MexMoves

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

Francisco Garza, Head of GM Mexico, tells us about GM’s plan to shift (for now, just the assembly) of the Aveo and Groove models from China to Mexico, and what it says about nearshoring, tariffs, suppliers, EVs and Mexican manufacturing.

Plus Eduardo and Damian discuss the big business and economic issues of the week, including:

* Carlos Slim says Mexico’s biggest problem is Pemex, but pledges US$5bn in investment this year

* Prologis exits the Fibra Macquarie battle as Fibra Monterrey and Next fight it out

* América Móvil makes its case at its NYC Investor Day

* Banxico lowers growth expectations even as Mexico’s exports keep booming

How do you compete with Uber in one of the world’s most competitive ride-hailing markets? Andries Smit of inDrive discusses with Damian the company’s expansion in Mexico, its strategy against Uber and Didi, and why mobility platforms are increasingly evolving into broader financial and logistics ecosystems.

Before that, Eduardo speaks with Marimar Torreblanca of Miranda ESG on how Mexican companies and investment funds are navigating ESG in an ideologically-charged global environment.

First, Eduardo and Damian dissect the major Mexico business stories this week:

Moody’s Mexico rating downgrade: markets barely reacted, but Mexico stands warned

Royal Caribbean’s Imperfect Day

GM’s moves some production from China to Mexico

What the new Mexico–EU trade agreement means

Quick Takes: Nu Mexico breaks even, Klar buys Yave, Vesta raises $240mn..and much more

Rodrigo Velasco, Head of BBVA Spark Mexico & LatAm, discusses how BBVA’s division for fast-growing, tech-oriented companies and funds works in practice, and what he looks for when taking on a new client, extending credit or investing in a VC fund.

First, Eduardo and Damian dissect the news of the week:

* S&P moves Mexico’s outlook to negative while keeping the rating at BBB.

* Ebrard prepares markets for a USMCA review without a clean endpoint.

* Alejandro Werner warns on Mexico’s low-growth model.

* SICC’s US$2bn Hidalgo pharma MOU — and why investors may be skeptical.

* GAP shifts from airport operator to broader infrastructure platform.

* Tourism weakness hits hotels

* Braskem Idesa faces an operational and financial crisis.

* Bunq applies for a Mexican banking license.

Eduardo García interviews Nico Girard, CEO and Founder of telco upstart OXIO, on its bold move to buy Telefónica’s Movistar Mexico business, the future of telecom competition, MVNOs, AI-driven telecom platforms, and what success could look like in one of Latin America’s toughest mobile markets.

Before that, Damian joins Eduardo to dissect Mexico’s latest business news:

* Plan México’s new deregulation push and the government’s “zero excuses” message to investors

* Cox Energy’s US$2bn bond to refinance its audacious US$4bn Iberdrola México acquisition

* Why pawn shops are booming across Mexico

* World Cup hype versus economic reality

* Tiendas 3B crushing traditional retail

* Banamex returning to international debt markets

We interview Emilio Cadena, CEO of Prodensa and President of the US-Mexico Foundation, on the continued nearshoring opportunity for Mexico; what’s working, what isn’t, and why a roll-up of some of Mexico’s SME export industrial plays makes sense.

Before that, Eduardo and Damian discuss the big business news of the week. 

Grupo México takes control of Saavi Energía, partially cashing out BlackRock/GIP, a clear example of global capital rotating out while rich local players step up.

Mexico’s GDP contracted 0.8% in 1Q, its weakest start since 2020, while the U.S. grew around 2%. The divergence is striking: the U.S. is being supported by AI capex, while Mexico is held back by weak domestic consumption, investment, and autos.

Yet Mexico’s non-auto exports are quietly booming. Growth is coming from electronics, electrical equipment, and industrial inputs tied directly to the AI buildout. This is nearshoring  in action, though it is not yet translating into GDP growth perhaps given the large import component in electronics.

And in our quick takes, we look at Televisa preparing for Telco M&A, positive 1Q26 reports from FEMSA, Televisa, mixed results from BBVA Mexico, BanBajío, Walmex and others, plus Banorte’s bet on baseball.

Andrés Martínez, Co-Director of the Great Game Lab at Arizona State University, joins us to discuss the business significance of the first North American World Cup. Pedro Casas, CEO of AmCham Mexico, gives us the latest on USMCA talks following the USTR’s visit to Mexico. Before the interviews, Eduardo and Damian assess the state of Mexico’s economy and Q1 earnings so far, ballooning contraband around the World Cup, Fibra battles getting personal, Banamex’s new CEO, Flex’s AI infrastructure investment bet, and Atlas football club set to change hands.

We interview Adriana Rangel, Head of LatAm distribution at Vanguard, on one of Mexico’s biggest long-term weaknesses: why retirement savings remain so low despite gains in financial inclusion and average incomes. The answers include still low incomes relative to living costs, low female labor participation, high informality, poor financial education, and complexity and high cost of many existing financial products.

Eduardo and Damian first turn to the week’s key stories:

• Tomato prices surge: up as much as 100% YoY, pushing inflation higher, while tortilla prices also look set to rise.

• Fracking reconsidered: Sheinbaum shifts policy, but cheap US gas remains hard to compete with.

• Plata at a $5bn valuation: a major fintech milestone and a sign of renewed capital flows.

• GS Motos hits 10 million motorcycle units sold: a major success story now facing stronger Indian competition.

• Herdez’s ice cream JV with Froneri marks another step toward its leaner operating model.