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.

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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.

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.

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.’

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.

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.

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 export

First, 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