Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Baidu is gearing up to release its second-quarter earnings on Monday with the market expecting a sharp decline in profit.Technologyread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Stocks in Asia rose on Monday as U.S. Treasury yields bounced higher after plunging last week.Asia Marketsread more
The problem with tanking equities lies elsewhere, writes Michael Ivanovitch, because traders see no end to America's unfolding trade disputes with Europe and China.World Economyread more
Beijing wants to use reforms to support a slowing economy.China Marketsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
69@ (Adds updated bank statement on cause of death; adds comment from CEO)
MEXICO CITY, Aug 7 (Reuters) - Manuel Medina Mora, one of the most influential Mexican bankers to work on Wall Street during a long career at Citigroup Inc, has died, the bank's Mexican unit Citibanamex said on Wednesday. He was 69.
Citibanamex said Medina Mora died of amyotrophic lateral sclerosis, a form of motor neuron disease. Earlier, the bank had said multiple sclerosis was the cause of death.
Medina Mora was a powerful executive at what became Citi's most important foreign unit, credited with turning a laggard Mexican lender into a lifeboat for the large U.S. bank as it rebounded from the 2007-2009 financial crisis.
However, money laundering and loan fraud scandals at the Mexican unit tarnished his legacy, even as he managed to keep a hold on power and run the bank at arm's length from New York.
Citi bought the lender, known as Banamex, in 2001 and the unit came to account for about 15% of the parent company's global consumer revenue by 2016, when Medina Mora resigned.
Medina Mora was the third generation in his family to work at Banamex, according to prominent businessman Alfredo Harp Helu, and had the nickname "Mr. Mexico" within Citigroup. In 2016, the Mexican subsidiary was renamed Citibanamex.
Citigroup Chief Executive Officer Mike Corbat paid tribute to Medina Mora, saying he had been a "mentor to many" and helped turn the business into one global franchise.
"Manuel was a pillar of Mexico's business community yet his impact extended well beyond his home country," Corbat said in a statement, expressing his sadness at Medina Mora's passing.
Seen as an effective manager who smartly navigated internal affairs, Medina Mora was described by powerbrokers who knew him as a brilliant and respected banker. Under his leadership, Banamex, one of the oldest Mexican banks in continuous operation, became Mexico's second-largest bank with more than $26 billion in deposits and over 1,000 branches.
However, a series of scandals damaged his reputation, leading to a significant pay cut in 2014, and likely contributed to his retirement in 2016.
In 2014, loans made to a Mexican company backed by bogus work orders from state oil firm Petroleos Mexicanos, or Pemex, cost Citi more than $500 million. In addition, anti-money laundering issues and soured loans created hundreds of millions of dollars in losses.
Medina Mora started as an intern at the bank in 1971, working his way up to lead the privatization of Banamex in 1991. He became chief executive of the resulting Banamex-Accival Financial Group in 1996, before eventually running Citi in Latin America in 2004 and heading its global consumer banking business in 2010. (Reporting by Daina Beth Solomon in Mexico City and David Henry in New York Editing by Dave Graham, Richard Chang and Leslie Adler)