Trade & Investment
Bloomberg - Anheuser-Busch InBev said an arbitration panel ruled that the 2008 that created the company didn’t violate an agreement over the transfer of its 50 percent stake in Grupo Modelo. Modelo had sought $2.5 billion in damages in a claim that originally sought to prevent Anheuser-Busch Cos. from selling its stake to the old InBev as part of the $52 billion merger that led to AB InBev’s creation.
CNNExpansion.com - Mony de Swaan, who ignited a wave of controversy when he was named president of the Federal Commission of Telecommunications (Cofetel), said he will promote competition and move the telecommunications sector forward. Critics said his former job as the SCT's co-ordinator of advisors put him in too cose proximity to President Felipe Calderon.
Dow Jones -Mexican cement maker Cemex said Thursday it has reached an agreement to sell some non-core assets in Kentucky for $90 million in order to pay down some of its debt. The assets comprise seven aggregates quarries, three distribution centers and a concrete block manufacturing plant.
El Semanario - Leon's Public Ministry rejected the allegations of defamation made by the Brewery Cuauhtémoc Moctezuma (CCM) subsidiary of Femsa against Guillermo Williamson Yribarren in a dispute over the distribution of goods made by the Femsa subsidiary.
El Economista, El Universal - Mony de Swaan was named as the new president of the Federal Telecommunications Commission (Cofetel) in a move that some are interpreting as giving a great amount of influence to President Felipe Calderon. The position has a term of 4 years.
Maquila Portal - New rules on dollar money exchange have prompted as much as $50 million in capital flight from mostly foreign-owned maquiladoras as there has been a 48 percent increase in the number of bank accounts opened on the U.S. side of the border, Canacintra officials report.
Sentido Comun - Nacional Financiera and Banco Nacional de Comercio Exterior, the two major state banks of Mexico, granted a loan of $400 million Chrysler in order to produce the Fiat 500 in the country. About 1,200 jobs will be created for the project.
Reuters - Volkswagen is expanding production in Mexico and India as it continues to execute an ambitious plan to surpass Toyota as the world's largest carmaker. Volkswagen opened a new part of the company's massive Puebla plant in Mexico on Tuesday and reaffirmed plans to build a powertrain plant in North America that could start producing engines in 2013.
Reuters - Mexican supermarket operator Chedraui said on Tuesday it has bought Fiesta Foods in Los Angeles, expanding its reach in the Hispanic market in the U.S. Southwest. Chedraui, Mexico's No. 4 retailer which went public in late April, said it financed the purchase of Fiesta, with its 11 stores, with debt.
El Semanario - The violence in Mexico and, particularly, drug trafficking is worriesome to Santander, Francisco Luzón, a Latin America executive at the bank, said, adding, "but it does not impact our investments”.