Latest news with #AidaPelaez-Fernandez
The Herald Scotland
20 hours ago
- Climate
- The Herald Scotland
Hurricane Erick expected to bring life threatening flooding landslides
A hurricane warning was in effect between the tourist enclaves of Acapulco and Puerto Angel. Scientists have warned that Erick could become the most intense hurricane along Mexico's Pacific coast this early in the season. Up to 16 inches of rain is expected to hit the states of Oaxaca and Guerrero, according to the hurricane center. Threats to residents "Heavy rainfall will lead to life-threatening flooding and mudslides, especially in areas of steep terrain," NHC warned, as local authorities asked residents to remain vigilant. Mexico's national water commission, Conagua, gave a similar warning, adding that waves in coastal areas were reaching up to 33 feet high. Oaxaca Governor Salomon Jara, in a post on X, urged residents to follow authorities' recommendations and said shelters were available for those in areas at risk. Mexican authorities have also been coordinating evacuation efforts for tourists in beach destinations, including Acapulco. (Reporting by Aida Pelaez-Fernandez and Anmol Choubey in Bengaluru; Editing by Himani Sarkar; Editing by Toby Chopra and Bernadette Baum)
USA Today
a day ago
- Climate
- USA Today
Hurricane Erick makes landfall in Mexico as powerful Category 3 storm with 125 mph winds
Hurricane Erick makes landfall in Mexico as powerful Category 3 storm with 125 mph winds Show Caption Hide Caption Erick reaches hurricane status south of Mexico A meteorologist tracks the winds and warm water in the tropics that indicate hurricane development. MEXICO CITY – Hurricane Erick made landfall along Mexico's southern Pacific coast as a Category 3 storm with maximum sustained winds near 125 mph, authorities said. The storm had strengthened to a Category 4 early on the morning of June 19, but weakened ahead of landfall, though it was still expected to bring intense rain and cause potentially life-threatening landslides. A hurricane warning was in effect between the tourist enclaves of Acapulco and Puerto Angel. Scientists have warned that Erick could become the most intense hurricane along Mexico's Pacific coast this early in the season. Up to 16 inches of rain is expected to hit the states of Oaxaca and Guerrero, according to the hurricane center. Threats to residents 'Heavy rainfall will lead to life-threatening flooding and mudslides, especially in areas of steep terrain,' NHC warned, as local authorities asked residents to remain vigilant. Mexico's national water commission, Conagua, gave a similar warning, adding that waves in coastal areas were reaching up to 33 feet high. Oaxaca Governor Salomon Jara, in a post on X, urged residents to follow authorities' recommendations and said shelters were available for those in areas at risk. Mexican authorities have also been coordinating evacuation efforts for tourists in beach destinations, including Acapulco. (Reporting by Aida Pelaez-Fernandez and Anmol Choubey in Bengaluru; Editing by Himani Sarkar; Editing by Toby Chopra and Bernadette Baum)
Yahoo
01-03-2025
- Business
- Yahoo
Jose Cuervo tequila maker warns of potential Trump tariffs hit, shares fall
By Aida Pelaez-Fernandez MEXICO CITY (Reuters) - Mexico's Becle, the maker of Jose Cuervo tequila, warned on Thursday that it could face an $80 million impact this year if U.S. President Donald Trump goes through with his threat of imposing tariffs next month on Mexican products. Becle, the world's largest tequila producer, reported late on Wednesday a 21% net profit decrease in the fourth quarter, and said that changes in U.S. trade policy could adversely affect the company. "We estimate the impact of these tariffs to be approximately $80 million in 2025," Becle Chief Financial Officer Rodrigo de la Maza said during a conference call with analysts. Trump said his proposed 25% tariffs on Mexican and Canadian goods will go into effect on March 4 as scheduled because he said drugs are still pouring into the U.S. from those countries. Despite the potential hit if tariffs are imposed, Becle "would be in a favorable position as we have proactively increased inventories in the U.S.," de la Maza said. Mexican tequila makers expressed their concerns earlier this month, telling Reuters that a 25% blanket tariff could threaten their businesses. Excluding any potential impact from tariffs, Becle expects its capital expenditures in 2025 to be between $110 million and $130 million, while net sales are expected to grow mid-single digits, de la Maza said. "While we expect gross margins to be enhanced in 2025, we will maintain a cautious approach as we navigate through uncertainties," he added. Becle's shares were down 5.6% - one of the biggest losers on Mexico's main stock index - wiping out 4.0 billion pesos ($195.63 million) from its market value. ($1 = 20.4932 Mexican pesos)
Yahoo
15-02-2025
- Business
- Yahoo
Walmart's Mexico unit profit edges up, slightly below forecasts
By Aida Pelaez-Fernandez and Sarah Morland MEXICO CITY (Reuters) - Walmart's Mexico and Central America unit reported a 1.4% bump in its fourth-quarter net profit on Thursday, coming in at 15.2 billion Mexican pesos ($729 million), slightly below analysts' forecasts as its general expenses jumped some 15%. Analysts polled by LSEG had forecast profits for the retail chain, known as Walmex, at some 16.55 billion pesos. Net sales for the quarter were up 8.3% from the previous year to reach 272.88 billion pesos, from revenues that landed in line with analysts forecasts. Core earnings, or earnings before interest, taxes, depreciation and amortization (EBITDA), for the quarter rose 2.5% to 27.38 billion pesos, slightly below an LSEG estimate of 28.97 billion pesos. During the last three months of 2024, the company added 91 stores in Mexico and 13 in Central America, mostly discount Bodega Aurrera stores and six Walmart Supercenters. Same-store sales increased 4.3% in Mexico and 3.1% in Central America during the quarter, while its gross merchandise value in e-commerce in Mexico grew 20%. The company noted in a conference call that it had expanded its offering of licensed brand products in its Supercenters, including Mickey Mouse, Harry Potter and Hello Kitty, with "great success." Walmex also said it had in January challenged a 93.4 million peso fine it was ordered to pay in December, when Mexico's Cofece antitrust watchdog accused it of engaging in a monopolistic practice related to its suppliers. "Until is resolved, Walmex's subsidiary will continue to work collaboratively with its suppliers to ensure business continuity, in compliance with Cofece's ruling," Walmex said in the earnings statement. Cofece said in December it could also fine Walmex up to 8% of its income if it does not comply with its resolution prohibiting it from engaging in certain conduct deemed illegal. In the conference call, the company also announced an 8.8 billion peso share buyback this year, as it looks to return value to its stockholders, and said that it was working on and reviewing efficiencies across its entire structure. "I feel good about the business overall," the unit's CEO Ignacio Caride said in the call. "As we move into 2025 we remain optimistic. We are aware of the challenges that lie ahead but we are confident in our ability to navigate through them." ($1 = 20.8829 Mexican pesos at end-December) (This story has been refiled to fix the spelling of 'billion' in paragraph 11) Sign in to access your portfolio
