MexMoves

This week on MexMoves, we speak with two of the biggest names in global asset management at Mexico's annual AMAFORE pension conference.
Sergio Méndez, Head of BlackRock Mexico, discusses the growth of ETFs, active investing, private credit and infrastructure, the opportunity created by Mexico's expanding pension system, and what it will take to attract more international capital.
Rob Lovelace, Chair of Capital International, has been investing in Mexico since the mid-1980s. Four decades later, what has genuinely changed, and what remains frustratingly familiar? We discuss Mexico's underdeveloped capital markets, the changing geography of global investment, nearshoring and the obstacles holding Mexico back.
First Eduardo and Damián look at the week's biggest business stories:
Banxico's inflation dilemma: Interest rates fall, inflation rises, and Mexican stocks rally. Has the central bank moved too quickly?
Mexico's energy pragmatism: Pemex courts international oil majors, CFE turns to capital markets, and private renewable projects get the green light. Is reality finally winning?
Vidanta's US$1.5 billion luxury theme park: Mexico gets its own Disneyland, after more than a decade of announcements. Was it worth the wait?
Mexico, China and the steel wars.
Women, boards and Mexico's missing talent: Why are just 15% of Mexican board seats held by women, and is social class an even bigger obstacle to opportunity than gender?

This week on MexMoves, we interview Carl Emberson, Director of Resort Operations and Marketing at Punta Mita, one of Mexico’s leading luxury destinations. With decades of experience in high-end hospitality, including at Mayakoba and The St. Regis Punta Mita, Carl discusses the remarkable growth of Mexico’s luxury tourism industry, what attracts wealthy international visitors, the economics of operating world-class resorts, and why 2026 is proving a challenging year for the sector.
We also look at the week's biggest business and financial stories:
Mexico's extraordinary AI export boom and US datacentre backlash: Exports to the US jumped 40% in September, driven partly by soaring demand for computing equipment. But could Democratic election victories and growing opposition to US data centres threaten that growth?
A surprisingly good earnings season: Mexican corporate profits beat expectations in 3Q26, with mining, construction, banks and discount retailers showing encouraging results. The stock market has also staged an impressive rally.
Mercado Libre: Mexico's e-commerce growth remains strong albeit slowing, but Mercado Pago is expanding rapidly, with more than 18 million monthly active fintech users.
Western Union and remittances: Traditional money-transfer companies face growing competition from fintechs.

We interview Alejandro Doria, Head of Bulkmatic México and President of AmCham's Northeast chapter. Celebrating 30 years in Mexico, Bulkmatic connects North American rail networks with Mexican factories, transporting essential raw materials for manufacturing. Alejandro discusses the company's plans to invest up to US$500 million in logistics infrastructure, the outlook for North American trade, the USMCA review, regulatory challenges and highway security.
We also chat with Omar El Gohary, the entrepreneur behind G2K, acquired by ServiceNow, on the challenges and opportunities of implementing AI in Mexican businesses.
First, Eduardo and Damian discuss some of the week's min business and economic news:
Mexico's pre-Muertos conference circuit: Takeaways from Milken, Mexico Tech Week, FinTech México, Nazca, Hi VC and other gatherings on the state of play in Mexico AI, infrastructure, venture capital, StartUps, FinTechs, SME financing and the challenge of turning well-intentioned plans into investment and then cashing out.
More 3Q results: Why OXXO and Bara are outperforming Walmart and Chedraui, BBVA Mexico's strong lending growth and signs of recovery in Mexico construction from Cemex.
Trucking protests: Highway blockades, cargo security and the controversy over  taking back tax breaks for larger transport companies.

This week on MexMoves, we interview Darío Coronado, CEO of Smart Fit Mexico, which has more than 500 locations and 1.3 million members. We discuss how Brazil-based Smart Fit rapidly overtook the incumbent Mexican gym chains to become by far the country's largest fitness club by membership and revenues, the economics behind its impressive growth, changing fitness habits, expansion into smaller cities, and whether younger Mexicans are becoming more health-conscious.

Also this week:

Mexico's Economic Recovery: Surprisingly strong third-quarter economic indicators suggest growth is accelerating, while encouraging corporate earnings point to a recovery in consumer spending. Is Mexico finally emerging from its economic slowdown?

América Móvil's Strong Results Amid AT&T's Exit: Carlos Slim's telecom giant reports another strong quarter, while AT&T Mexico is also showing improving results ahead of its sale. What will change now that Televisa is set to take over ATT’s Mexico business?

Mexico's Hidden Corporate Tax Increase: Proposed changes to tax deductions could significantly increase effective corporate taxes without changing the headline 30% rate.

Digital Payments: Can Mexico Replicate Brazil's Pix? Mexico approves a major digital-payments reform, but CoDi has failed to gain meaningful traction. We examine why banks have little incentive to promote a free payment system that competes with their lucrative card businesses.

Mexico's Traffic Nightmare: We examine a new study on the staggering amount of time and economic productivity lost to traffic congestion in Mexico's cities.

This week on MexMoves, Marc Spiegel, the American investor whose Innovatio Capital acquired Querétaro FC, joins to discuss the business of Mexican football. Why invest in a Liga MX club? What makes Querétaro attractive? Can Mexican football become a bigger business, particularly with the spotlight of the 2026 World Cup? And what needs to change to attract more investors?
We also speak with Vincent Speranza, Managing Director of Endeavor Mexico, about the key findings of a joint report with Glisco, released this week, on the state of LatAm venture capital. Aggregate investment jumped in 2025, but the number of funding rounds remains depressed, startups struggle to scale, and exits are elusive.
Plus, Eduardo and I discuss some of the week's biggest business stories:
Televisa and Fintech Advisory agree to buy AT&T Mexico: A US$2 billion deal that pits Fintech’s David Martínez, and Televisa’s Bernardo Gómez and Alfonso de Angoitia against Carlos Slim and family. Who will come out on top? Why did AT&T throw in the towel?
Time to worry about Mexico's AI exposure? Server exports are booming, but could a Wall Street AI tech selloff threaten one of Mexico's fastest-growing industries?
Viva–Volaris merger: A combined 75% domestic market share. Is Mexico about to approve an airline monopoly? And what would that mean?
AHMSA's phantom buyer: A US$1.4 billion bid collapses, leaving the bankrupt steelmaker's future in doubt yet again.
Slim's latest investment vehicle: A proposed listing of INCA reveals an empire spanning prisons, petrochemicals, hospitals and Chinese cars.