Central America

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 U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies) "Placing tariffs against imports of automobiles could damage the competitiveness and export-readiness of an industry which relies on international supply chains and market integration for its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United...

The U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies) "The imposition of tariffs on auto imports threatens the competitiveness and export-readiness of an industry which relies on international supply chains and markets to achieve its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United...

At a Wednesday press conference, U.S. president Donald Trump will reveal plans to implement long-promised duties on automobile imports. This move will intensify the global trade conflict Trump started upon regaining control of the White House in this year. The White House did not provide any details about the anticipated tariffs. This includes whether or not there will be carveouts made for parts and vehicles produced under the U.S. Canada-Mexico Agreement. This regional trade agreement was negotiated by Trump during his first term, which allows for largely free trade with two of the largest U.S. trade partners. Trump has himself...

The U.S. Commerce Department head said that President Donald Trump may consider protecting certain sectors, such as automakers, from U.S. Tariffs. His administration will announce tariffs on Canada and Mexico later on Wednesday. Howard Lutnick, in an interview with Bloomberg TV, said that Trump would be the one to make the final decisions on whether or not to provide relief to specific industries. He said that the 25% tariff on Canada and Mexico will remain in place with a view to renegotiating an agreement with these two countries next year. The Commerce secretary stated that "the president has the right...

Mark Russell will replace Hadi Hallouche as the chief executive officer of Trafigura's downstream energy company Puma Energy. Trafigura, a Swiss company, said that Hallouche would work as co CEO with Russell until June's end. Hallouche, who is the CEO of Puma, has held this position since October 20, 2021. Prior to that, he was Trafigura’s Asia Head of Oil and Global Head of Liquefied Natural Gas. He was previously an LNG trader at Shell. Richard Holtum, who replaced Jeremy Weir in January as Trafigura's group CEO, is the latest Trafigura leader to leave. This was followed by a number...

Acciona's top management stated on Friday that it expects to see little impact of President Donald Trump’s energy and trading policies. It also outlined plans for asset sales up to $4.68 billion. Acciona Energy, like other European green energy companies has faced investors' difficulties. Unease The U.S. Renewable Energy Market is changing dramatically under the Trump Administration. In a conference call with analysts on earnings for 2024, Chief Executive Rafael Mateo said that "our exposure to the U.S. Energy Policy Volatility is very limited." Acciona had already acquired the necessary equipment in advance and secured tax incentives, he said at...

U.S. president Donald Trump announced on Thursday that the 25% tariffs he proposed on Mexican and Canadian products will be implemented on March 4, as planned, because drugs continue to pour into the U.S. Trump said that he would also impose an extra 10% duty on Chinese products on the same day. It would seem that this is in addition to the 10% tariff he imposed on Chinese imports on February 4. Trump said that drugs are still entering the U.S. in "very high levels and unacceptable levels," a majority of which is the deadly opioid fentanyl. "We can't allow...

The Mexican government is planning to invest $22,4 billion in new electricity generation capacity before the end of this administration, which will be 2030. This investment will come from the state-owned CFE. According to data collected by the government in 2023, the country's power sector has a total installed capacity of 95 GW. The majority of Mexico's power is generated by burning fuel oil and natural gas. According to a CFE Presentation, the government's expansion plan for 2030 is divided into 51 projects. However, half of these are generation projects initiated by the former government. The CFE's newly appointed director,...

Tuesday, oil prices fell after U.S. president Donald Trump agreed not to impose steep tariffs against Mexico and Canada, two of the United States' largest foreign oil suppliers, for one month. Brent futures dropped 41 cents or 0.5% to $75.55 per barrel at 1:49 GMT. U.S. West Texas Intermediate crude fell 75 cents or 1% to trade at $72.41. Justin Trudeau, the Canadian prime minister, and Claudia Sheinbaum, president of Mexico's government said that they agreed to increase border enforcement in response to Trump’s demands to crackdown on illegal immigration and drug trafficking. This would stop for 30 days the...

On Wednesday, the U.S. tariff rates on steel and aluminum imports will double as President Donald Trump intensifies a global war of trade. He also expects his trading partners to make their "best offers" to avoid harsh import tax rates for other goods taking effect early in July. Trump signed an executive order late Tuesday that will take effect on Wednesday. Last week, Trump surprised the world by announcing that he would increase tariffs from 25% to 50% on imports of steel and aluminum. "We began with 25 and after studying more data, we realized that this was a great...

Daniela Cavallo, the head of the Wolfsburg works council, told employees on Tuesday that Volkswagen's restructuring its Wolfsburg factory from 2027 in order to allow for EV production only could lead to a temporary four day working week. Cavallo was a key figure in negotiations last year with management over cost reductions. He said that unions had agreed on a minimum capacity utilization for the transition period. However, he urged workers to work extra shifts to compensate for the possibility of reduced working hours in the future. Cavallo stated that a four-day work week was not unreasonable from 2027. Volkswagen's...

U.S. president Donald Trump intends to double tariffs for steel and aluminum imports from Wednesday to 50%, increasing pressure on global producers of steel and intensifying his trade war. Why is Trump doubling tariffs? Trump wants to encourage and support investment in the domestic production of aluminum and steel, two essential materials for construction. Aluminium is used in transport and packaging. These tariffs are already causing higher prices for consumers of steel and aluminum, as well as a decline in manufacturing. Meanwhile, the hurdles, such higher electricity prices, are very high. About a quarter (25%) of the steel used in...

A top trade official announced on Friday that Panama had approved First Quantum Minerals’ maintenance plan for the closed copper mine. However, the site was not restarted. The Trade and Industry Minister Julio Molto stated that the plan includes environmental safety measures which are necessary after the abrupt shutdown by government order of the previous administration in late 2023. The mine will not be reopened. Molto said at a press briefing that we are authorizing the implementation the care and safety management plan in order to protect the environment. He did not mention the cost of the plan or the...

The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal...

Mexico's Economy Minister said that the country hopes to begin a trilateral review with the U.S., Canada and other countries in the second half this year. This will provide more clarity for consumers and investors. On the sidelines of an event organized by the Ministry of Finance with local firms, Economy Minister Marcelo Ebrard said to journalists: "We expect that we will start discussions in second half of this year." He added, "We hope that they will happen as quickly as possible and we can come to an agreement as soon as." Next year, the USMCA will be reviewed. The...

JFE Holdings (parent of Japan's second largest steel manufacturer) has set aside 400 billion Japanese yen ($2.8billion) to invest overseas over a three-year period. It expects the domestic demand to remain weak, and that China's exports will continue to pressure global markets. The company stated that its key strengths outside Japan include its partnerships with JSW Steel Limited India and Nucor Corporation North America. It also plans to increase its exposure overseas through strategic local partners. It added that "in parallel with considering large scale overseas investments, such as the acquisition of raw materials interests, promising opportunities will be pursued...

Cemex, the Mexican cement manufacturer, reported a 18% drop in its core earnings in the first quarter of the year on Monday. This was largely due to headwinds in local markets. Cemex's earnings were $601 million in line with expectations, due to the weaker peso and lower volumes in Mexico, according to its filing. Cemex reported that the peso had caused an EBITDA hit of $65 million, and volumes in Mexico dropped due to a rush to complete government infrastructure projects last year before presidential elections. On Monday, the firm reiterated its forecast that it expects to reach an EBITDA...

U.S. Treasury Sec. Scott Bessent said on Sunday that he didn't support President Donald Trump in his assertion that tariff negotiations with China are underway and he didn't know if Xi Jinping, the Chinese president, had spoken to him. Last week, the Trump administration showed a willingness to deescalate tense trade relations between China and the United States that have sparked fears of recession. Trump has confirmed that talks are taking place on tariffs with China, and he and Xi spoke. Beijing denies that trade talks have taken place. Bessent is a key player for the U.S. in trade negotiations...

The International Nickel Study Group, (INSG), on Thursday predicted a surplus of nickel market of 198,000 tons by 2025. The group forecasts that global primary nickel consumption will be 3.537 millions tons in this year, and global production of primary nickel at 3.735million tons. Lisbon-based group stated that the market balance for 2023 would be a surplus 170,000 tons. This will rise to 179,000 tonnes in 2024. The primary use of nickel in the world was 3.193 millions tons and 3.347 tons respectively. The report stated that delays in issuing mining permits (RKABs), led to nickel ore shortages on the...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Federal Reserve Chair Jerome Powell stated on Wednesday that it may be difficult for the central bank to protect the economy from the trade war of President Trump, and predicted higher consumer prices as well as unemployment in the short term. The Trump administration has instructed the Internal Revenue Service (IRS) to begin revoking Harvard University’s tax-exempt designation. This move would end tax deductions and tax the net earnings of the university. Prologis, a warehouse-focused Real Estate...

The Mexican president Claudia Sheinbaum stated on Tuesday that most auto executives who have plants in Mexico said they do not have any plans to relocate their factories. The president spoke at her morning news conference. "I've personally spoken to many CEOs and global mangers of several auto companies, to find out what their thoughts are about the future...Most have told us they don't plan to make any changes for the time being," she said. Mexico, which exports nearly 80% of all its goods to the United States was not on Trump's global list of tariffs that were announced last...