Central America

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 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...

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...

The President Claudia Sheinbaum stated on Wednesday that Mexico could redirect copper it usually sends to the U.S. in order to avoid tariffs by the Trump administration. Her Chilean counterpart Gabriel Boric, however, said he has yet to hear anything from the U.S. As part of his effort to increase domestic production, U.S. president Donald Trump announced on Tuesday that he will soon announce a tariff of 50% on copper imports. Copper accounts for nearly half the metal used in the United States. News is likely to be a newsworthy event Set off a scramble Ship copper to the United...

Panamanian officials announced on Monday that more than a quarter (25%) of the copper concentrator stockpiled by First Quantum Minerals at its Cobre Panama mine, since the mine closed in 2023, has been shipped out. The removal of 33, 000 metric tons of copper out of a total 120,000 tons at the site seems to have ended the uncertainty about the stuck-on copper and may signal a possible thawing in the relationship between President Jose Raul Mulino’s government and the Canadian company. First Quantum has declined to comment. The mine was closed by the previous administration of Panama after public...

Ternium, an American steelmaker with a large business in Mexico, demanded on Wednesday that the terms of a trade agreement for the region be strengthened ahead of a review. This was despite the current challenges posed by steel tariffs levied by President Donald Trump's government. Why it's important Steel products are subject to a 50% tariff on all shipments from Mexico into the U.S., but shipments from Mexico under the U.S. Mexico-Canada (USMCA), trade agreement, are exempted from tariffs. Last week, it was reported that the U.S. is negotiating with Mexico to reduce or remove steel tariffs for imports of...

U.S. president Donald Trump said that Treasury Secretary Scott Bessent stayed in Canada for the G7 summit, and suggested Japan is being "tough' in trade negotiations and the European Union has not yet offered him what he considered to be a fair deal. Trump left early from the G7 to deal with the developments in the Middle East. The president told reporters that the EU has been very tough with the United States over the years. Trump said, "We are talking but I do not feel they have offered a fair offer yet." "They will either make a fair deal,...