Mexican Senate Approves Tax Increase on Beer, Move Could Affect Brewery Profits

Mexican press sources reported that the country's Senate approved a tax increase on alcohol and tobacco products, a move that could affect local beer companies like Femsa and Grupo Modelo, producers of the DosEquis and Corona brands.

Grupo Modelo CEO Says Mexico Needs to Focus on Long-term Development

Carlos Fernandez, Chairman and CEO of Grupo Modelo S.A. (BMV:GMODELOA), the world's sixth largest beer company, producer of the popular Corona brand, told Mexican press sources that to better compete with countries like China, Mexico needs a long-term "concrete action plan" that would "allow for development and a higher quality of life."