Trade & Investment

Trade & Investment

Wells Fargo expands remittances network in Mexico

Market Watch - Wells Fargo & Company has expanded its ExpressSend remittance network in Mexico through an agreement with Houston-based Transnetwork Corp., adding more than 4,000 payout locations in Mexico for a total of more than 9,000 locations.

Statoil says Pemex contions are not yet clear

Bloomberg - Statoil' CEO Helge Lund said that the framework conditions were not clear enough for the company to work in Mexico currently. Petroleos Mexicanos is seeking to attract Statoil to help develop reserves and will meet again with the Norwegian oil producer this week.

Herradura tequila sales grow 8 percent

El Financiero - Casa Herradura reported a growth of 8 percent in sales of its Tequila Herradura brand during the last 12 months with the total at nearly 1.5 million bottles. CEO Rany McCann said the company sells various tequilas a year worth $728 million.

Fund for Mexican real estate raises $293 million

Market Watch - Prudential Real Estate Investors announced Wednesday that qualified investors have invested $293.3 million (3.69 billion pesos) in PRUMEX Industrial III, a fund created to invest in industrial real estate throughout Mexico.

Mexico buys drones, might use to seek out pot

Reuters - Mexico has purchased an unspecified number of Israeli-made Hermes 450 unmanned drone aircraft, the government said, which might be used for spotting remote drug fields as officials fight powerful cartels. According to a filing, the government paid $23.25 million for the aircraft.

Exports, imports continue to grow in July

Sentido Comun - Exports in July registered a 29.5 percent increase compared to the same month last year, the ninth consecutive increase. Imports registered an increase of 26.5 percent, the eighth consecutive increase. Mexico registered a trade balance deficit of $1.03 billion.

Telmex and its union both are under pressure

Dow Jones - With its sales and margins under pressure from competition, a turnaround of fixed-line phone company Telefonos de Mexico's ailing business hinges on new services like pay TV. Mexican billionaire Carlos Slim has eschewed layoffs even during deep recessions, and instead has focused on improving customer service and expanding the company's business to fit the size of its workforce.

Opponents hail halt to Cabo Pulmo resort

La Jornada - Mexican and foreign environmentalists are applauding Semarnat's recent denial of a permit for a huge resort and marina development in Baja California Sur that opponents contend will cause harm to the Cabo Pulmo area and, especially, marine species in an adjacent reef area. They predict the temporary halt will be made permanent.

Pemex reaching out to foreign drilling firms

Bloomberg - Petroleos Mexicanos, Latin America’s largest oil producer, is seeking to attract Statoil to help the company develop reserves in Mexico, Carlos Garcia Valenzuela, Pemex's planning and assessment manager, said in an interview. The company is meeting with Statoil this week, as well as with Aker Solutions and Seadrill.

Economy expands by 7.6% in second quarter

El Financiero - Mexico's economy grew more than estimated in the second quarter, in line with most forecasts. The National Institute of Statistics and Geography (INEGI) reported that gross domestic product (GDP) expanded 7.6 percent in the second quarter on an annual rate.

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