MexMoves

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.’

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

We interview Manuel Rodríguez Arregui, head of AINDA, the infrastructure and energy private equity fund focused on Mexico and Colombia. We discuss how AINDA sees the opportunities and challenges in financing Mexico’s much-needed infrastructure and energy projects, how the firm creates value across its portfolio, and why incorporating the highest ESG standards at every level of the company is key to raising capital and investing wisely in private equity.

First, Eduardo and Damian cover the week’s major business themes. Stagflation fears are rising after weak growth and high inflation readings in the first months of the year. Walmex’s Investor Day sought to answer investor questions around execution, pricing strategy, inventory management, leadership changes, and rising competition from hard discounters and e-commerce players. We also discuss what a Pemex-Petrobras alliance could mean, and how Mexico’s casino and betting business has become a major consumer, technology, and cash-flow story.

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This week we chat with Marcos Bucay, showrunner of La Oficina, about bringing The Office TV show to Mexico and what it reveals about hierarchy, nepotism, and the absurdities of corporate life a la mexicana. And in a bonus, top Stripe executive Neetika Bansal also joins us to explain how Stripe is adapting to the Mexican market and its vision for the growing role of stablecoins in global and local payments.
First, Eduardo and Damian analyse the key Mexico business stories of the week: the takeover battle around Fibra Macquarie as Fibra Monterrey and Funo’s Next enter the fray; the surprising split between OXXO and Nu; Alsea’s growth strategy as outlined at its New York investor day; and takeaways from the ABM meeting in Cancun, where top banks are talking and talking about SME credit and how to accelerate the shift from cash to digital payments.

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We talk with Guillermo Zamarripa, president of Mexico’s pension fund association, Amafore, about the growing importance of Mexico’s pension funds, including their role in the country’s long-term savings, capital markets, infrastructure and private assets, the challenge of ensuring adequate pensions as the population ages, and the structural or regulatory changes still needed for the Afore system to play a larger role in the economy. In the first part, Eduardo and I discuss Fibra Monterrey’s successful follow-on offering and what it says about continued investor appetite for Mexican equities, the broader consolidation wave in industrial real estate, why global tensions may actually strengthen Mexico’s nearshoring story, BBVA Mexico’s investor update and how it has out-finteched the fintechs while maintaining “principalidad,” Mexico’s latest billionaire list and what it reveals about the country’s wealth structure, and the growing foreign investment flowing into Liga MX.

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