Mexico Financial News

MEXICO CITY (Reuters) — Mexican soldiers and rescue workers on Thursday scrambled to clear up the chaos and devastation wrought by Hurricane Otis in Acapulco as the government worked to bring relief to the battered southern beach resort.

By Allan Lanthier

Long-time tech and blockchain advocate Mexican Senator Indira Kempis said that her Bitcoin (BTC) bill is seeing more positive attention but is also facing increasing opposition.

Bill Ackman, who traditionally invests in stocks, earned roughly $200 million from a bet against U.S. 30-year Treasury bonds, a person familiar with the trade said on Wednesday. Ackman said on Monday on X, «we covered our bond short» some 12 weeks after he announced the bet on the messaging platform formerly known as Twitter. «The economy is slowing faster than recent data suggests,» Ackman said in the post, adding «There is too much risk in the world to remain short bonds at current long-term rates.» The Financial Times first reported news of the gain. Stocks including Chipotle Mexican Grill, Alphabet Inc, Restaurant Brands International, and Canadian Pacific Kansas City Limited make up the bulk of the Pershing Square portfolio, which is mainly set up to benefit from equities moving higher.

(Corrects paragraphs 1 and 2 after the Nuevo Leon Economy Ministry said an Oct. 18 statement had incorrectly named Hesai Technology (O:HSAI) as the second company instead of Shenzhen. Removes references to Hesai Technology in paragraphs 6 and 7.)

By Kylie Madry and Aida Pelaez-Fernandez

MEXICO CITY (Reuters) — Mexico's economy, the second biggest in Latin America, could expand by 3.5% or more this year, a senior finance ministry official said on Wednesday, as one central banker flagged a «long battle ahead» to better corral creeping consumer prices.

MEXICO CITY (Reuters) — Bank of Mexico board member Jonathan Heath said the drop in Mexican inflation in recent months is not a reason to «sing victory» yet, local media outlet El Financiero reported on Wednesday.

Hurricane Otis slammed into Mexico’s southern Pacific coast as a Category 5 hurricane early Wednesday morning after “rapidly intensifying” in strength in a matter of hours.

National Hurricane Center, the hurricane Otis, made landfall near Acapulco on Wednesday morning as a Category 5 hurricane, «explosively intensified» by nearly 115 mph in just 24 hours, creating a «nightmare scenario» for southern Mexico. According to the NOAA Hurricane Database, there had never been a Category 5 landfall in the East Pacific prior to Otis.

Heineken retained its full-year outlook on Wednesday after the world's second largest brewer sold less beer in the third quarter but still took in more money due to higher prices and consumers opting for more expensive lagers. The Dutch maker of Europe's top-selling lager Heineken, as well as Sol and Tiger, said Brazil and Mexico were strong, Asia was improved from earlier but still down, Africa volumes were hit by declines in Nigeria and South Africa and Europe was affected by poor summer weather in July and August. Chief Executive Dolf van den Brink said in a statement that Heineken was seeing improved volume trends in half of its markets and was holding market share in just over half. «Whilst inflation-led pricing is tapering, we observe a slowdown of consumer demand in various markets facing challenging macro-economic conditions,» he said. Heineken said beer volumes fell by 4.2% on a like-for-like basis in the July-September quarter, with declines in all regions except the Americas.

MEXICO CITY (Reuters) — Mexico's Senate on Wednesday voted to terminate 13 trusts held for the judiciary, ratcheting up tension between the government and judicial authorities, which President Andres Manuel Lopez Obrador argues are corrupt and hostile to the public interest.

BRUSSELS/LONDON (Reuters) -Heineken retained its full-year outlook on Wednesday, bolstering shares in the world's second largest brewer even as it sold less beer.

Mexico's Pacific beach resort of Acapulco early Wednesday, threatening to wreak «catastrophic» damage, the US National Hurricane Center (NHC) said. Hurricane Otis was packing maximum sustained winds of 165 miles (265 kilometers) per hour when it came ashore, the NHC said. The storm had rapidly strengthened to the most powerful category of the five-step Saffir-Simpson scale as it neared land. «Catastrophic damage likely where the core of the hurricane moves onshore,» the NHC warned. President Andres Manuel Lopez Obrador made an appeal on social media for people to move to emergency shelters and away from rivers, streams and ravines. Earlier, soldiers were seen patrolling the beach of Acapulco, where visitors had made the most of the calm before the storm. «We won't be running any tours today,» boat operator Carolina Torres said, voicing hope that Otis might weaken before making landfall. «If it hits us, that's very serious for us,» she added. Rainfall of up to 20 inches (51 centimeters) was expected across Guerrero and parts of neighboring Oaxaca state, the NHC said. «This rainfall will produce flash and urban flooding, along with mudslides in areas of higher terrain,» it warned. «A potentially catastrophic storm surge is expected to produce life-threatening coastal flooding,» it added. Hurricanes hit Mexico every year on both its Pacific and Atlantic coasts, usually between May and November, though few make landfall as a Category 5. In October 1997, Hurricane Pauline hit Mexico's Pacific coast as a Category 4 storm, leaving more than 200 people dead, some of them in Acapulco. It was one of the deadliest hurricanes to batter Mexico. In October 2015, Patricia became the most powerful hurricane ever recorded,

This storm is anticipated to disrupt travel significantly in at least six states, according to AccuWeather. As of midday Tuesday, roughly 2.5 million residents are living in areas under some form of winter weather alert due to the storm, according to the National Weather Service. States affected include Washington, Oregon, Idaho, Montana, Wyoming, and North Dakota. Winter storm warnings and watches have been issued for sections of the Cascades and northern Rockies as the storm approaches. Meanwhile, tropical Storm Otis strengthened early Tuesday as it approached Mexico’s southern Pacific coast and was forecast to become a hurricane before making landfall near the resort of Acapulco late Tuesday or early Wednesday. The US National Hurricane Center said that Otis was about 155 miles (250 kilometers) south-southeast of Acapulco on Tuesday morning with winds of 70 mph (110 kph). It was moving north-northwest at 8 mph (13 kph). In the Atlantic, Hurricane Tammy has made landfall on the Caribbean's Barbuda as Category 1 hurricane.

Bill Skarsgård, known for roles in action films like Deadpool 2 and Eternals, will take on the lead role of Eric Draven in the upcoming reboot of "The Crow," a departure from his brother Alexander's famous vampire character in True Blood.

Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge

fentanyl-related deaths from 3% in January that year to 11% in June 2022. Last month the White House announced a plan to stop its spread. How worrying is tranq dope? Tranq dope combines fentanyl, a synthetic opioid drug, with xylazine or “tranq", a strong non-opioid tranquiliser used to sedate horses, deer and other large animals.

(Reuters) -Chevron said on Monday it agreed to buy Hess for $53 billion in stock, the second proposed mega-merger among the biggest U.S. oil players after Exxon Mobil (NYSE:XOM) bid $60 billion for Pioneer Natural Resources (NYSE:PXD) earlier this month.

Elections are shining a spotlight on struggling emerging markets, with the prospect of fresh leadership unlocking opportunities in the asset class.

Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Tesla to exercise caution, see big share drop; OSHA proposes fines on GM battery plant.