As news broke Tuesday that the Mexican government was postponing its long awaited banking-reform bill for political reasons, the country’s biggest domestically-owned bank was preparing to report a tidy 27 per cent rise in first-quarter profits.
Banorte, Mexico’s third-biggest lender and the largest domestic bank in a sector dominated by foreign names, said that profits climbed between January and the end of March to 3.1bn pesos ($253m). It didn’t give the peso figure for the comparable quarter of 2012. Continue reading »
It is not often in the world of Carlos Slim that things go wrong. The Mexican businessman and the world’s richest man has built his huge fortune on astute decisions, calculated risk-taking and, above all, impeccable timing.
So it is hardly surprising that comments started flying on Wednesday when the share price of América Móvil tanked. The stock ended the day’s trading at 14.16 pesos in Mexico City, a loss of more than 10 per cent and the steepest one-day fall in at least four years. Continue reading »
Grupo Modelo, Mexico’s leading brewer, whose $20.1bn acquisition by Anheuser-Busch InBev has hit a stumbling block in the United States, reported modest quarterly results as earnings were hit by a higher tax bill and the relative strength of the Mexican dollar to the US dollar. Continue reading »
Carlos Slim has often been described as having a Midas touch but his very own gold mining company, Minera Frisco, didn’t make much money in the third quarter from producing the yellow metal.
Frisco did make a net profit of $89m, up from a loss that was almost twice as big a year earlier. But the net result would have been entirely flat had it not been for gains from financial instruments such as futures. Continue reading »
Mexichem, the chemical industry conglomerate, on Friday reported a third-quarter net profit of $99m on Friday, up from $2.8m in the same period of last year, as earnings were buoyed by a wave of acquisitions.
And the buying spree shows no signs of halting. Continue reading »
You have to go back as far as 2001 to come across the old Coca-Cola slogan “Life is good”. But that phrase must have been on the minds of Coca-Cola Femsa executives on Thursday as they reported impressive third-quarter results. Continue reading »
It’s been quite a year for Wal-Mart de México, the US retailer’s Mexican arm. In April, the New York Times published an article alleging that the company paid bribes to local officials in return for permits to build new stores – prompting shares to tumble.
Against that backdrop, and given all the troubles – the company is still in the midst of investigations – Wednesday’s third-quarter results look solid. Continue reading »
It’s been quite a week for Cemex. Just one day after the company announced that creditors holding 91.5 per cent of a US$7.3bn loan had accepted a refinancing offer that includes extending maturities by three years, the Mexican cement manufacturer said it planned to sell a minority stake in its Latin America operations.
Both pieces of news went down well: Cemex shares on Mexico’s stock exchange have jumped more than 4.5 per cent in the past five days and are now trading at levels about 50 per cent higher than at the start of the year. Continue reading »
Even the world’s wealthiest tycoon must say at least “Ouch!” when the jewel in his business crown takes a $1.2bn hit.
The loss was incurred by Carlos Slim’s América Móvil during the second quarter, the company reported Thursday. The problem was a 4.1 per cent drop in the Mexican peso against the dollar and falls against other Latin American currencies. Continue reading »
Allegations that Walmart de México has bribed officials to speed up store openings appeared to have done little to dent the retailers’ standing as the country’s go-to place to shop.
Walmex, Latin America’s biggest retailer, on Monday reported second-quarter sales of $7.2bn, an overall increase of 11.9 per cent on the same period of last year, while same-store sales were up by 3 per cent. Continue reading »