February seems a long time ago when the head of the CCE, Francisco Cervantes, said very confidently - and backed by Slim - that the foreign investor was not concerned about these issues as long as he was making money. In the National Palace, it is becoming increasingly visible that investment is stagnant and that one of the reasons Mexico is not growing enough is the institutional issue. A task made especially complicated by the preponderant role of Slim in that sector and his political ties in the 4T. It must be said: the owner of América Móvil has become in the United States a synonym for the rent-seeking Latin American businessman. The judicial reform is also being sharply criticized and pointed to as a source of legal uncertainty. In the JP Morgan offices in Mexico, the attack on Slim does not come as a surprise, as the bank has been for months looking for a buyer for Telefónica's operation in Mexico. It is enough to observe that in the recent visits of major businessmen to the president, there are no postcards with big investment promises, only manual-style praise. The immediate response from the cabinet, as revealed by LPO, is to demand the expulsion of the head of the SAT, an ally of Andrés Manuel López Obrador. Meanwhile, back in March, Dimon was already recommending his top clients to bet more on Brazil than on Mexico. With an ambivalent relationship with the Donald Trump White House, the most decisive banker in the US seems to have more concordance with the Republican administration abroad than at the domestic level. A week ago, Dimon landed in Buenos Aires to play hard in favor of Javier Milei in the midterm elections, where the Argentine president came out politically strengthened. Now the scene of dispute is Mexico. An escalation that began last year when the winners of the Nobel Prize in Economics defined him as an entrepreneur who grew based on political affinities, continued at the beginning of the year when Elon Musk hinted on his X network that his fortune had spurious origins, and now has the most recent episode with Dimon. The note from US businessmen adds tension to a renegotiation of the USMCA that is anticipated to be complex, in which the judicial reform becomes a problem with specific weight for investment. It also questions the preponderance of Pemex and CFE in the energy sector, that of Aeroméxico in the aviation sector, and that of Carlos Slim in the telecommunications sector, as reported by Grupo Reforma. The political role of Jamie Dimon, head of JP Morgan, is growing in Latin America. This Friday, the banker spearheaded a letter from more than 200 CEOs, grouped in the Business Roundtable organization.
