Central America

The minutes of the latest policy meeting of the Bank of Mexico, published on Thursday, reveal that the board is deeply divided over how to balance 'new inflation risks', such as those posed by the escalating conflict in the Middle East, with the needs of an economy struggling. Minutes from the Bank of Mexico's latest policy meeting published on Thursday reveal a board deeply divided?over how to weigh?new inflation risks, including a resurging conflict in the Middle East, against the needs of a weak economy. The controversial decision saw Governor Victoria Rodriguez, deputies Omar Mejia, Gabriel?Cuadra and Jonathan Heath vote...

Mexican officials confirmed on Thursday that an oil spill in the Gulf of Mexico is due to both natural 'causes' and a petroleum 'tanker, which authorities are attempting to identify. Raymundo Morales is the Mexican navy's head. He said that satellite images showed an oil slick near the coast and that any of the 13 vessels which had passed by the area may have been responsible. Morales stated that four of the vessels were still in Mexican waters, and being inspected by the Navy. Mexico has asked for international assistance to inspect the nine remaining vessels, which are now in...

According to an interview published Thursday by NBC News, Venezuelan interim 'leader' President Delcy Rodriguez stated that she had 'been invited to a United States. Rodriguez was quoted as saying "I've been invited to the States." "We are considering going there as soon as we have established a good working relationship and can move forward on everything." Rodriguez, Venezuela's formerly vice-president and oil minister, took office as Venezuela's interim president on January 1st after the United States ousted?President Nicolas Maduro. The recovery of the stolen vehicle is a Herculean job for Wright and She. Venezuela's oil and gas industry After...

Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet the island's "basic needs" such as transportation and electricity, without provoking Washington. Washington has threatened to impose tariffs on countries that supply fuel to Cuba. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to...

Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet basic needs, such as electricity and transportation, without provoking Washington's retaliation. Washington has threatened to impose tariffs on countries supplying fuel to the Caribbean Island. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to...

When asked on Tuesday if Mexico had stopped oil shipments to Cuba due to pressure from Washington, Mexican President Claudia Sheinbaum said that the decisions regarding the shipments were made by Mexico and not based on U.S. pressure. Sheinbaum, however, appeared to acknowledge the fact that Mexico had stopped a planned shipment for Cuba. Sheinbaum was asked at her morning press conference if she denied media reports that Mexico had stopped the shipment. She replied: "It's a sovereign decision, and it's made when necessary." Sheinbaum avoided a question on whether Mexico would resume oil deliveries to Cuba by saying: "In...

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...

In its latest quarterly report, Tether, the issuer of the?world's largest stablecoin?, revealed that it had slowed down its purchases of gold to back?Tether USDT to 6 metric tons, from 27 tons between October and December. Last year, the crypto company bought a lot of gold to use as reserves for the Tether USDT, a stablecoin that is backed by a digital currency with tokens worth $189.5 billion. It also purchased the Tether gold token, the Tether-XAUT, which has a circulation of $3.3 billion. Each Tether dollar token represents one U.S. Dollar held in reserve. Tether issues USDT when a...

Cemex reported Thursday record core earnings for the?first quarter and reaffirmed its full-year forecast, as a result of cost-cutting and price discipline by the Mexican cement maker. Operating earnings before taxes, depreciation, and amortization (EBITDA), which are compiled by LSEG, rose 34% to $794 millions from a previous year, exceeding the analysts' expectations of $696. Cemex's 'disciplined pricing' and the cement volume recovery in Mexico boosted net sales by 11%, which was better than expected. In a press release, Chief Executive Jaime Muguiro stated that the results showed a "structurally strengthened" company with an improved earnings profile. Muguiro, who took...

Mexico's Economy minister Marcelo Ebrard acknowledged on Wednesday that tariffs will likely remain in place on the country's automotive and steel sectors, regardless of whether or not a trade agreement with the U.S., Canada, and other countries is renewed. Ebrard said to reporters at an event in Mexico City on Wednesday that we shouldn't look back nostalgically on a time without tariffs. "We know that it's very hard to imagine tariffs disappearing in the automotive industry. Steel and aluminum have always been our priorities. We are trying to find ways to reduce tariffs. He made his comments just one day...

Mexico's president Claudia Sheinbaum said on Monday that Mexico is interested in reaching an agreement, before completing the review the U.S. Mexico-Canada Trade Pact, concerning the exchange of automobiles, steel and aluminum. Sheinbaum addressed a press conference in the morning as U.S. trade representative Jamieson Greer visited Mexico for talks. Sheinbaum stated that "we care about steel, aluminum and automobiles." "We hope a preliminary agreement can be reached." Mexico exports mostly vehicles and auto parts as well as machines and mechanical equipment to the United States. The USMCA Review talks this year are 'critical' for Mexico. It has been spared...

The U.S. Treasury Department imposed sanctions Thursday on a number of individuals and companies operating?in Nicaragua’s gold sector. This included two sons?of?the co-presidents?of the country. The Treasury Department announced in a press release that Santiago Hernan Bermudez Tapia is also sanctioned. He is Nicaragua's vice-minister of energy and mining. The Treasury Department also announced sanctions against a number of companies that they said were complicit in helping Nicaragua's government to generate money through gold and maintain its political control. Treasury Secretary Scott Bessent stated that the Nicaraguan Government, led by?Rosario Murillo, her husband Daniel Ortega and their family, sought to...

The mining ministry announced on Friday that the Peruvian 'government' has withdrawn an important authorization for Southern Copper's Tia Maria Copper Project and sent it back to authorities for review. This is a new obstacle for this long-stalled project. Tia Maria is one of the largest mines in Peru and the third largest copper producer in the world. Its target start date is late 2027, after more than a decade of local opposition by farmers and residents. The ministry of mining did not explain why it had revoked the permission to "start exploitation activities" issued in October. However, they said...

Cemex, the Mexican cement manufacturer, announced on Wednesday that it will be selling some assets in Colombia. It expects this to bring in $555 million. Cemex said in a press release that Holcim would buy a cement mill, a grinding plant and a portfolio of other plants from them for $485m in a deal expected to close before the end of the year. The cement manufacturer said that it is in talks with unidentified parties about other assets worth around $70 million. Media reported that Cemex was 'looking to exit Colombia' after its sales in Central America and the Philippines...

Fresnillo, a precious?metals mining company, reported a?81%?surge in its annual profit on Tuesday. However, the shares of this company fell by as much as 5% due to a drop in metal prices. The London-listed firm is benefiting by the global political 'uncertainty' that fuels investment in safe haven assets such as gold. It also continues to?extend its North American presence. Fresnillo is the world's biggest primary silver producer. It reported that its earnings for 2025 before interest, taxes, depreciation and amortization increased to $2.80billion, driven by higher metals prices. It paid out $950 million, or 63% of adjusted profits, in...

Mexico's Cemex announced on Thursday that it would?buy U.S. based stucco producer Omega Products?International, as part of a broader push to?offer additional building materials in its largest market. Cemex said that Omega, a privately-held firm with four locations in western U.S. generates approximately $23 million in core earnings a year, but did not reveal the purchase price. The transaction is expected to close during the first quarter. The CEO of Cemex, Jaime Muguiro, said that the purchase was in line with the company's U.S. Growth Strategy. He added that the acquisition would complement Cemex's existing operations because Omega's plants are...

The country's mining chamber announced on Monday that three of the 10 miners kidnapped from a mine in Mexico's northern Sinaloa state last month by Vizsla's Silver Corp. were found dead. Local authorities confirmed the death of Ignacio Aurelio Salazar and Jose Manuel Castaneda, according to a statement by Mexico's mining chamber Camimex. Camimex demanded an investigation in order to determine who was responsible. Camimex said that it was important to find our missing coworkers alive and return them home where they belong. The group was taken at the end January from a mine of silver in an area that...

On Wednesday, the United States and Mexico unveiled a plan for developing a coordinated trade policy to?mitigate vulnerabilities in critical supply chains of minerals. This could include possible price floors on certain mineral imports. The plan does not mention China or its chokehold over the processing of these minerals. Instead, it calls on both nations to consult about including price floors into a binding multilateral agreement on trade. Separately Vice President JDVance announced plans on Wednesday to marshal allies to a preferential?trade?bloc in order to secure supply chains vital to advanced manufacturing. U.S. trade representative Jamieson Greer stated that the...

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....