Correspondent, Mexico
Mica's Feed
Jul 27, 2011

Mexico’s Frisco posts loss, hurt by metals hedges

MEXICO CITY, July 27 (Reuters) – Minera Frisco, a mining
company owned by Mexican billionaire Carlos Slim, posted a
second-quarter loss on Wednesday, dented by metals hedges even
as gold and silver sales rose.

The company lost 372.5 million pesos ($32 million) in the
April-June period, compared with a profit of 492 million pesos
in the same quarter last year.

Jul 26, 2011

Pemex counts 100 workers linked to Mexico fuel thefts

MEXICO CITY (Reuters) – More than 100 oil workers and contractors hired by Mexico’s state oil monopoly Pemex have aided criminal gangs stealing millions of barrels of fuel over the past decade, a document obtained by Reuters shows.

The corrupt workers collaborate with crime gangs, some with links to powerful drug cartels, to hijack tanker trucks or siphon gas, crude oil and jet fuel out of tens of thousands of miles (kilometers) of pipelines snaking across Mexico.

Jul 5, 2011

Drug war bodies expose flaws in Mexican forensics

MEXICO CITY (Reuters) – Alejandro Espinoza knew his brother and nephew were dead when he saw the photo in the newspaper, their bloodied bodies slumped in a pile of 72 migrants massacred in northern Mexico by the Zetas drug gang.

But his pain was only made worse when Mexican investigators shipped the wrong body home to his family in Honduras.

Jun 17, 2011

Grupo Mexico sues for seats on airport co. board

MEXICO CITY, June 17 (Reuters) – Miner Grupo Mexico is
pushing to obtain more seats on the board of Grupo
Aeroportuario del Pacifico (GAP), stepping up its fight to win
control of Mexico’s top airport operator.

Grupo Mexico has said the main reason for its interest in
GAP is to strengthen its infrastructure arm. The miner wants to
boost its weight on GAP’s board after announcing its intentions
to acquire more than 50 percent of the airport company’s
shares.

Jun 14, 2011

Airport operator GAP jumps after Grupo Mexico bid

MEXICO CITY (Reuters) – The shares of Mexico’s Grupo Aeroportuario del Pacifico (GAP) jumped on Tuesday after mining and infrastructure company Grupo Mexico said it wants to buy up to 100 percent of the airport operator’s stock.

Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research, Stock Buzz), which has steadily been buying shares in GAP (GAPB.MX: Quote, Profile, Research, Stock Buzz)(PAC.N: Quote, Profile, Research, Stock Buzz) since last year, said late on Monday it wanted to increase its current 23.5 percent stake through a public offering.

Jun 1, 2011

Mexico’s Pemex sues US firms over fuel smuggling

MEXICO CITY, June 1 (Reuters) – Mexico’s state-run oil
company Pemex is suing 11 U.S. companies for buying up to $300
million of fuel stolen by drug gangs and smuggled across the
U.S.-Mexico border, court documents showed.

Pemex’s [PEMEX.UL] exploration and production (PEP) unit
filed the suit on Sunday in a U.S. district court in Texas,
claiming some of the companies conspired with Mexican criminals
to forge documents and smuggle the hijacked natural gas
condensates.

Jun 1, 2011

Mexico’s Pemex sues US companies for buying smuggled fuel

MEXICO CITY, May 31 (Reuters) – Mexico’s state-run oil
company Pemex is suing eleven U.S. companies for buying up to
$300 million of fuel stolen by drug gangs and smuggled across
the U.S.-Mexico border, court documents showed.

Pemex’s exploration and production (PEP) unit
filed the suit on Sunday in a U.S. district court in Texas
claiming some of the companies conspired with Mexican criminals
to forge documents and smuggle the hijacked natural gas
condensates.

May 26, 2011

Surrealist painter Leonora Carrington dies aged 94

MEXICO CITY (Reuters) – British painter Leonora Carrington, one of the last surviving artists from the golden age of Surrealism, has died aged 94 in her adopted home of Mexico City, where she had lived quietly for decades.

Mexico’s national arts council said Carrington died on Wednesday night in the Mexican capital. Local media reported she died of pneumonia.

May 23, 2011

Colombia shifts from drugs to food in farm expansion

BOGOTA (Reuters) – Colombia plans to nearly double agricultural land growing crops for food and biofuel, part of a new investment boom in the country as violence ebbs from a decades-long internal conflict fueled by drug profits.

The idea is to transform the vast eastern plains, dotted for years with illicit coca plantations, into the country’s bread basket in a push to bring down food prices and boost revenues from agricultural exports.

May 11, 2011

Colombia peso debt yields fall,inflation seen lower

BOGOTA, May 11 (Reuters) – Yields on Colombia’s
peso-denominated benchmark government TES bonds due July 2024
fell to 8.199 percent at auction from 8.332 percent at the
previous April 27 auction, traders and the government said on
Wednesday.

The peso-denominated Colombian Treasuries, known in
shorthand as TES, are the second largest source of revenue for
the government after tax collection and in the auction on
Wednesday other yields also dropped.

    • About Mica

      "I cover commodities and general news in Mexico and Central America and as part of the team in Latin America reported on the outbreak of swine flu, a coup in Honduras and the earthquakes in Haiti and Chile. Before Mexico, I was based in Guatemala for two years."
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