Latest news with #MEXICOCITY
Reuters
a day ago
- Business
- Reuters
Mexico's Pemex swings to net profit, helped by peso recovery
MEXICO CITY, July 28 (Reuters) - Mexican state energy company Pemex on Monday reported a net profit of 59.52 billion pesos ($3.17 billion) for the second quarter of this year, helped largely by a more favorable exchange rate. Like most of its Latin American peers, Pemex is essentially a dollar-denominated state company, including for the vast majority of its spending and revenue. In the second quarter of last year, Pemex made a net loss of 273.33 billion pesos after the Mexican peso lost value against the dollar. The company also reported a 43.3 billion peso net loss in the first quarter of this year. In a stock exchange filing, Pemex also reported that revenues fell 4.4% during the second quarter of this year to 391.62 billion pesos, which it attributed to lower crude oil sales and lower prices for petroleum products like gasoline and diesel. Earnings before interest, taxes, depreciation and amortization (EBITDA) were 76 billion pesos for the quarter. The world's most indebted energy company, Pemex reported a financial debt of $98.8 billion at the end of the quarter and that it owes providers $22.79 billion. One of Mexico's largest companies and contributors to state coffers, Pemex received 94 billion pesos in government support and paid providers more than 230 billion pesos. Crude oil and condensate production with partners for the quarter averaged 1.64 million barrels per day while natural gas production averaged 3.59 billion cubic feet per day. Company executives told investors in a call after the quarterly results were published that Pemex was still seeking to increase crude oil production to the government goal of 1.8 million barrels per day. To do so, the company would rely on so-called mixed contracts that would be offered to private companies, as well as on continued government support, the executives said. In recent years, production has declined rapidly, especially in the Gulf of Mexico. ($1 = 18.7654 Mexican pesos at end-June)
Reuters
5 days ago
- Business
- Reuters
Mexico inflation fall in early July reignites rate cut expectations
MEXICO CITY, July 24 (Reuters) - Mexico's headline inflation slowed in the first half of July, falling back within the central bank's target range and fueling expectations that the bank will continue to cut interest rates in Latin America's second-largest economy. Consumer prices rose 3.55% in the 12 months through mid-July, data from the national statistics agency showed on Thursday, slowing down from the 4.51% reported a month earlier. The figure also undershot the 3.64% expected by economists polled by Reuters. The slowdown in inflation "shows that the Bank of Mexico has room to keep cutting interest rates," President Claudia Sheinbaum said at her regular morning press conference. The Bank of Mexico, which targets an inflation rate of 3% plus or minus one percentage point, lowered its benchmark interest rate by 50 basis points in June - its third straight cut of that magnitude - bringing it to 8.5%, the lowest since August 2022. In the first half of July alone, Mexican consumer prices rose 0.15% compared to the prior two weeks, also below expectations of a 0.27% increase. Analysts at brokerage Monex said the data was a surprise as inflation in the first half of July reached its lowest level for this period in a decade, but emphasized challenges on core inflation. The closely watched core price index, which strips out some volatile food and energy prices, climbed 0.15% in early July, compared with 0.22% a month earlier. The 12-month core rate came in at 4.25%. "Given the stubbornness of core inflation, we expect Banxico to reduce the scale of its cuts: for the August 7 meeting, we estimate that it will cut the benchmark interest rate by 25 basis points to 7.75%," Monex analysts added.
Reuters
5 days ago
- Business
- Reuters
Mexico inflation falls within central bank's target range in early July
MEXICO CITY, July 24 (Reuters) - Mexico's headline inflation slowed in the first half of July, falling back within the central bank's target range and fueling expectations that the bank should continue to bring down interest rates in Latin America's second-largest economy. Consumer prices rose 3.55% in the 12 months through mid-July, data from the national statistics agency showed on Thursday, slowing down from the 4.51% reported a month earlier. The figure also undershot the 3.64% expected by economists polled by Reuters. The Bank of Mexico, which targets an inflation rate of 3% plus or minus one percentage point, cut its benchmark interest rate by 50 basis points in June - its third straight cut of that magnitude - bringing it to 8.5%, the lowest since August 2022. In the first half of July alone, Mexican consumer prices rose 0.15% compared to the prior two weeks, also below expectations of a 0.27% increase. The closely watched core price index, which strips out some volatile food and energy prices, climbed 0.15% in early July, compared with 0.22% a month earlier. The 12-month core rate came in at 4.25%.
Washington Post
17-07-2025
- Politics
- Washington Post
El Salvador's top human rights group flees President Bukele's ongoing crackdown on dissent
MEXICO CITY — El Salvador's top human rights organization, Cristosal, announced Thursday it is leaving the country because of mounting harassment and legal threats by the government of President Nayib Bukele . The organization has been one of the most visible critics of Bukele, documenting abuses in the strongman's war on the country's gangs and the detention of hundreds of Venezuelan deportees in an agreement with U.S. President Donald Trump.
Washington Post
17-07-2025
- Politics
- Washington Post
Its U.S. funding cut, rights group flees Bukele's El Salvador
MEXICO CITY — A human rights organization whose funding President Donald Trump has cut has closed its headquarters in El Salvador and evacuated staff to other countries, its leaders said Thursday, as independent watchdogs flee an escalating crackdown on dissent by President Nayib Bukele, Trump's closest ally in the region.
