New Board Member

Commercial Group Chedraui, the third-largest retail chain in Mexico, has joined José Antonio Meade, the former Secretary of the Treasury during the past federal administration and a former presidential candidate, on its board of directors.

The former federal official was included in the governing body of the retailer in replacement of María Novales Flamarique, in the extraordinary general assembly of December 10, according to the agreements reached in that assembly.

Prior to his appointment at Chedraui, Meade served on the boards of the industrial conglomerate Alfa and the British bank HSBC.

Free market It said it acquired Redelcom, a Chilean payment service provider, for an undisclosed amount.

The company said that Redelcom will join the Mercado Pago ecosystem. The company expects the acquisition to boost its operations in Chile in the payment methods sector.

President Uber Technologies executive said the firm is looking to sell stakes in what it sees as non-strategic investments in other firms, including its shares in China’s ridesharing Didi.

Dara Khosrowshahi said that many of the companies in which Uber has a stake have recently gone public and are still subject to a blackout period.

Although Khosrowshahi said that Uber would continue to have some stakes for strategic reasons, he was looking to sell many of them, including in Didi.

Khosrowshahi said the company was in no rush to sell the shares.

Uber’s stake in Didi generated a net loss of $ 2.4 billion in the third quarter, when the company’s operating business reached profitability on an adjusted earnings basis for the first time.

At framework of Bloomberg BIVA Mexico Day, organized by the Bolsa Institucional de Valores (BIVA) and Bloomberg, specialists spoke about the new trends of Near-Shoring and the ASG Movement.

“Near-Shoring: Investors’ Perspective on Business in North America”, a panel in which Lorenzo Berho, CEO of Vesta; Amy Glover, President and Founding Partner of Agile; David Jiménez, executive director of CPG at Softtek; and Ryan Berg, from the Center for Strategic and International Studies (CSIS), stressed that Mexico should take advantage as a neighboring country of the United States to increase its competitiveness, attract more investment and improve supply chains.

For this reason, the country must “be clear about where it wants to play and in which industries to open its way,” said Glover.

For his part, Sergio Méndez, CEO of Blackrock Mexico, said that the ASG should already be included in the investment portfolios because it is not only about climate action, but also about social justice and for this a regulation and a impact analysis.

Rotoplas, the Water solutions firm, celebrated its investor day (Agua Day), where it said it will evaluate suppliers under environmental, social and corporate (ASG) criteria. It also hopes to neutralize the use of coal by 2040.

The company estimated capital investments of 5% of sales in the 2021-2025 period.

Likewise, company executives said that Rotoplas registers good growth in the United States during 2021 and that they continue to see growth opportunities in that country.

On Tuesday We publish in the Economic Thermometer section that “Sports World will issue new shares on the Mexican Stock Exchange” and that the offer would be open to the general public. However, this is not the case.

The administration clarified that “in the shareholders’ meeting it was authorized to carry out an increase in the capital stock through the issuance of shares, in which the current shareholders will renounce the right of preference that corresponds to them in favor of the creditor of a part of the liability of the company”.

Therefore, “the creditor will carry out the subscription of the shares and will pay by capitalizing the existing liability in their favor.”

Roberto Cayetano Jiménez, Finance Director of Sports World, said that the price agreed with the creditor (8 pesos per unit) is “reasonable”, from the financial point of view, since “the current market price does not reflect the reality of the company ”.

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