Top Stories for October 22, 2014

Falling production, falling prices raise questions about Mexico's energy reform

By Jude Webber

Financial Times

For months, the word “oil” in Mexico has gone hand-in-hand with “reform”, with the government giddily looking ahead to a rosy future filled with billions of dollars pouring into the sector.

Then oil prices tanked and people started whispering that maybe Mexico’s energy reform was not looking so attractive after all, and maybe Mexico’s fragile economic recovery might be given another knock.

There might be an ironic silver lining, though: Given state oil company Pemex’s declining production, Mexico just might have to import oil for the first time – and falling oil prices would handily make that cheaper. 

(There was no immediate official word from the finance ministry or Pemex when beyondbrics asked if imports were on the cards).

Still, El Universal newspaper quotes sources at Pemex’s...


If you do not talk about the truth, perhaps it will go away. For the past two years, that attitude broadly summed up President Enrique Peña Nieto’s approach to Mexico’s security problems. Since becoming president, he de-emphasised his predecessor’...
From Forbes Many longtime observers of the Mexican economy and a growing cadre of enthusiastic global investors had expected that by now Mexico would be on its way back to rapid growth. Unfortunately, this is a script that Mexico has seen...

Billboard - Aldo Sarabia, a member of fabled Mexican Banda El Recodo de Don Cruz Lizárraga, who had been missing since Oct. 13, has been found dead in Mazatlan.

Bloomberg - The reputed head of Mexico’s Gulf Cartel drug trafficking ring,  Juan Francisco Saenz-Tamez, 23, was nabbed by federal agents during a shopping trip in south Texas.

Bloomberg - Mexican retail sales rose more than analysts expected in August as accelerated job creation and a rebound in consumer confidence helped bolster spending.

Reuters - Mexico's Coca-Cola Femsa on Wednesday said its third-quarter profit climbed 13 percent. The company reported a profit of 3.343 billion pesos ($249 million).

LAT - Heavyweight champion Cain Velasquez suffered a right knee injury in training and is withdrawing from his Nov. 15 Ultimate Fighting Championship title defense in Mexico City.

Reuters - Mexico is seeking a sugar export floor of at least 1 million tons per year and insists that the United States drop its anti-dumping claims to resolve a sugar trade dispute.

TelesurTV - Social organizations in Mexico that specialize in public safety issues, expressed serious concern on Tuesday over official crime data collecting methods.

CNN - Delphi, Honeywell, Flextronics and Lear are among those ramping up hiring and investing in Juarez, which has been Mexico’s murder capital.

Reuters - Mexico's state oil company Pemex said on Tuesday it was evacuating 15,000 workers from installations in the Gulf of Mexico because of bad weather.

KHOU - Mexico has postedsigns at border crossings and airports warning travelers about the Ebola outbreak. In recent weeks 90 percent of health care workers have been trained to detect Ebola cases.

WSJ - Conglomerate Alfa said it plans to issue new stock to raise capital as it seeks to take advantage of opportunities opened up for the private sector under Mexico’s new energy laws.

Reuters - Mexico's telecommunications regulator has not yet received a plan from Carlos Slim's America Movil that would lay out how the company will sell assets to reduce its market share.

OGJ -Maria de Lourdes Melgar Palacios, Mexico’s undersecretary of hydrocarbons, said the country plans to open its areas in a bidding sequence starting with the shallow water.

WSJ - Mexico’s exports of iron ore have plunged in the wake of a bid by authorities to break the grip of drug cartels on parts of the country’s iron-ore industry, a Mexican official said. - Mexico, too, is facing a severe water shortage, and Stanford scholar Mikael Wolfe says the Mexican version was decades in the making, and probably preventable.

Reuters - Mexican authorities have detained the chief executive of oil services company Oceanografia, which is at the center of a fraud probe involving Citigroup unit Banamex.

ChannelNewsAsia - The number of Mexican children abducted, recruited by organized crime, mutilated and murdered has surged alarmingly, the Inter-American Commission on Human Rights said.

The Packer - Port Manatee plans to start direct, weekly service to Mexico that is touted as being the quickest from the U.S. Gulf to Mexico.

TelesurTV - Uno Mas Uno reports that at least two million Mexicans have been forced to relocate either to other parts of the country or outside of Mexico as a result of violence.

USA Today - The recent disappearance of 43 students and the discovery of mass graves offer an alarming reminder that violent crime persists in Mexico.

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