks-ica-shares-corporate-mexico.html

Tyson appoints new president of Mexico operations

Arkansas Business - Tyson Foods Inc. of Springdale said has promoted Rick Thomason to president and general manager of Tyson de Mexico from vice president of accounting for the company's international businesses.

http://www.arkansasbusiness.com/article/97625/rick-thomason-named-president-gm-of-tyson-de-mexico

Home builder Geo to file for bankruptcy

WSJ - Home builder Corporación Geo is preparing to file for bankruptcy protection in Mexico as early as Thursday to restructure a roughly $1.5 billion debt load that has brought its output to a near-standstill, people familiar with the company's plans said.

http://online.wsj.com/news/articles/SB10001424052702304185104579435701064738112?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304185104579435701064738112.html

Mexico could allow Slim to bid in TV tenders

WSJ - The stars appear to be aligning for Carlos Slim’s  ambitions to jump into the profitable Mexican TV market. The new telecom regulator indicated Wednesday that the Mexican tycoon’s dominance of the phone market isn't an obstacle for him to bid in the coming tender of two new TV broadcast networks.

http://online.wsj.com/news/articles/SB10001424052702304185104579435911234445846?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304185104579435911234445846.html

KCS sees Mexico preserving rail exclusivity

Bloomberg - The Mexican Senate will probably abandon an attempt by the lower house of Congress to force the nation’s two largest railroads to open up their networks, according to Kansas City Southern.

http://www.bloomberg.com/news/2014-03-12/kansas-city-southern-sees-mexico-preserving-railroad-line-access.html

Group deflects blame for Metro structural damage

 

Latin American Herald Tribune - The consortium that built the Mexico City Metro’s Line 12, currently out of service to allow for repairs of structural defects, said Wednesday the rails complied with safety standards and blamed the system operator for using the wrong kind of trains.

http://www.laht.com/article.asp?ArticleId=1756471&CategoryId=14091

Pemex plans to invest $27.7 billion in 2014

 

Oil & Gas - Mexico's state-owned oil firm Petroleos Mexicanos, or Pemex, is planning to invest $27.7 billion in 2014, the most in its history and the vast majority of which will go toward crude oil exploration and production.

 

 

http://www.oilandgaseurasia.com/en/news/mexico%E2%80%99s-pemex-invest-277-bn-2014

Kobe, others considering steel plant in Mexico

Japan Times - Steel-maker Kobe Steel Ltd. and its trading affiliate Shinsho Corp. said Monday they have agreed with three other companies to consider setting up a joint venture in Mexico to process steel wire rod into steel wire of cold heading quality used to make auto parts.

http://www.japantimes.co.jp/news/2014/03/03/business/kobe-steel-others-eye-mexico-deal/#.UxSFgPRg7Rw

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