56. GBM on Helping Mexicans Invest; Canada–Mexico Ties; New Film Tax Credits; Aeromexico’s Cash Generation; Kavak Raise

Pedro de Garay, co-CEO of GBM and founder of Siclo, describes the pivot from a broker and investment bank built for Mexico’s financial elite to a mass-market investing platform, scaled with SoftBank backing and designed for first-time investors. We look at what comes next as GBM tries to turn scale into higher profitability.Diplomat Shauna Hemingway joins from the Canadian delegation of business leaders visiting Mexico to discuss where Canadian companies are investing, how they are reading the USMCA review, and the frictions that still slow cross-border deals.Before the interviews, Eduardo and Damian cover Mexico’s new 30% film and TV production tax credit, including local supplier rules and minimum spend thresholds, and Netflix’s new Mexico City headquarters, another signal that it sees Mexico as a long-term production base.We analyse Aeroméxico’s impressive cash generation in 2025, and Kavak’s fresh funding and what it says about late-stage tech in Mexico. We then break down Walmex’s softer 4Q25 results, a reminder that the consumer is still under pressure and competition is tightening. And on the Caribbean coast, early sargassum arrivals near Cancún are back on the radar, with potential consequences for tourism as the season approaches.Try Whitepaper 30 days freeBuy your Whitepaper merch here