Mexico Roundup: Judicial reforms, food tech, fake painkillers
Tortilla shops venture into fintech
The CNT x Finsus Digital Platform is revolutionising the tortilla production landscape in Mexico by enabling approximately 18,000 vendors to transition from cash-based transactions to electronic payments. This app not only facilitates financial management for these vendors but also allows them to process utility bill payments, effectively increasing their income. The projected financial uplift for users ranges from 6,000 to 38,000 pesos monthly, and the integration of small-business loans and insurance services further enhances the utility of this platform. Mexico News Daily reports that CNT's target to have 40% of its members adopt this technology within a year signifies a significant step towards financial inclusion in the Mexican tortilla industry. Homero López García, CNT president, highlights the historical financial restrictions that this initiative aims to address.
Hurricane disruptions
Hurricane Francine has severely impacted energy production in the U.S. Gulf of Mexico, causing around 39% of crude oil and 49% of natural gas outputs to cease. This disruption translates to approximately 675,000 barrels of oil and 907 million cubic feet of natural gas being compromised due to the storm's intensity, with winds reaching up to 90 mph. According to Offshore Engineer, The evacuation of 171 offshore platforms, accounting for 46% of total installations, underscores the storm's widespread effects, considering that the Gulf typically contributes about 15% of U.S. oil and 2% of natural gas.
Escaped tiger found
A Bengal tiger named Tony created a stir after escaping from a zoo in Reynosa, Tamaulipas. The tiger's escapades included attacking a local pig farm and chasing sheep; however, no significant injuries were reported. After a five-day search, Tony was captured using a chicken-baited trap in the vicinity of Los Longoria and is scheduled to be transferred to Tamatán Zoo in Ciudad Victoria. As an endangered species with a dwindling population of 2,000 to 2,500 specimens in the wild, his care and management are critical, leading to the closure of Quinta La Fauna Zoo until further notice post-escape, Mexico News Daily reported.
Influx of fake drugs
The health authorities in Mexico, through Cofepris, have raised alerts regarding counterfeit medications, specifically calling attention to six Bayer products including Cafiaspirina and Aspirina. These questionable batches have been deemed unsafe due to improper manufacturing protocols, and their problematic details were outlined, including incorrect batch numbers, lack of active ingredients, and unrecognised products. As reported by Mexico News Daily, consumers are strongly advised to verify lot numbers and steer clear of unregulated vendors when purchasing any related medications, highlighting the importance of product integrity in health and safety.
Investor confidence
The president of the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE), Sergio Cardenas, has assured stakeholders that recent judicial reforms enacted by the federal government will not deter foreign investments, despite concerns about the judiciary's politicisation. Notably, foreign direct investment (FDI) has surged, with a notable increase of 7% in the first half of 2024 compared to the previous year, accumulating over $31 billion. According to Mexico News Daily, projections indicate that FDI could surpass $40 billion by year-end, buoyed by Mexico's robust export capabilities and vital role in trade with the U.S. The performance of multinational corporations such as Pirelli further illustrates the lucrative business environment within Mexico, reinforcing a positive outlook for ongoing investment initiatives.
