Central America

Donald Trump's Greenland trade threat and U-turn may have marked a turning point for "middle power" countries around the world. They now see a much more realistic chance of rebooting globalization, with or without Washington. In this?year the U.S. President has moved from using tariffs as a tool of territorial and militaristic leverage to using them to air longstanding trade grievances. For the first time ever, this strategy was met with retaliation and a credible resistance, which forced a retreat. Europe, Canada, and other economies continue to pursue their own trade liberalisation, even as the U.S. retreats towards protectionism and...

In a New Years interview, Venezuela's President Nicolas Maduro stated that his country was willing to accept?U.S. Investment in Venezuela's oil sector is welcome, as are efforts to coordinate the fight against drugs and hold serious discussions with the United States. "We have to start speaking seriously with facts in hand," Maduro stated in his annual interview, which was originally published in the Mexican newspaper La Jornada, and broadcast by Venezuelan state TV on New Year's Day. Venezuela is prepared to accept U.S. investments, such as those made by Chevron, whenever, wherever and however they choose. The comments echo statements...

Venezuelan President Nicolas Maduro extended an olive branch towards U.S. president Donald Trump by proposing serious discussions on fighting drug?trafficking, and offering U.S. firms ready access to Venezuelan crude oil. Maduro called Venezuela a "brother" country and friendly government to the United States. He noted that, when they last spoke in November the U.S. President acknowledged his authority and addressed him as "Mr. President." An interview with the long-time Venezuelan leader was filmed New Year's Eve, and aired by Venezuelan state TV in the evening of New Year's Day. Maduro, his interviewer and the journalist walked through a militarized area...

The Energy Information Administration reported that the U.S. imported its lowest amount of crude oil in five years last week, as companies sought to avoid a heavy tax at the end of the year on oil stored in storage. According to EIA, U.S. crude imports fell last week to 4,95 million barrels a day. This is the lowest level since February 2021. John Kilduff, partner at Again Capital, explained that the?ad value tax was a burden on crude oil imports. Kilduff stated that "companies" will delay taking inventory of crude oil and refined products when they reach this point, especially...

The Mexican president Claudia Sheinbaum urged the United Nations on Wednesday to?act? in order to prevent bloodshed in Venezuela as tensions between the South American nation and the United States escalate. Sheinbaum stated during her "morning" press conference that Mexico was against foreign interference and intervention in Venezuela. "I call upon the United Nations to fulfill their role. It was not present. She said, 'It must take its role to prevent any bloodshed. The U.S. president Donald Trump ordered on Tuesday a "blockade," of all sanctioned tankers that enter and leave Venezuela. The government of Nicolas Maduro called this a...

Mexico's top prosecution said that 14 people have been detained so far for suspected involvement in illicit fuel trade. He reiterated that new information would lead to more action. The authorities in Tampico seized on March 19 a tanker of petroleum, along with the nearly 63,000 barrels it carried of diesel, and containers and vehicles used for its transportation and storage. LSEG's tanker tracking data revealed that the tanker Challenge Procyon had arrived from America. The Mexican authorities claimed that the truck was carrying diesel, for which an import tax was required. Instead, the truck was declared as a petrochemical...

According to a court filing, an agreement reached with environmental groups will allow the Trump administration to delay the final rule by two years. The rule would protect the endangered Rice's Whale in the Gulf of Mexico oil and gas drilling area. The National Marine Fisheries Service of the U.S. Commerce Department and the green group Natural Resources Defense Council have agreed to give the government agency until 15 July 2027 to finalize the geographical area that is considered critical to the survival of the Rice’s whale. The agreement was filed with the U.S. District Court for the District of...

Mexico's telecoms regulator fined America Movil subsidiary Telcel 1,78 billion pesos (93.61 millions dollars) on Tuesday for signing exclusive deals with convenience-store chain Oxxo in order to sell its SIM card. America Movil, a telecommunications company controlled by the Mexican billionaire Carlos Slim's family, has denied the findings of the regulator and vowed to contest the investigation and fine. The fine is the result of an investigation that was launched by the Federal Telecommunications Institute in 2021 at the request from a competitor regarding the alleged monopolistic practice by Telcel. IFT fined Oxxo, Mexico’s ubiquitous Femsa convenience chain, as well...

The World Bank lowered its forecast of global growth for 2025 on Tuesday by 0.4 percentage points to 2.3%. It said that increased tariffs and uncertainty were a "significant" headwind for almost all economies. The bank's twice-yearly Global Economic Prospects Report shows that it has lowered its predictions for almost 70% of the world's economies, including the United States and China, Europe, and six emerging markets regions. This is a significant drop from its projections six months earlier, before Donald Trump became president. Trump has upended the global trade system with a series on-again-off-again tariff increases that have raised the...

A U.S. court of appeals ruled Thursday that Citigroup will have to face a lawsuit alleging it caused over $1 billion in losses by orchestrating a fraud at the Mexican oil and gas service company Oceanografia. Three judges of the 11th U.S. Circuit Court of Appeals in Miami said that 30 Oceanografia vendors, creditors and bondholders adequately alleged that Citigroup substantially aided the fraud. A lower court judge erred by dismissing this nine-year-old case. Circuit Court of Appeals, Miami, said that 30 Oceanografia vendors and creditors, as well as bondholders, adequately alleged Citigroup's involvement in the fraud. A lower court...

Valero Mexico announced on Friday that the tax authority of the country had informed it that they were "momentarily suspended" from the list of motor fuel importers. However, Valero Mexico stated that it is cooperating in an investigation. Valero Mexico, one of Mexico's largest private importers and exporters of gasoline and diesel said that the permit is valid until 2038. Mexico, a major crude oil producer, imports gasoline and diesel in order to meet its national motor fuel demand. This is because the state-owned Pemex company struggles to refine the heavy sour refined crude that it pumps. Mexico's tax authority...

EnerSys, a provider of energy services, announced on Tuesday that it will close its lead-acid manufacturing plant in Mexico due to flooding and move production to a US facility. The announcement coincides with the preparations of U.S. president Donald Trump to impose reciprocal duties on countries that impose tariffs on U.S. products, beginning on April 2, a day he has called "Liberation Day". A pre-tax charge in the amount of $20 million would be incurred in the first half 2025 due to the closure of the Monterrey plant in Mexico, and the subsequent transfer of production from that facility to...

The UK's FTSE 100 Index paused at record levels on Thursday in the final stretch to 2025, hoping to close out its biggest annual gain in sixteen years in a shortened session. Blue-chip FTSE 100 remained flat at 0902 GMT, after having closed on a record high a day earlier. The midcap index, which is primarily focused on the domestic market, fell 0.3%. The trading activity was low, with the markets expected to close at half-past noon on January 1, ahead of New Year's Day. After years of underperformance the blue-chip FTSE 100 will 'outpace major global markets? in 2025....

The UK's FTSE 100 rose on Thursday as investors assessed corporate updates and data that suggested potential weakness. Burberry also gained following an HSBC increase in price target on the luxury goods manufacturer. The blue-chip FTSE 100 rose 0.1% at 11:15 GMT Thursday, and the midcap FTSE 250 gained 0.3%. The S&P Global monthly purchasing managers' Index showed that British construction activity has contracted at the fastest rate since May 2020. The employment index fell to its lowest level since August 2020, as the pace of job losses accelerated. The survey's measure of optimism fell to a three-year low. Cost...

The UK stock market rose on Wednesday as financials and mining stocks gained, after Finance Minister Rachel Reeves unveiled a large tax-raising budget. The blue-chip FTSE 100 posted its best day for two weeks, closing 0.9% higher. The domestically-focused FTSE 250 rose 1.2%. It was its best day for more than a week. Reeves' budget will increase the tax burden on workers, pensioners and investors in order to meet her borrowing target. Release First reported by The Office for Budget Responsibility reported that the remaining headroom in five years would be approximately 22 billion pounds (28,9 billion dollars). UK 30-year...

UK stocks rose on Wednesday led by financials and mining shares, as investors prepared for a tax-heavy budget. Blue-chip FTSE 100 gained 0.2% at 10:55 GMT. The domestically focused FTSE 250 rose by 0.3%. Gold prices reached a two-week high following positive U.S. data that reinforced expectations for a Federal Reserve rate cut in the next month. Hochschild grew 4.4%, Endeavour Mining rose 3.6% and Fresnillo gained 3.9%. Copper prices rose, causing industrial miners to gain about 1%. Anglo American rose by 1.4%, while Antofagasta grew by 1.8%. After media reports that tax increases in the budget would be reduced,...

The companies announced on Friday that Mexican precious metals mining firm Fresnillo had agreed to purchase Canada's Probe Gold, for C$780,000,000 ($556,000,000) in cash. This marks the expansion of the London-listed company into North American markets. The deal follows a dramatic rise in gold prices in this year as investors seek safe haven assets like bullion due to geopolitical tensions. The deal will see Fresnillo pay C$3.65 for each share, a 39% premium over Probe Gold's closing price. It also gives Fresnillo access to Probe Gold’s 10 million ounces gold reserves, including its Novador project, located in Quebec. David Palmer,...

Radico Khaitan will launch a premium brand of tequila in partnership with Bollywood actor Shah Rukh Khan, Zerodha cofounder Nikhil Kamath, and Zerodha founder Nikhil Kamath. This is their first foray into this category. The Indian liquor producer, well-known for its premium products such as Rampur Indian single malt and Jaisalmer Indian Craft gin, will launch the brand D'YAVOL Anejo, a premium spirit aged in wine casks about two years. D'YAVOL is a luxury brand founded by Shah Rukh Khan's Son Aryan Khan in 2022, along with Leti Blagoeva, and Bunty Sing, and headquartered in Amsterdam. It offers premium streetwear,...

Panama's president Jose Raul Mulino stated on Thursday that public-private partnerships may take over two important ports near the Panama Canal if a court invalidates CK Hutchison's contract to operate them. CK Hutchison owns 90% of the local Panama Ports Company. This company had a 25 year concession to operate Balboa Port and Cristobal Port, which are located at the ends of the Canal. The concession was renewed in 2021. The contract is at the heart of a dispute after U.S. president Donald Trump threatened this year to take control of the waterway because China has influence over Panama's marine...

The copper market has the tariffs right, but the products are wrong. The traders did not expect U.S. president Donald Trump to make a proclamation that "will address the effects of imports of copper on America's National Security". Imports of semi-manufactured copper products, such as wires and tubes, will face a 50% tariff starting Friday. The tariffs will not apply to refined copper until at least January 2027. The tariff trade that has dominated the copper market in February has collapsed. CME's U.S. Contract plummeted more than 20% after the news. This wiped out the high premium that was previously...

Raul Jacob, CFO of Grupo Mexico’s Southern Copper, said that the U.S. - China trade war would affect the global economy and the copper sector. He made this statement on a conference call with analysts to discuss the company’s quarterly results on Wednesday. He said: "We think that an intense trade war between the U.S.A. and China could affect economic growth around the world." Jacob, the Chief Financial Officer, said that he expects the industry to remain resilient over the long term. He said, "We continue to maintain a positive outlook for the long-term future of copper." Jacob said that...

Grupo Mexico, a mining and transportation conglomerate, reported a net profit for the second quarter that increased by 10%. This was despite a decline in revenues and copper production. According to a late-Monday filing, the net profit of the group, a leading copper producer, was $1.23 billion on revenues that fell 4% to $4.24 Billion. This is above the $4.22 Billion estimate by analysts polled at LSEG. EBITDA (earnings before interest, taxes, depreciation and amortization) was $2.36 billion for the three-month period ending June. LSEG polled analysts who expected EBITDA at $2.22 billion. Grupo Mexico is controlled by German Larrea....

The Peruvian authorities stopped a shipment of four metric tonnes of mercury heading to Bolivia, allegedly for use in illegal gold-mining. This is the latest indication of the growing black market to meet the soaring demand of the precious metal. The container was passed off as crushed rock. However, the customs agency in Peru, SUNAT, said that an analysis revealed it to be laced with toxic mercury. In a press release, SUNAT stated that "we could determine that the mercury was being shipped in its natural form, concealed in shipments of crushed gravel." It was discovered at the Callao Port...

Cemex, the Mexican cement company, posted a double digit rise in its second-quarter profits on Thursday, despite sales falling. The new management implemented a restructuring plan that included thousands in layoffs. Cemex's profit rose 38% to $318 millions, a bright point as sales fell 5% to $4.13 Billion and core earnings, measured by EBITDA, dropped 11%, to $823 Million. All figures were in line with the estimates of analysts polled at LSEG. One of the largest cement producers in the world saw lower volumes on two of its biggest markets: Mexico and the United States. The performance in Mexico was...