Valero Energy regains license to import fuels

Reuters

La Jornada Newspaper, Friday, April 25, 2025, p. 19

New York. Valero Energy Corp.'s license to import fuel into Mexico has been reinstated after being suspended in early April, the U.S. refining company's chief operating officer, Gary Simmons, said in a conference call on first-quarter results.

Tax authorities in Mexico, the largest buyer of U.S. fuel, suspended Valero's import license earlier this month as part of an intensified crackdown on illegal fuel flows into the country.

Valero was informed of the suspension on April 9 because Mexican customs had questions for the company stemming from an investigation the company was unaware of, Simmons said ( https://t.ly/eOT6a ).

The executive explained that Mexican authorities recognized that Valero was fully complying with its tax and import reporting obligations after the company reviewed its records and data with them.

The suspension caused significant supply disruptions to the refinery, Simmons said, but was part of the Mexican government's efforts to limit illegal fuel imports, which will have a positive impact on the company's business going forward, he added.

The government stepped up its efforts to combat illicit fuel trade, halting Texas diesel imports by road earlier this month to investigate import permits ( https://t.ly/u_8Ts ).

The increased controls came after authorities seized a ship and several fuel trucks in recent months containing cargo they deemed illegal imports.

Clara Zepeda

La Jornada Newspaper, Friday, April 25, 2025, p. 19

The value of construction companies' output in Mexico continued to decline in February for the eighth consecutive month, accumulating 10 declines in its annual measurement, reported the National Institute of Statistics and Geography (INEGI).

According to the Construction Company Indicators, the value of construction company production in the country fell 0.2 percent monthly in February, following the previous 4.1 percent drop in January.

Meanwhile, compared to February 2024, the value of construction companies' production contracted 16.8 percent, its tenth consecutive annual decline, with seasonally adjusted data to make the periods more comparable.

Since October 2023, the value of production has declined and only grew in May and June 2024, reflecting a deterioration in the sector.

INEGI estimated that, using original figures, the value of public sector construction production registered an annual decline of 43.02 percent, marking 10 months of contractions. Meanwhile, the value of private sector production grew 1.30 percent annually, advancing in the first two months of the year after four consecutive months of contractions.

Following the completion of the flagship projects of the previous six-year term and the change of administration, total employment in the construction industry fell 0.1 percent monthly in February.

Less staff

By type of employment, the company's dependent personnel decreased by 0.2 percent. Non-dependent personnel (those hired and employed under another company name and on fees or commissions without a fixed salary or wage) increased by 7.7 percent.

On an annual basis, in February 2025, the total number of employed personnel decreased by 9.1 percent.

In February 2025, average real wages paid grew 0.2 percent monthly. By component, wages paid to blue-collar workers increased 0.3 percent, and salaries paid to administrative, accounting, and management employees decreased 1.2 percent.

In its annual comparison, average real wages decreased by 1.3 percent last February.

▲ Service providers and retailers depend on imports to a greater or lesser extent. Everything comes from abroad, from China, Taiwan, and so on , said Ángel de Luna, who runs a family-owned store selling sewing machines and vacuum cleaners in California's San Fernando Valley, which has been hit hard by tariffs. Photo: AFP

Reuters

La Jornada Newspaper, Friday, April 25, 2025, p. 20

London. Companies across a range of sectors are raising prices, cutting forecasts, and warning that growing uncertainty over U.S. President Donald Trump's trade war is driving up costs, disrupting supply chains, and fueling concerns about the global economy.

Thursday's earnings reports made it clear that corporations around the world hit a wall in the first quarter, as executives navigated the Trump administration's ever-changing policies on trade.

Forecasts cut

Comments from the largest packaged food companies also illustrated concerns among businesses and investors that Trump's tariffs and attacks on Federal Reserve Chairman Jerome Powell will undermine public confidence.

Some political and economic decisions have significantly undermined already weak consumer confidence , Nestlé Chief Executive Laurent Freixe said in a conference call.

Unilever, the Dove soap maker, also reported results, describing the deterioration of consumer confidence in the markets.

Although most tariffs have been suspended for 90 days, until July 8, a universal 10 percent tariff and customs duties on aluminum, steel, and automobiles remain in place, as well as the striking levies on goods imported from China, to which Beijing has responded.

The Donald Trump administration is considering reducing tariffs on imported Chinese products, pending talks between representatives of both countries.

As the first-quarter earnings season entered its busy second week, companies were counting the costs of the chaos and assessing how they plan to limit the fallout.

Procter & Gamble, the soft drink and snack giant PepsiCo, and medical equipment maker Thermo Fisher Scientific are the latest to cut their annual profit forecasts due to trade tensions.

American Airlines has withdrawn its financial guidance for 2025, as its competitors had done.

Thermo Fisher also warned of the impact of proposed cuts to academic research funding.

Hyundai has launched a task force to manage its response to the tariffs and shifted production of some Tucson crossover vehicles from Mexico to the United States. We expect the challenging business outlook to continue due to intensifying trade wars and other unpredictable macroeconomic factors , he said.