MexMoves

Episod

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  81. TRAXIÓN, Yuno & Mexico’s Biggest Business Stories of the Week 13.08.2026 1j 20min

  Antonio Tejedo, Vice President of Investor Relations at Grupo TRAXIÓN, joins us to discuss the transformation of Mexico’s leading transportation and logistics company, from a traditional trucking operator into an integrated platform spanning freight, people mobility, warehousing, brokerage, technology and supply-chain management.We look at how TRAXIÓN was built through acquisitions, how nearshoring challenges and tariffs are hurting the company, the shift towards a more asset-light model, and how the Solistica acquisition from Femsa is going. We also discuss investor perceptions of the company, and why its valuation is so discounted.We also interview Mauricio Schwartzmann of PayTech Yuno following the company’s latest funding round of $45mn, on how AI is changing payments, banking and financial infrastructure. Mauricio explains why he left his plum job as Mastercard Mexico Head to join his former Rappi colleagues at startup Yuno.Before the interviews, Eduardo and Damian discuss Tiendas 3B’s extraordinary growth in 2Q26 and how hard discount and e-commerce are squeezing traditional retailers, and ICA’s decision to buy out Fluor after more than three decades together, and what that transaction could say about Pemex paying suppliers going forward.They also reflect on the passing of Miguel Mancera Aguayo, former head of Banco de México and one of Mexico’s most admired and consequential public servants, whose role in securing central-bank autonomy in 1994 helped shape Mexico for the good.They discuss Kavak’s striking claims about AI transforming its business, the latest twists and turns in USMCA negotiations, and ask why the Mexican Peso is so strong and if that is a good or bad thing.
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  80. UBS on Mexico Wealth Management, Pemex & Mercado Libre Results, SuKarne Sale & More’ 06.08.2026 1j 5min

  We talk to Ricardo Pintado, Managing Director at UBS Wealth Management, about how Mexican entrepreneurs and wealthy families should approach investing, succession and the differences to creating wealth from preserving it.We discuss how a global private bank’s value proposition differs from that of a commercial bank, brokerage firm, independent adviser or family office. We also explore why there will always be room for trusted human advisers, even as AI transforms investment management and the broader financial sector.⸻In the rest of the episode:* Pemex’s stronger 2Q26 results: Revenue, production and refining improved, while financial debt declined. But questions remain.* Mercado Libre’s blow-out 2Q26 top-line results: The company reached $10bn quarterly sales, 50% above last year. Within that, Mexico again delivered exceptional growth, with revenue up 55% and fintech expanding by more than 70%, as the e-commerce giant continued to gain share. However, weaker operating margins weighed on the share price.* Possible SuKarne sale: The family-controlled Culiacan-based Mexican protein producer could be valued at more than US$2 billion, according to Reuters. We look at how SuKarne became a market leader by vertically integrating, selling each cut of meat around the world where it commands the highest value.* 1H26 Mexico-US trade: Mexico’s bilateral trade surplus with the US continues to widen, as AI infrastructure exports replace automobiles as the key export driver. But Taiwan’s and Vietnam’s exports to the US are expanding even faster than Mexico’s, and they reported even larger trade surpluses with the US than Mexico. On USMCA, we examine the strategic debate between accommodating US pressure and taking a more assertive position.* Avocado exports: Security concerns have again interrupted new shipments from Michoacán, highlighting how insecurity is acting as a break on growth.
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  79. Most People Invest in Restaurants for the Wrong Reason 30.07.2026 1j 24min

  We spoke with Gabriela Cámara, the star restaurateur behind Contramar, Entremar, Caracol de Mar and Itacate in Mexico City, as well as the recently opened Cantina Contramar in Las Vegas.She explains why the iconic Contramar has been full for nearly 30 years, what it takes to run a busy Mexico City restaurant day after day, and why a restauranteur needs to be both businessperson and chef. We also discuss her experience opening restaurants in the United States, the global rise of high-end Mexican cuisine, sustainability, and the opportunities and tensions created by gentrification in Mexico City.Before the interview, Eduardo and Damián discuss the week’s top Mexico business news.BBVA México’s succession. Global risk head José Luis Elechiguerra returns home to become the new Mexico viceroy as Eduardo Osuna moves to the chairmanship after more than a decade as CEO, handing over by far Mexico’s strongest banking franchise. The new CEO’s in-tray includes managing AI & Technological change, fighting off fierce incumbent and fintech competition, dealing with regulators keen to promote financial inclusion and digitalization but unsure how to, and balancing growth versus asset quality.FEMSA’s stock falls even as it reports blow out sales. OXXO posted almost 10% same-store sales growth on the World Cup boost. Coffee is becoming a bigger part of the strategy, and SPIN is taking its first steps into lending. Investors focused on lower gross margins at OXXO as the company pushed harder on affordability, and seem worried about a possible World Cup hangover.Cemex’s recovery continues. Housing, infrastructure and the first signs of Plan México spending lifted cement volumes in Mexico as management continued cutting costs.Televisa. The telecom turnaround continued, but weaker results at World Cup-free Univision weighed on the broader story.We also cover Kia’s expanded investment in Nuevo León, stronger-than-expected GDP and trade figures, and Mexico’s decisive win (so far) in the Vulcan arbitration, which reduced a US$1.7 billion claim to about US$15 million.
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  78. What Mexico Looks for in a CEO; 2Q Earnings Reveal Consumer Weakness; Casa de Toño Seeks a US$400mn Sale; Lettuce Liability 24.07.2026 56min

  This week, we speak with Francisco Ruiz Maza, Mexico Country Manager at Russell Reynolds Associates, one of the world’s leading executive search and leadership advisory firms.Francisco explains how Russell Reynolds identifies and evaluates candidates for CEO and board positions in Mexico, what Mexican companies look for in their senior leaders, and how deep Mexico’s C-suite talent bench is. We also discuss the trends reshaping Mexican boards of directors.Before the interview, Eduardo and Damián discuss the week’s business news:* What second-quarter corporate results reveal about Mexico’s economy: a weak consumer, resilient banks and telecoms, strong mining earnings, and pressure on aviation.* La Casa de Toño is reportedly exploring a sale at a valuation above US$400 million. Will potential buyers bite?* What the Taco Bell cyclospora outbreak and its possible link to Mexican rocket lettuce could mean for Mexico’s agricultural exports and food-safety reputation.
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  77. QED Investors on Mexico’s Next Fintech Winners; What World Cup? The Limited Economic Impact; Mexico’s AI Infrastructure Opportunity 16.07.2026 1j 7min

  We speak with Ana Cristina Gadala-Maria, Principal at QED Investors, the world’s premier fintech venture-capital firm and among the most active in Mexico, with investments including Bitso, Konfío, Aplazo, Covalto, Kavak, Félix Pago and FEMSA’s new lending venture.She explains what QED now looks for in Mexican startups, why fintechs are becoming multi-product companies, and where the next opportunities lie, from cross-border payments and stablecoins to AI. We also discuss why Mexico still trails Brazil in digital payments and why QED invested in FEMSA’s new lending business, atypically a carve-out.First, Eduardo and Damian cover the week’s business news:* The World Cup’s smaller-than-expected economic impact, despite Mexico’s strong performance as a host.* Weak June ANTAD sales and the changing mix of consumer spending.* Nu’s banking licence, exaggerated claims about its size, and the harder task of turning “15 million customers” into profitable primary relationships.* Mexico’s emerging AI-infrastructure opportunity.* Chipotle opens its first actual Mexican restaurant.
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  76. Netflix Explains Its Winning Mexico Bet, Toyota’s Tacoma Exit and Why Mexican Credit Data Is Hot 09.07.2026 1j 9min

  We speak with Francisco Ramos, Netflix’s Vice President of Content for Latin America, about why Mexico has become one of the company’s most important global creative hubs, and what Netflix now needs to do to stay ahead as competition from YouTube creators and influencer-led content rises.Since launching in Mexico in 2011, Netflix has grown its local team to nearly 400 people, filmed in more than 50 cities across 25 states, and announced a US$1bn commitment to Mexican productions over the next four years. We discuss the economics of major productions, how culture can become a driver of growth, competitiveness and national influence, and why Mexico has so far produced relatively few truly global streaming hits.First, Eduardo and Damian cover the week’s business news:* Toyota to gradually move Tacoma production from Baja California to San Antonio: why the shift from Tijuana to Texas is a warning sign for Mexico’s export model as USMCA uncertainty bites.* China’s rise in Mexico’s auto market: domestic vehicle sales are at record levels, but a growing share is coming from imported Chinese brands, making the industrial story less positive than the sales numbers suggest.* Equifax buys Círculo de Crédito for US$750m: what the deal says about the value of Mexican credit data, why U.S. firms will now fully control the country’s credit-information infrastructure, and how this could benefit competition in fintech and lending.* Aviva raises US$18m: why some investors believe Aviva’s hybrid physical-digital model may be better suited to expanding credit access in the informal economy in Mexico than app-only finance.* Mexico’s investment rebound: gross fixed investment finally bounced in April, helped by construction and public spending, but private productive investment, while improving, remains soft.
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  75. Mexico’s Energy Infrastructure Needs; USMCA Outlook; Top 1H26 Stock Moves; Tulum Troubles; Minting MIllionaires 02.07.2026 59min

  We speak with Rafael García, VP of External Affairs at TC Energy and President of CanCham Mexico.We discuss Mexico’s energy infrastructure needs, TC Energy’s role in the country’s natural gas pipeline network, and why reliable infrastructure to facilitate low-cost natural gas imports from Texas is key for Mexico’s competitive electricity generation, nearshoring and industrial growth. We also look at how the Canada-Mexico business relationship is evolving as both countries navigate USMCA and seek a common front with the United States.First Eduardo and Damian discuss some of the main news of the week:* The USMCA outlook: the treaty remains in force, but the US has opened the door to annual reviews for the next decade unless a new agreement is reached.* Mexico’s top 1H26 stock market moves, focusing on Diablos and Fibra Nova on the upside.* Tulum’s tourism troubles.* UBS data showing Mexico’s fast-growing millionaires.
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  74. Mercado Libre’s Mexico Strategy; Positive News on Growth, Inflation, Renewables, and Sinda’s possible IPO 25.06.2026 1j 28min

  We interview Leandro Cuccioli, Senior VP at Mercado Libre, on the company’s Mexico strategy, booming e-commerce sales, Mercado Pago’s fintech ambitions, the impact of AI adoption, market concerns around operating margins that have hit the stock price, and the company’s long-term growth opportunities.First, Eduardo and Damian dissect the main business and economic news of the week, which brought some unusually positive headlines for Mexico: stronger growth data, a welcome low-inflation surprise, renewed momentum behind clean energy investment, and Sinda’s potential IPO as one of the more interesting new Mexican silver stories.We then discuss two new reports: Hi Ventures on AI adoption across Latin America, and UBS on billionaire family offices, and what makes Latin American plutocrats different from their peers elsewhere.’
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  73. The Making of Mexico; World Cup, Education & Growth, Digital Payments, Stablecoins, & the Plata Documentary 18.06.2026 1j 29min

  Two standout interviews this week.Harry Krensky, Managing Partner of Discovery Americas, shares his views on what it takes to succeed in Mexico private equity — what works, what doesn't, and where the industry is headed. And before that, Pamela Starr joins us to discuss her new book The Making of Mexico: Revolution, Reform, and Transformation. And as always Eduardo and Damian begin the episode by dissecting the week's news: World Cup ticket pricing; Mexico's education challenges and their drag on economic growth; Banxico's latest digital payments push; the Stablecoin Conference 2026 and the convergence of traditional and decentralised finance; and the Plata 2 hour documentary; the improbable story of how a team of Russian fintech exiles joined forces with local hires to build Mexico's 53rd bank, now valued at over $4bn.
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  72. Afore Coppel on Mexico’s pension future; demographic challenges; and more fintech deals with Clip and OXXO 11.06.2026 1j 17min

  Juan Manuel Valle, CEO of Afore Coppel, Mexico’s largest pension fund by affiliates, discusses the opportunities and challenges facing retirement savings in Mexico.* How Afore Coppel became the largest pension fund by affiliates, despite entering the market much later than others.* How different income groups face very different retirement challenges.* Why contribution weeks, formal employment and voluntary savings matter.* How younger customers can follow a longer-term investment strategy, with more exposure to equities and alternatives.* How Afores can help finance Mexico’s infrastructure needs, but only when the economics make sense.Eduardo and Damian first dissect the main business and economic stories of the week:* World Cup protests by the CNTE teachers’ union highlight Mexico’s pension challenge: insufficient funding for current commitments, ony to be made worse by an ageing population.* Fintech is back: Clip launches Mi Clip with Ant, Mastercard and TelevisaUnivision; FEMSA brings QED into OXXO credit.* Betterfly buys Minu; Mercado Libre announces its Mexico US$4.6bn ‘’investment” number.* Trump knocks USMCA as multi-year revisions loom.
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  71. Amazon Mexico Head Explains Strategy; Betterware’s Tupperware Deal, FMTY Lands FIBRAMQ, and Televisa’s War Chest 04.06.2026 1j 4min

  Amazon Mexico Head Pedro Huerta explains how Amazon is adapting to Mexico: ever-faster delivery, local payment solutions, AI-driven shopping, and a deeper push into groceries and everyday essentials.Key interview topics:* The launch of “Delivery in Hours”* Why saving time is Amazon’s core value proposition for Mexican consumers* Faster delivery as a gateway into daily-use categories* AI, Alexa, and the future of shopping* Mexico payment habits, credit, and BNPL solutions* The SAT tax changes and their impact on marketplace sellers* How Mexican SMEs are using Amazon to exportFirst, Damian and Eduardo break down the week’s top business and economic stories:* Betterware closes its acquisition of Tupperware LatAm, accelerating its transformation into a regional direct-selling platform* Fibra MTY lands Fibra Macquarie as AFOREs favor local internalization over global scale* Televisa prices a convertible offering as it prepares for potential AT&T M&A* Dollar store JOi Dollar raising to fund expansion across Mexico* The latest on USMCA negotiations, tariffs, and possilbe new auto rules
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  70. GM Mexico Head on China to Mexico Shift, Slim Holds Court, AMX Investor Day, Banxico’s Reality Check 28.05.2026 57min

  Francisco Garza, Head of GM Mexico, tells us about GM’s plan to shift (for now, just the assembly) of the Aveo and Groove models from China to Mexico, and what it says about nearshoring, tariffs, suppliers, EVs and Mexican manufacturing.Plus Eduardo and Damian discuss the big business and economic issues of the week, including:* Carlos Slim says Mexico’s biggest problem is Pemex, but pledges US$5bn in investment this year* Prologis exits the Fibra Macquarie battle as Fibra Monterrey and Next fight it out* América Móvil makes its case at its NYC Investor Day* Banxico lowers growth expectations even as Mexico’s exports keep booming
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  69. inDrive in Mexico; Evolving Mexico ESG; Moody’s D/G; Royal Caribbean blow & the MX-EU Trade Deal 21.05.2026 1j 21min

  How do you compete with Uber in one of the world’s most competitive ride-hailing markets? Andries Smit of inDrive discusses with Damian the company’s expansion in Mexico, its strategy against Uber and Didi, and why mobility platforms are increasingly evolving into broader financial and logistics ecosystems.Before that, Eduardo speaks with Marimar Torreblanca of Miranda ESG on how Mexican companies and investment funds are navigating ESG in an ideologically-charged global environment.First, Eduardo and Damian dissect the major Mexico business stories this week:Moody’s Mexico rating downgrade: markets barely reacted, but Mexico stands warnedRoyal Caribbean’s Imperfect DayGM’s moves some production from China to MexicoWhat the new Mexico–EU trade agreement meansQuick Takes: Nu Mexico breaks even, Klar buys Yave, Vesta raises $240mn..and much more
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  68. BBVA Spark Opens Up; Doubts on SICC’s US$2bn Pharma ‘’Investment’’; S&P Cuts Outlook; GAP Explains 14.05.2026 1j 5min

  Rodrigo Velasco, Head of BBVA Spark Mexico & LatAm, discusses how BBVA’s division for fast-growing, tech-oriented companies and funds works in practice, and what he looks for when taking on a new client, extending credit or investing in a VC fund.First, Eduardo and Damian dissect the news of the week:* S&P moves Mexico’s outlook to negative while keeping the rating at BBB.* Ebrard prepares markets for a USMCA review without a clean endpoint.* Alejandro Werner warns on Mexico’s low-growth model.* SICC’s US$2bn Hidalgo pharma MOU — and why investors may be skeptical.* GAP shifts from airport operator to broader infrastructure platform.* Tourism weakness hits hotels* Braskem Idesa faces an operational and financial crisis.* Bunq applies for a Mexican banking license.
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  67. OXIO’s Telecom Bet, New Deregulation Push and the Pawn Shop Boom 07.05.2026 1j 8min

  Eduardo García interviews Nico Girard, CEO and Founder of telco upstart OXIO, on its bold move to buy Telefónica’s Movistar Mexico business, the future of telecom competition, MVNOs, AI-driven telecom platforms, and what success could look like in one of Latin America’s toughest mobile markets.Before that, Damian joins Eduardo to dissect Mexico’s latest business news:* Plan México’s new deregulation push and the government’s “zero excuses” message to investors* Cox Energy’s US$2bn bond to refinance its audacious US$4bn Iberdrola México acquisition* Why pawn shops are booming across Mexico* World Cup hype versus economic reality* Tiendas 3B crushing traditional retail* Banamex returning to international debt markets
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  66. Nearshoring opportunities; AI-driven export boom but GDP weakness; BlackRock cashing out in the GMéxico–Saavi deal 30.04.2026 1j

  We interview Emilio Cadena, CEO of Prodensa and President of the US-Mexico Foundation, on the continued nearshoring opportunity for Mexico; what’s working, what isn’t, and why a roll-up of some of Mexico’s SME export industrial plays makes sense.Before that, Eduardo and Damian discuss the big business news of the week. Grupo México takes control of Saavi Energía, partially cashing out BlackRock/GIP, a clear example of global capital rotating out while rich local players step up.Mexico’s GDP contracted 0.8% in 1Q, its weakest start since 2020, while the U.S. grew around 2%. The divergence is striking: the U.S. is being supported by AI capex, while Mexico is held back by weak domestic consumption, investment, and autos.Yet Mexico’s non-auto exports are quietly booming. Growth is coming from electronics, electrical equipment, and industrial inputs tied directly to the AI buildout. This is nearshoring  in action, though it is not yet translating into GDP growth perhaps given the large import component in electronics.And in our quick takes, we look at Televisa preparing for Telco M&A, positive 1Q26 reports from FEMSA, Televisa, mixed results from BBVA Mexico, BanBajío, Walmex and others, plus Banorte’s bet on baseball.
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  65. North America’s First World Cup; USMCA, Growth Woes, Piracy, AI Investment, and Fibra Battles 23.04.2026 1j 19min

  Andrés Martínez, Co-Director of the Great Game Lab at Arizona State University, joins us to discuss the business significance of the first North American World Cup. Pedro Casas, CEO of AmCham Mexico, gives us the latest on USMCA talks following the USTR’s visit to Mexico. Before the interviews, Eduardo and Damian assess the state of Mexico’s economy and Q1 earnings so far, ballooning contraband around the World Cup, Fibra battles getting personal, Banamex’s new CEO, Flex’s AI infrastructure investment bet, and Atlas football club set to change hands.
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  64. Vanguard on Mexico’s savings gap; food inflation; Plata; fracking; ice cream and and motorcycles 16.04.2026 1j 5min

  We interview Adriana Rangel, Head of LatAm distribution at Vanguard, on one of Mexico’s biggest long-term weaknesses: why retirement savings remain so low despite gains in financial inclusion and average incomes. The answers include still low incomes relative to living costs, low female labor participation, high informality, poor financial education, and complexity and high cost of many existing financial products.Eduardo and Damian first turn to the week’s key stories: • Tomato prices surge: up as much as 100% YoY, pushing inflation higher, while tortilla prices also look set to rise. • Fracking reconsidered: Sheinbaum shifts policy, but cheap US gas remains hard to compete with. • Plata at a $5bn valuation: a major fintech milestone and a sign of renewed capital flows. • GS Motos hits 10 million motorcycle units sold: a major success story now facing stronger Indian competition. • Herdez’s ice cream JV with Froneri marks another step toward its leaner operating model.
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  63. Jumex in the USA; Chinese Carmakers; Telefónica Exits; Banxico Chief Under Fire 09.04.2026 53min

  This week on MexMoves, we interview Carlos Madrazo, head of Jumex USA, on how the company is approaching the US market, what lessons it can bring from its success in Mexico, what has to change, and why both Hispanic and mainstream consumers are part of its long-term ambition. Before that, Eduardo and Damian break down the week’s biggest stories: China’s growing footprint in autos, as GAC claims it will begin to assembly cars in Mexico in the second half of 2026; the implications of Telefónica’s sale of its Mexico business, and what the buying consortium-leader Oxio does next; and the debate around Victoria Rodríguez’s leadership of Banxico after a critical Bloomberg Opinion column.’
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  62. AWS at 20 - positioning for Mexico’s AI transition; How “broken” is Mexico’s economy?; Park Life IPO; e-commerce trends 02.04.2026 1j 19min

  This week, Eduardo and Damian sit down with Rubén Mugártegui, Managing Director of Amazon Web Services Mexico, as AWS celebrates its 20th anniversary, to discuss how the company helped drive Mexico’s shift to cloud computing and how it is now positioning itself at the centre of the country’s AI transition.This episode also dives into:🔹 The debate over Mexico’s ‘’Broken Economy’’ by The Economist. What causes Mexico’s persistently weak economic growth - seemingly everyone has a view🔹 Park Life’s debut on the stock exchange, the first Mexican listed residential property company 🔹 What new data on Mexico’s fast-growing e-commerce economy shows🔹 Nissan’s closure of its historic CIVAC plant in Morelos as part of its global restructuring