By KELIN DILLON More than a dozen members of Mexican President Andrés Manuel López Obrador’s (AMLO) team of assistants have quickly transcended their roles at his side into high-level government positions, a new report from El Universal has shown. The former assistants have been handed jobs in places ranging from the country’s Tax Administrative Service (SAT) to the National Commission
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By THE PULSE NEWS MEXICO STAFF The New York-based international credit agency Standard & Poor’s (S&P) ratified Mexico’s long-term sovereign rating on Tuesday, June 15, at BBB in foreign currency and BBB+ in local currency, both with “a negative outlook.” This announcement was made by the agency following Mexico’s June 6 midterm elections, in which the ruling party, the National
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By THÉRÈSE MARGOLIS In school, a strong B across the board is considered to be a respectable grade. In the world of financial credit ratings, not so much. Although the way that each of the Big Three rating agencies — Standard and Poor´s (S&P), Moody’s Analytics and Fitch Ratings, which collectively account for 99 percent of the world’s ratings market
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By KELIN DILLON Two federal judges froze the monopoly granted to Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) by reforms from the current government, led by President Andrés Manuel López Obrador (AMLO), reverting Pemex back to the same levels of competition with the private sector as standard in 2014. AMLO’s National Regeneration Movement (Morena) introduced its final reforms to the Hydrocarbons
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By KELIN DILLON Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) reportedly lost 1.23 billion pesos worth of its assets and inventory that were unaccounted for in a recent audit, which now must be located. The company’s internal audit, which was originally set to take place between January 2019 and March 2020, was unexpectedly set back by the covid-19 pandemic and
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By KELIN DILLON Following Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) acquisition of the Deer Park refinery in Texas, Moody’s Analytics, one of Big Three financial ratings agencies, downgraded the refinery’s evaluation to “junk” status. Moody’s devalued Deer Park from Ba3 to Baa2, meaning it is “in the lower ranking of its generic category,” with the potential to further downgrade
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By KELIN DILLON Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) announced its acquisition of the Deer Park refinery in Texas on Monday, May 24, for the sum of $596 million dollars for 50 percent of the shares from Shell Oil Company to complete the purchase, as Mexico already held the other half of the shares. Part of Pemex’s acquisition from
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By THE PULSE NEWS MEXICO STAFF Over the course of the last six years, U.S. and Canadian companies have invested more than $4.805 billion in Mexico’s energy sector, capital that is now being threatened by the changes to the electricity and hydrocarbon sectors laws promoted by President Andrés Manuel López Obrador (AMLO). Among the major companies that have invested in
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By KELIN DILLON Workers from Mexico’s Petróleos Mexicanos (Pemex) oil business have alleged that company unions forced them to injure and mutilate themselves in order for the union to collect insurance money, reports a story from the daily Mexican newspaper El Universal. The union purportedly manipulated the employees to cause an accident within the Pemex facilities “because another worker is
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By THÉRÈSE MARGOLIS Ever since he first took office in December 2018, Mexican President Andrés Manuel López Obrador (AMLO) has been pushing to consolidating his institutional power by dismantling independent institutions, mandating constitutional rewrites and discrediting his opponents through unsubstantiated charges of criminal activity. One of the most notable victims of this latter political tactic has been the current governor
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