MexMoves

We speak 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.

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.

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.

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.

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.