AMLO Administration Expropriates Private Railroads from Grupo México
As a result of the railways expropriation, Grupo México shares on the Mexican Stock Exchange (BMV) fell by 4.29 percent
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Slim Pulls Out of Banamex Purchase
PULSE NEWS MEXICO Mexican billionaire Carlos Slim’s Inbursa financial group announced on Wednesday, Nov. 23, that it was withdrawing from its former commitment to purchase Banamex, Citigroup’s consumer and corporate banking business in Mexico. “After the presentation of a nonbinding proposal for the acquisition of said businesses, the parties have mutually agreed that Imbursa will not continue in the following
Read moreMexican Economy Drops Two Slots in IMF Global Ranking
By THE PULSE NEWS MEXICO STAFF Since the global covid-19 pandemic first erupted in March of 2020, Mexico’s economy has dropped two spots, from 15th to 17th place. according to the International Monetary Fund (IMF). That is the worst position it has held since 1988, when it occupied the same place in a list of 190 nations. The Mexican economy
Read moreDefunct Oil Company Accuses Citibank of Fraud
By THE PULSE NEWS MEXICO STAFF A now-defunct oil company, Oceanografía, filed charges against the Citibank Group’s soon-to-be-sold Mexican subsidiary Banamex of fraud on Monday, Jan. 24. Oceanografia, which was once Latin America’s largest oil and gas company, valued at more than $3.5 billion, collapsed in 2014 after defaulting on loan payments. Citigroup allegedly gave Oceanografía a $585 million credit
Read moreLuy’s Lines
The Gremlins are Loose
Read moreWhat Citibank Pulling out of Mexico Could Forebode
OPINION By THÉRÈSE MARGOLIS Despite the fact that just five months ago, Citigroup CEO Jane Fraser met with Mexican President Andrés Manuel López Obrador (AMLO) at the National Palace, declaring that the international financial group considered Mexico “a country of opportunities” thanks to its economic, political and social stability, the corporation announced on Tuesday, Jan. 11, that it would be
Read moreCitibanamex: Mexican Economy Won’t Recover until 2025
XINHUA The Mexican economy is facing a multi-year recovery, with experts predicting the country will not return to the productivity levels of 2018 until mid-2025 due to the impact of the novel coronavirus (covid-19), the Citibanamex Financial Group said Thursday, Oct. 8. Notwithstanding, the private institution’s forecasts improved for 2020, with a prediction of a 9.8 percent drop in the
Read moreInvestors Panic, Bolsa Plunges and Peña Nieto Doesn’t Even Say Quack
By RICARDO CASTILLO Here’s the sequence of events that led to a market selloff at the Mexican Stock Exchange (Bolsa Mexicana de Valores) that provoked the loss of nearly 6 percentage points and nearly 90 billion pesos over the last week, mostly for banks. First, on Wednesday, Nov. 7, came the not-so-casual news from the National Regeneration Movement (Morena) political party majority leader
Read moreThe Mexican People Have Spoken, and They Said ‘No New Airport’
By RICARDO CASTILLO The behemoth New International Mexico Airport (NAIM) project was declared defunct on Monday, Oct. 29, by President-elect Andrés Manuel López Obrador (AMLO) after the “no” vote triumphed overwhelmingly during the four-day (Oct. 25 through Oct. 28) national consultation poll carried out by the now-ruling National Regeneration Movement (Morena) political party. The airport construction, at about 20 percent completion (32
Read moreThe Pros and Cons of Mexico City’s New Airport Proposal
By RICARDO CASTILLO The open referendum to approve or disapprove the no-binding construction of the New International Mexico Airport (NAIM) started on Thursday, Oct. 25, and will end on Sunday, Oct. 28. In case you’re not tuned into the situation, which is the nation’s largest and noisiest gossip topic nowadays, here are some of the pro and con opinions regarding the controversial
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