logo
Chiquita lays off remaining day workers in Panama

Chiquita lays off remaining day workers in Panama

Reuters17-07-2025
PANAMA CITY, July 17 (Reuters) - Banana giant Chiquita will lay off a remaining 1,189 day workers in Panama, its unit in the Central American country said on Thursday, after it received authorization from the government and following mass layoffs over a strike at its banana farms.
The layoffs are effective Friday, it said.
Chiquita Panama had fired 5,000 workers in late May as Panamanians across the country protested against several issues including a social security reform they said would affect their future pensions. Its management left Panama by early June.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Walmart's Mexico CEO Caride steps down in surprise move
Walmart's Mexico CEO Caride steps down in surprise move

Reuters

time4 hours ago

  • Reuters

Walmart's Mexico CEO Caride steps down in surprise move

MEXICO CITY, Aug 1 (Reuters) - Walmart's Mexico and Central America chief executive, Ignacio Caride, will step down as CEO and from the board of directors after just over a year, the unit of the U.S. retailer said on Friday in a move that surprised analysts. Walmart's Chile CEO, Cristian Barrientos Pozo, will take over as interim chief executive until a recruitment process is completed, the company said in a statement. Barrientos Pozo, previously senior vice president of operations at Walmart de Mexico, brings more than 26 years of retail experience, including in expansion, store openings and digital transformation, the company said. The company, Mexico's largest retailer, operates Walmart, Sam's Club, and Bodega Aurrera stores across six countries. Known as Walmex, the company reported a 10% drop in net profit in its second-quarter results released in July, citing a slower-than-anticipated recovery in consumer spending despite an 8% increase in sales. Caride's resignation, while unexpected, could be a refreshing change, analysts said. JPMorgan analysts said that despite the "typical noise" around management changes, a refreshed leadership could be welcomed. "Investor concerns have been building around the retail execution weakening over the past year with poor results," the bank said in a note. Antonio Hernandez of Actinver research called the timing "unexpected but positive," especially given the company's declining margins in a competitive market. "We view favorably the company's fully hands-on approach to improve performance," he said. Santander analysts said that while the change could create short-term stock volatility, Barrientos' strong record and familiarity with the market "should help ease concerns during this transition period."

Fitch upgrades Pemex's credit rating to 'BB', citing stronger government support
Fitch upgrades Pemex's credit rating to 'BB', citing stronger government support

Reuters

time7 hours ago

  • Reuters

Fitch upgrades Pemex's credit rating to 'BB', citing stronger government support

MEXICO CITY, Aug 1 (Reuters) - Fitch Ratings upgraded Mexican state energy producer Petroleos Mexicanos' (Pemex) credit rating to 'BB' from 'B+' on Tuesday, removing its positive watch status and citing strengthened government support, the agency said in a statement. The upgrade to BB, while still below investment grade, reflects the government's efforts to try to stabilize Pemex, the world's most indebted energy company, beset for years by financial and operational challenges. This week, Mexico placed $12 billion in a debt offering in an effort to ease Pemex's short-term financial pressures and support debt refinancing. President Claudia Sheinbaum's administration has pledged to boost oil production while maintaining government backing for the state oil firm. Despite the financial infusion, Pemex still faces operational risks due to declining oil production, underinvestment, and environmental concerns. Pemex reported this week that its financial debt was $98.8 billion as of June 2025. The recent $12 billion debt offering covered $9.5 billion in debt obligations due in 2025 and 2026. Mexico's actions "signal stronger government oversight and improved decision-making," Fitch Ratings said, referencing this week's debt offering as well as debt ceiling adjustments that strengthened Pemex's linkage to the sovereign. Fitch said future upgrades for Pemex could be a result of additional government support, a sovereign rating increase for Mexico, or an "irrevocable guarantee from Mexico's government to sustainably cover more than 75% of Pemex's debt."

Walmart's Mexico CEO Ignacio Caride steps down
Walmart's Mexico CEO Ignacio Caride steps down

Reuters

time7 hours ago

  • Reuters

Walmart's Mexico CEO Ignacio Caride steps down

MEXICO CITY, Aug 1 (Reuters) - The chief executive officer of Walmart's Mexico and Central America unit, Ignacio Caride, is stepping down from his role and from the board of directors effective immediately, the company said in a statement on Friday. Walmart Chile Chief Executive Officer Cristian Barrientos Pozo will serve as interim CEO until a recruiting process is completed, the statement added. Barrientos Pozo, who previously served as senior vice president of operations for Walmart de Mexico, has extensive experience driving expansion, store openings, and digital transformation, the company said, adding that he brings more than 26 years of retail experience to his new interim role. The company, Mexico's largest retailer, operates Walmart, Sam's Club, and Bodega Aurrera stores across six countries. Known as Walmex, the company reported a 10% drop in net profit in its second-quarter results released in July, citing a slower-than-anticipated recovery in consumer spending despite an 8% increase in sales.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store