Mexico

The 'head of a 'industry association' said on Wednesday that Japanese oil re-finers would be able to obtain enough?substitute petroleum products and crude to replace Middle Eastern supply?throughout the summer. Shunichi Kito is the president of the Petroleum Association of Japan. He said that U.S. Crude has become the main replacement while efforts are made to obtain crude from Saudi Arabia, the UAE, via routes that bypass the Strait of Hormuz. Some Japanese companies source crude oil from Latin America including Mexico, Ecuador, Venezuela and Alaska, as well from Russia's Sakhalin-2 and Alaska. Kito explained that "we are responding by...

Cuba's electrical system suffered a partial failure early 'on Thursday morning', according to the grid operator UNE. This'snuffed out power in eastern Cuba,' and tested the patience of Cubans who were already tired from'seemingly endless blackouts' amid a 'U.S. fuel blockade. Grid operator reported that by mid-morning, officials had restored some essential services to the region. However, much of Cuba east from Camaguey including the second largest city of the island, Santiago de Cuba remained without electricity. This month, the Caribbean island with its 10 million people reached a tipping-point as the summer heat set in. The vast majority of...

The rise in government borrowing costs over the long term is not slowing down, and there are more aggravators every day. If you have been enthralled by the gravity-defying markets of this year, then look no further for where stress is growing in world markets. The debt, oil, inflation and interest rate risks, combined with the domestic political and geopolitical uncertainties, as well as the waning demand from the private and public sectors for long-term bonds, have pushed borrowing costs in the Group of Seven (G7) advanced economies to their highest level in over 20 years. According to ICE Bank...

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...

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...

Equinox Gold announced on Wednesday that it would purchase Orla Mining as part of a 'all-stocks deal' to create a North American Gold Producer?worth $18.5 billion. Orla Mining's U.S. listed shares rose?3.4% during premarket trading. Gold prices have soared to record highs, boosting cash flow and improving access to capital for miners. This has encouraged them to increase their reserves and expand their presence in mining regions that are safer such as Canada and United States. Calculations show that Orla shareholders will receive a nominal cash payout for each share they hold, and one Equinox common stock. The transaction is...

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 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...

On Saturday, the United States launched a variety of weapons against Iranian targets, including Tomahawk missiles, stealth fighters and, for the first combat time, low-cost, one-way,?attack drones that were modeled on Iranian designs. U.S. Central Command has released photos of Tomahawk missiles and F-18, F-35 and F-35 fighter jets along with details about the attacks on Iran as part?of Operation?Epic Fury. DRONES According to photos released by Pentagon, the U.S. Military said that it uses suicide drones which appear identical, based upon the photos, to the new LUCAS system (Low-Cost Unmanned Combat Attack System), manufactured by Phoenix-based Spektreworks. The company...

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....