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Business Mexico

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  • MEXICO CITY— Mexico's central bank says it will increase dollar auctions from $52 million to $200 million per day through the end of September to stabilize the badly weakened peso. The Bank of Mexico also announced it would lower the level of currency market volatility needed to trigger the auction. Mexico has about $190.7 billion in international reserves.

  • Controladora Vuela misses 2Q profit forecasts Monday, 27 Jul 2015 | 5:57 PM ET

    SANTA FE, Mexico _ Controladora Vuela Compania de Aviacion SAB. de CV on Monday reported second-quarter net income of $23 million, after reporting a loss in the same period a year earlier. The Santa Fe, Mexico- based company said it had profit of 22 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 24...

  • July 24- The U.S. Department of Justice has expanded its money-laundering probe to Citigroup Inc's Mexican unit, Bloomberg reported on Friday. Citigroup's Banamex USA unit was already under investigation by U.S. regulators for possible breaches of anti-money laundering laws. The latest investigation looks at whether Citigroup let customers move illegal...

  • DESERT CENTER, Calif.— Construction crews have been laboring around the clock to meet a Friday deadline for the partial reopening of about 50 miles of Interstate 10 through the California desert that was closed when flash flooding damaged several bridges. The California Department of Transportation said limited traffic would resume at noon— five days after...

  • UPDATE 2-Citi to shut Banamex USA, pay $140 mln fine Wednesday, 22 Jul 2015 | 3:56 PM ET

    July 22- Citigroup Inc said it would shut its Banamex USA operations and pay $140 million to regulators who alleged the bank did not correct weaknesses they had found in 2012 in its anti-money laundering programs. California- based Banamex USA is an affiliate of Banco Nacional de Mexico, which Citigroup bought in August 2001. The payment, the largest by a bank to...

  • DIARY-Emerging Markets Economic Events to Aug 4 Tuesday, 21 Jul 2015 | 8:01 PM ET

    PRETORIA- South African Reserve Bank interest rate decision- 1300 GMT. ANKARA- Central Bank of Turkey to hold monetary policy committee meeting to set interest rates. JERUSALEM- Bank of Israel interest rate decision- 1330 GMT.

  • WASHINGTON/ ST. LOUIS, July 21- The Federal Reserve told China Construction Bank Corp to do more to fight money laundering on Tuesday, in the first ever enforcement action by the U.S. central bank against one of China's four largest state-owned banks. Mildred Harper, chief compliance officer for CCB's New York branch, confirmed the enforcement action.

  • WASHINGTON, July 21- The Federal Reserve on Tuesday told China Construction Bank Corp to ramp up its anti-money laundering framework, the first enforcement action by the U.S. central bank against one of China's four largest state-owned banks. It is the first time the Fed has taken an enforcement action against CCB, according to the Fed's website, where a database...

  • MEXICO CITY, July 20- Mexican state oil company Pemex reached a $295 million settlement with a group including German industrial conglomerate Siemens in a longstanding dispute over a refinery project, a person familiar with the matter said on Monday. The dispute involved Conproca, a Mexican joint venture between Siemens and South Korea's SK Engineering&...

  • Refiners made billions by turning half of that extra supply into products such as gasoline and diesel that could be freely exported to countries including Brazil and Colombia. That is equivalent to the combined imports by Brazil and Ecuador, two of the biggest buyers of U.S. fuel, in the first four months of the year. To be sure, struggling economies, such as...

  • MEXICO CITY, July 16- OHL Mexico said on Thursday that audits it commissioned after becoming embroiled in a corruption scandal showed that the terms of two concessions it holds comply with the law. The audits, which the board asked consultants KPMG and FTI Consulting as well as law firm Jones Day to carry out, looked at two highway concessions in the State of Mexico...

  • MEXICO CITY, July 16- Mexican telecoms giant America Movil, controlled by billioinaire Carlos Slim, will respond to a challenge from U.S. carrier AT&T by offering some subscribers free calls to and data in the United States, and will also invest $6 billion in its network in Mexico, its chief executive said on Thursday. America Movil Chief Executive Officer Daniel...

  • MEXICO CITY, July 16- Mexican telecoms giant America Movil, which is controlled by billionaire Carlos Slim, will invest $6 billion over the next three years, Chief Executive Officer Daniel Hajj said on Thursday. America Movil was still looking at how to sell some assets but was in no rush, said Hajj at an event in Mexico City. The original plan was to sell a...

  • MEXICO CITY, July 15- Mexico City's government on Wednesday published new rules for ride hailing services like Uber, including a 1.5 percent ride levy and a minimum vehicle value, the first regulation on the sector in Latin America. Nevertheless, the rules did not impose a limit to the number of vehicles Uber could deploy around the city, which Mexico City had...

  • MEXICO CITY, July 14- Hurricane Dolores strengthened slightly off Mexico's Pacific coast on Tuesday and is expected to become a major hurricane on Wednesday, the U.S. National Hurricane Center said. In June, Hurricane Blanca threatened to hit land on Mexico's Baja California peninsula but failed to wreak the havoc caused there by Hurricane Odile in September.

  • MEXICO CITY, July 10- Mexico City could become the first city in the world to limit the number of Uber cars, according to draft regulation that the company said on Friday also threatens to wipe out its most popular service in the giant metropolis. A Mexico City government official working on the regulation confirmed the details of the plan, which was drafted on...

  • MEXICO CITY, July 10- Mexican construction firm ICA expects to sell assets next year for 5 billion pesos as part of an effort to reduce its heavy debt load, Chief Executive Officer Alonso Quintana said in an interview. The first part of the package involved an agreement by Canada's No. 2 pension fund, the Caisse de Dépot et Placement du Québec, to pay ICA over 3...

  • The San Francisco- based company would also have to use vehicles costing a minimum of 250,000 pesos that are no more than seven years old, according to the draft plan drawn up by the Mexico City government seen by Reuters.

  • July 9- Geoffrey Zakarian dropped plans to open a restaurant at the upcoming Trump International Hotel in Washington DC, becoming the second celebrity chef to sever ties with real estate mogul Donald Trump after his statements on Mexican immigrants. Trump accused Mexico of sending rapists and other criminals to the United States when he announced his bid for...

  • MEXICO CITY/ NEW YORK, July 9- Mexico's largest airline, Grupo Aeromexico, is at the center of a price and market-fixing investigation being led by the country's competition authority, which conducted a dawn raid on the airline's head office earlier this year, two people with knowledge of the matter told Reuters. The carrier is part of the SkyTeam Alliance, has...