what a turbulence that exists in the card market in our country. Those who know tell us that to the inexplicable decision of American Express to leave thousands of its customers with accounts in small banks without an option to pay their balances, we should add a complaint to Cofece for possible collusion in the card market between the dominant banks: namely BBVA and Citibanamex.
Already at the end of 2020, Cofece sanctioned barriers in said market, but only with respect to clearing houses in this segment (E-Global owned by BBVA and Citibanamex, and Prosa owned by HSBC, Santander and Scotiabank).
The complaint requires that the issuance and acquisition of the cards also be analyzed, where collusion between BBVA and Citibanamex is suspected. As a reference, a historical fine imposed on the Afores in 2017 for a similar situation (1,100 million pesos) is recalled.
Unifine, the largest independent lessor in Mexico contracted a line of credit with the Swiss bank Credit Suisse, Cayman Islands, denominated in pesos and for a principal amount equivalent to 500 million dollars.
The credit is made up of 300 million dollars of term line and up to 200 million of a revolving line.
The resources will be used for general corporate purposes, including the refinancing of indebtedness.
The company also closed an agreement with the holders of an international bond for 200 million dollars and a 7% rate, to change the maturity from August 2022 to May 2024.
Izzi, the Fixed telecommunications subsidiary of Grupo Televisa, announced that it reached an agreement with the company Ole Distribution to incorporate the Sony Movies and DreamWorks channels into its programming.
The distribution agreement seeks to strengthen Izzi’s content offer so that it responds to the new demands of audiences in Mexico.
Ole Distribution’s portfolio includes various groups of television networks in Latin America, such as A&E, AXN, History, Warner Channel, Universal TV and Studio Universal, as well as Sony Movies and DreamWorks.
As part of its ESG strategy for 2030, Fibra Uno, directed by André El-Mann, has established the goal of reducing water consumption by 30% for each square meter occupied in its buildings, for which they have carried out an entire analysis to identify which of the their operations are located in areas of high water stress, and they have installed the necessary technology to promote the efficient use, reuse and treatment of wastewater in their operations.
The strategy for the efficient use of water contemplates the establishment of monitoring and measurement systems with greater detail of consumption, leak control, installation of regulated flow meters, irrigation at night to avoid evaporation, analysis of water emissions and the increase in the percentage of installation of water treatment plants within the buildings. Currently 70% of Funo’s shopping centers already have treatment plants.
ford engine Co needs to review its business model – from cutting advertising spending to overhauling its dealer network – if it wants to make enough profit from electric vehicles to compete with Tesla, the automaker’s chief executive said on Wednesday.
The shift from internal combustion to electric vehicles is “our industry’s most exciting achievement since the Model T” introduced by Henry Ford in 1908, CEO Jim Farley said.
As competition shifts from established players like Ford to newcomers from China and Silicon Valley, “the industry is headed for a huge price war,” Farley said, in a Reuters note.