80. UBS on Mexico Wealth Management, Pemex & Mercado Libre Results, SuKarne Sale & More’

We talk to Ricardo Pintado, Managing Director at UBS Wealth Management, about how Mexican entrepreneurs and wealthy families should approach investing, succession and the differences to creating wealth from preserving it.We discuss how a global private bank’s value proposition differs from that of a commercial bank, brokerage firm, independent adviser or family office. We also explore why there will always be room for trusted human advisers, even as AI transforms investment management and the broader financial sector.⸻In the rest of the episode:* Pemex’s stronger 2Q26 results: Revenue, production and refining improved, while financial debt declined. But questions remain.* Mercado Libre’s blow-out 2Q26 top-line results: The company reached $10bn quarterly sales, 50% above last year. Within that, Mexico again delivered exceptional growth, with revenue up 55% and fintech expanding by more than 70%, as the e-commerce giant continued to gain share. However, weaker operating margins weighed on the share price.* Possible SuKarne sale: The family-controlled Culiacan-based Mexican protein producer could be valued at more than US$2 billion, according to Reuters. We look at how SuKarne became a market leader by vertically integrating, selling each cut of meat around the world where it commands the highest value.* 1H26 Mexico-US trade: Mexico’s bilateral trade surplus with the US continues to widen, as AI infrastructure exports replace automobiles as the key export driver. But Taiwan’s and Vietnam’s exports to the US are expanding even faster than Mexico’s, and they reported even larger trade surpluses with the US than Mexico. On USMCA, we examine the strategic debate between accommodating US pressure and taking a more assertive position.* Avocado exports: Security concerns have again interrupted new shipments from Michoacán, highlighting how insecurity is acting as a break on growth.