logo
Mexican banks face cascading consequences following US sanctions

Mexican banks face cascading consequences following US sanctions

Washington Post01-07-2025
Mexico City — Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels.
It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Delta Sends Warning to All Customers After Disappointing Decision
Delta Sends Warning to All Customers After Disappointing Decision

Yahoo

time10 hours ago

  • Yahoo

Delta Sends Warning to All Customers After Disappointing Decision

Delta Air Lines was dealt a pretty significant blow this week as the U.S. Department of Justice made a decision that seriously hinders one of its key partnerships. Now, the airline has issued a warning about what it will mean for its customers. Over the years, Delta has had a long-standing alliance with Grupo Aeromexico, allowing the two carriers to coordinate flight planning and pricing. However, that partnership is now under threat following a recent move by the U.S. Department of Justice. DOJ Shuts Down Antitrust Immunity In a filing made Monday, the DOJ determined that the two airlines should lose their antitrust immunity, claiming that the Mexican government has engaged in restrictive and potentially discriminatory practices that have stifled competition. This development follows a warning issued last month by the U.S. Department of Transportation, which urged Mexico to address anticompetitive conduct, according to Bloomberg. In its Monday filing, the Justice Department argued that actions by Mexico's government 'have limited entry and expansion by certain carriers' at Mexico City's Benito Juarez International Airport and "thereby undermined competitive conditions in Mexico, thwarting open market access on routes between Mexico and the United States." Bloomberg also reported that the DOT believes Mexico has been in violation of a 2015 agreement since 2022 by taking slots away from U.S. airlines at Benito Juarez Airport and imposing restrictions on air cargo flights there. Delta Pushes Back on the Decision Following the decision, Delta issued a joint statement with Grupo Aeromexico saying it 'would punish a US company and US consumers" and not the government of Mexico. 'Other, superior measures are available to remedy the situation with the GOM without harming the US economy; the Department should pursue those alternatives instead,' the airlines wrote in their joint statement. Delta claimed in its joint statement that the alliance between the two airlines 'fosters enhanced competition' with other U.S. and Mexican carriers. Delta Issues a Warning to Customers The decision from the DOJ marks a significant turning point for a partnership that dates back to 2011. Last month, Delta issued a pretty clear warning to its customers about what this change could mean for travel between the United States and Mexico. "The U.S. Department of Transportation's tentative proposal to terminate its approval of the strategic and pro-competitive partnership between Delta and Aeromexico would cause significant harm to consumers traveling between the U.S. and Mexico, as well as U.S. jobs, communities, and transborder competition," Delta said in a statement last month via the Associated Press. The U.S. claims that the alliance no longer 'serves the public interest,' but Delta clearly disagrees. Delta Sends Warning to All Customers After Disappointing Decision first appeared on Men's Journal on Aug 13, 2025 Solve the daily Crossword

Father of slain veteran says Biden's border policies emboldened cartels, Trump restoring order
Father of slain veteran says Biden's border policies emboldened cartels, Trump restoring order

Fox News

time12 hours ago

  • Fox News

Father of slain veteran says Biden's border policies emboldened cartels, Trump restoring order

The father of a former U.S. Marine killed by cartel gunmen in Mexico is praising President Trump's recent crackdown on organized crime. He also blames what he calls "failed border policies" under the Biden administration for enabling the violence that claimed his son's life. Nicholas Quets, a 31-year-old former Marine infantryman living in Tucson, Arizona, was in the process of applying to become a U.S. Border Patrol agent when he was killed on Oct. 18, while traveling along the Caborca-Altar Highway in northern Mexico. Nicholas encountered a cartel roadblock of 11 heavily armed vehicles consisting of approximately 25 men. His father, Warren Quets, told Fox News Digital that the Sinaloa Cartel identified him as an American because of his license plate and the language he spoke. "They chased him down like a dog and shot him, like the cowards they were," he said. Warren noted that immigration policies under former President Biden were perceived as an "invitation" for those south of the U.S.-Mexico border. Those policies, combined with the exploitation of migrants by coyotes and cartel members, facilitated mass crossings over the last four years, Warren added. "If they made it to the U.S. border, it would be a catch-and-release policy," he said. Fox News Digital reached out to representatives of Biden for comment, but did not immediately hear back. Warren also claimed that some NGOs and local agencies profited from the border crisis, including churches and organizations that received donations and government funding tied to migrant processing. In January, two shelters in Pima County, Arizona, where Nicholas had worked prior to his death, closed their doors, according to the Arizona Daily Star. Shelters and other organizations also closed in several other states, including Texas, California and New York. Warren told Fox News Digital that the U.S. must maintain constant pressure on "soulless" criminal organizations and support cultural change in Mexico, describing America's southern neighbor as a "de facto failed state" where citizens lack faith in the government due to cartel infiltration. He stressed that while there is cause for hope under the new administration, it must be tied to continued, concrete action. "There is a message that targeting U.S. citizens any place in the world is no longer acceptable and comes with consequences. President Trump, you know, he's directly responsible for sending that message, and that message is working," Warren said. U.S. Border Patrol Chief Michael Banks posted to X on August 1 that southwest border apprehensions hit a monthly record low in July, with only 4,399 apprehensions. For the third month in a row, there have been zero releases. This marks a new all-time record low, surpassing the prior record low of 6,070 in June. During the Biden administration, the record high was December 2023, with 249,785 apprehensions, the majority of which resulted in releases into the U.S. The nosedive in numbers is seen as a major victory by Republicans and the Trump administration. Warren also highlighted several other key victories, citing his son's passing as a strong motivator behind many actions taken against cartels by the current administration. For example, a June 9 press release from the Department of Treasury noted that Nicholas' death was a driving force behind sanctions levied against "El Chapo's" children and Los Chapitos, a fentanyl-trafficking faction of the Sinaloa Cartel. The tragedy has also influenced U.S. policy in other cases. In July, the Department of Homeland Security mentioned Nicholas while announcing the Immigration and Customs Enforcement (ICE) arrest of Sinaloa Cartel affiliate Julio Cesar Chavez Jr. A Sunday report from The New York Times suggested that President Trump has secretly authorized military force against Latin American drug cartels. These groups, including the Sinaloa Cartel responsible for Nicholas' death, were designated as foreign terrorist organizations in February. "[Trump has] been great to my family. He's kept in touch with us. His administration kept in touch with us. He's treated us like his family. And I think he would do that for anybody in this situation. I don't think it's particular to me. So, I'm grateful for that. You know, Nick will not die in vain because Nick is now the reason for many of these changes," Warren told Fox News Digital.

New Mexico State settles with former basketball coach Greg Heiar in wrongful termination lawsuit
New Mexico State settles with former basketball coach Greg Heiar in wrongful termination lawsuit

Yahoo

time21 hours ago

  • Yahoo

New Mexico State settles with former basketball coach Greg Heiar in wrongful termination lawsuit

New Mexico State reached a settlement on Friday with former men's basketball coach Greg Heiar in a wrongful termination lawsuit. Terms of the settlement were not released. Heiar was fired and the school canceled the remainder of the 2022-23 basketball after allegations of hazing within the program surfaced. Heiar later said in arbitration documents that he was made the scapegoat for hazing and other problems that administrators chose to ignore, causing him mental anguish and emotional distress since being fired by the university. 'On behalf of our client, Greg Heiar, we are pleased to announce that a settlement has been reached in the arbitration of Coach Heiar and New Mexico State University,' attorneys Ryan P. and Brett J. Danoff of Danoff Law Firm, P.C., said in a statement. 'Coach Heiar is pleased that this matter is now fully and finally resolved to our satisfaction, and excited to continue his coaching career. Coach Heiar wishes NMSU, the men's basketball program, and the Aggie fans all the best going forward.' ESPN first reported the settlement. University Chancellor Dan Arvizu fired Heiar and shut down the program in 2023 after two Aggies players filed a lawsuit claiming they were sexually assaulted by teammates. New Mexico State agreed to pay $8 million to the players and one of their fathers in a settlement in June 2023. The hazing allegations came a few months after several New Mexico State players were involved in a brawl with rival students from the University of New Mexico at a football game. Mike Peake, one of the players seen throwing punches during the melee, broke curfew a few weeks later when the Aggies were playing at New Mexico to meet a girl and was ambushed. Peake shot and killed one of the alleged assailants in self defense and was not charged with a crime. Heiar spent last season coaching at Trinity Valley Community College in Athens, Texas, winning a national junior college championship and coach of the year honors. ___ AP college basketball: John Marshall, The Associated Press

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store