General News

The initial public offering for tequila producer Jose Cuervo on the Mexican Stock Exchange this week was at least four times oversubscribed, according to reports in several business journals.

Bloomberg reported that Jose Cuervo sold about US$790 million of shares in Mexico’s biggest equity offering in more than three years. Industry insiders say Cuervo is looking to transform itself into a global spirits company. Almost two-thirds of the distiller’s output is exported to the United States.

The IPO had been delayed from last year due to the U.S. presidential election. 

With the peso continuing to bleed amid the fallout from the U.S. presidential election result, the Banco de Mexico, Mexico’s Central Bank, Thursday raised its base interest rate by half a point to 5.25 percent – the fourth rate hike this year.

According to the Mexican Tourism Board, this country’s global air connectivity is growing at a record pace, with airlines around the world adding new routes, additional flights on existing routes, and upgrading to the latest aircraft models with larger capacities to meet the demand for travel to Mexico. 

Mexican bank Banamex this week rebranded itself as Citibanamex, reflecting the name of its major stakeholder, Citigroup.

Many American citizens living abroad have recently been contacted by their U.S. brokerage firms to inform them that their accounts have either been frozen, such that they can no longer change their investments, or that they need to close their accounts entirely.

I cannot stress enough the importance of timely and correctly filing a Foreign Bank Account Report (FBAR) if you are required to.

It may not be music to the ears of the U.S. president-elect, but Mexican exports rose to their highest level ever in November, fueled by the weak peso.

German carmaker BMW has laid the first stone of its new assembly plant San Luis Potosi.