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Maricarmen Abascal has died. She was the evicted Spanish 80-year-old who was at the heart of Spain’s housing protests.
The tenants' union in Madrid announced on Wednesday that Maricarmen Abacal, the 87-year old woman whose eviction had sparked protests over housing conditions in Spain, was dead. Abascal’s?eviction has sparked protests in Spain over the last couple of weeks. This included activists camping out on one of Madrid’s main squares and calls for action to tackle a growing housing crisis. These protests, along with the rejection by parliament of last week's decrees intended to?limit evictions?and limit rent pressures?, led Prime Minister Pedro Sanchez?to call for an early election on?November 29, Sanchez wants to change the narrative of the political debate from the handling of the migrant crisis by his government in Spain's North African Enclave Ceuta, and the corruption cases involving the Socialist Party of Spain and his family. He is now focusing on the housing crisis. Angel Victor Torres is Spain's Minister of Territorial Policy. He lamented this news. He said that Maricarmen was a symbol for what many families were going through, both elderly and young, who struggled to get their own home or stay there.
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US ends review of data privacy for US Airlines without Penalties
According to a memo seen on Monday, the US 'Transportation Department' has concluded a review conducted during Biden's tenure of?airlines? data privacy practices without imposing any penalties. This is despite complaints from lawmakers that carriers had failed to safeguard or misuse information. USDOT did not comment on Monday but in a memo dated 4 September, it said that they had evaluated the privacy of data for the 10 largest airlines and found "no violation" of the applicable laws or policies. In?March 2024, the then-Transportation Secretary Pete Buttigieg opened a review on how US Airlines collect and use passengers' information. Senator Ron 'Wyden has urged USDOT addressing privacy concerns. "DOT claims that merely having a policy and training on privacy is enough, despite evidence of privacy violations." Wyden and Shontel brown said in August that the Drug Enforcement Administration was paying airline employees Millions of dollars were spent to get some data on 'Americans. They alleged that a database owned jointly by major US airlines sold passenger records without warrants and court oversight to government agencies such as the IRS. In a memo, the department said that US airlines shouldn't set pricing based on personal data. It reminded airlines that they have a responsibility to "protect?passenger?data, adhere?to published privacy policies and prevent unlawful discrimination when it comes to dynamic pricing practices." Sean Duffy, Transportation Secretary, said last year that he would investigate any personalized pricing. Delta Air Lines denied using AI to set individual prices.
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Manishi Raymondchaudhuri: The thaw in the Sino-Indian relationship will be a major test for economic growth
India wants to move out of China's shadow and improve diplomatic relations. But the more it pushes the more its dependency on China, its wealthier neighbor, becomes apparent. Xi Jinping, the Chinese president, and Indian prime minister Narendra Modi met in New Delhi in December. It was Xi's very first trip to India in seven years. Both leaders agreed to repair the damage caused by the deadly hand-to -hand clashes that occurred in 2020 along their shared, but poorly defined Himalayan border. Since the two Asian giants agreed last year to end their military standoff, there are other signs of warming relations. Since the COVID-19 epidemic in 2020, direct flights between Indian cities and Chinese 'cities' have been resumed. Visa services in China are also expanding. These measures are only a first step. Handshakes and plane rides will not solve the problem of long-standing trade dependency and strategic distrust. The economic relationship between the two Asian giants remains profoundly asymmetric. According to the World Bank, China's share in global manufacturing value added was 28% by 2025. This is far greater than India's 3%. India's export situation is also lopsided. China's 16.3% of global merchandise exports by 2025 will be a massively greater share than India's 1.7%. India will import goods from China worth $116 billion dollars more than it exports in 2025. In August of this year, India's deficit was already at $91 billion. It was on course to surpass the record set last year. CAPTIVE SUPPLY CHAINS It's not just that India imports from China more. Many of these imports are essential to Indian industry. The three largest import categories are electrical and electronic equipment (EEE), machinery and chemicals. These goods are used as intermediates by Indian manufacturers. India imports more from China the more it exports. The dilemma is illustrated by smartphones and generic drugs. India has made great progress in expanding pharmaceutical production and assembling electronic devices, but many of the inputs and components needed by both sectors are still sourced from China. This dependence has broad strategic implications. Beijing's introduction of export licensing requirements for seven heavy rare Earths in April 2025, exposed India's automotive manufacturing and defense sectors to vulnerabilities. India's manufacturing problems are not all due to foreign competition. According to the latest Economic Survey, India's R&D spending in 2024 was just 0.64%, which is significantly lower than its?Asian counterparts, partly due to private sector underinvestment. The problem is compounded by the shortage of skilled workers. Foxconn's decision to withdraw Chinese staff from their Indian iPhone factories by 2025 showed how advanced manufacturing is dependent on foreign expertise. INDIA'S FIXES New Delhi is trying to correct the imbalance. India has recently eased restrictions on Chinese foreign direct investments (FDI), allowing them to own up to 10% of Indian companies. The government announced simultaneously that it would expedite the clearance of investment proposals within 60 days in five high-tech areas, provided they were structured as joint ventures and had majority Indian ownership. India's exports to China increased by 40% from April to August. The increase in exports is largely due to industrial machinery, automotive components and printed circuit boards as well as smartphones and other electronic products. The export boom should not be misinterpreted as a fundamental change in the relationship. India's electronic growth is still heavily dependent on Chinese imports. Smartphone manufacturing, India's largest export success story, is still only 18-20% local. The AI boom in Northeast Asia is generating positive spillovers to the subcontinent. Indian firms are picking up sub-components from Chinese tech giants who are facing a surge in hardware demand. This dynamic, however, reinforces the importance of Chinese supply chains. TRUST DEFICIT IS PERSISENT In order for China-bound FDI to reach India and for technology transfer to take place, it is important to answer the question: What does India have to offer? China is not taking up the bait. The obvious answer to this question is 'access to a large, young market with a low-cost labor pool'. Also, New Delhi has various incentives for industrial growth, including tax breaks, payouts linked to production, and capital subsidies. China's pressure to its leading companies, which includes EVs, batteries and solar energy equipment as well as electronic equipment, shows how Beijing protects its most sophisticated capabilities. The 3,800 km (2,400 miles) of disputed border in Himalayas continue to cast a cloud over the relationship. The two countries have agreed to a gradual, multi-year stabilisation plan. Diplomats met in Beijing last August and pledged a "fair settlement that is reasonable for both parties". However, there does not appear to be a resolution imminent. Both governments seem willing to expand economic cooperation for the time being. India's challenge does not just lie in reducing its imports from China. The challenge for India is to use a renewed engagement with China to develop its own domestic capabilities. The relationship between Asia's largest economies until then will be a one-sided affair. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Alaska LNG savings justify billions of investment, developer claims
Alaska LNG's developer claimed that the project would be competitive with US Gulf Coast competitors because it will have access to stranded natural gas and shorter shipping routes into Asia. This is despite some analysts' concerns about the massive infrastructure costs of 'the project. Tim Fitzpatrick said in an email sent to the project developer Glenfarne on Sunday that the cost to ship gas from Alaska's North Slope to Asia would be at least 60% cheaper than the Gulf Coast. The project would transport gas from Alaska's north slope through an 800-mile pipeline, to a plant that exports liquefied gas in southern Alaska. The question is whether the lower shipping costs are worth the billions needed to build infrastructure. The estimated cost for the project is $44,5 billion to $54,5 billion. This translates into?roughly $2 billion to $2.7 million per million tons of LNG capacity (MTPA). This is significantly more than other Gulf Coast projects that have recently been approved. The developer Glenfarne claims that this comparison is inaccurate because it does not include the costs of the pipelines and treatment infrastructure required to bring the North Slope gas stranded to the market. Fitzpatrick stated that the delivery costs for the?Alaska Liquefied Natural Gas project are about $1.4 billion each MTPA. Since the Russian invasion of Ukraine, US LNG projects have been approved at an average price of $1 billion or less per mtpa. Glenfarne says that the project's competitiveness is best measured in terms of delivered LNG costs, rather than upfront expenditure. Fitzpatrick stated that the company has so far identified customers for 13 millions tons of LNG per year and needs 16,000,000 tons per annum to support project finance. Trump said on Friday that South Korea would help finance the LNG project in Alaska as part of an investment package worth $200 billion for US projects. Seoul, however, quickly indicated that the role of South Korea in the Alaska LNG project was not yet determined.
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US FAA: Boeing 737 MAX software bug poses no safety concern
Federal Aviation Administration'said Friday that a panel of experts determined that a'software glitch in certain Boeing 737 MAX Flight Computers pose no safety concerns, clearing the?way for approval of a broader version?of a bestselling narrow body jet. This decision will remove a long-delayed obstacle to the certification of the MAX 10 – the largest variant in the 737 MAX Family – which had been delayed by years. This should ease the concerns of airlines who fly the MAX 7 which also uses the same software and was certified by FAA in august. The FAA stated that the decision by the Corrective action Review Board?that?met in Seattle on?Friday was based on "pilots retaining full control of?aircraft, and the indications given to the flight crew were clear and unambiguous." The FAA announced earlier this week that it would delay?certification for the MAX 10 until an analysis was completed of the software problem, which could prevent pilots?from?accessing automated guidance during a landing scenario. Aviation officials believe that the MAX 10 could now be certified by the end of this month. Southwest Airlines could have also been affected by the issue, as the MAX 7 aircraft that was just certified uses the same software. The MAX 10 was also ordered by Alaska Airlines, United Airlines, and other large airlines. Jefferies stated in a research report that the MAX '10 can be certified by the end of this year. Boeing has estimated nearly 1,500 MAX 10s are on order. The FAA stated that one software version could increase pilot workload when a pilot "aborts" a landing, then applies power and climbs for another 'landing attempt. A FAA official stated that Boeing would issue a bulletin on how to recognize the situation and what to do in it. The FAA will then issue a Special Information Bulletin about Airworthiness to US airlines and foreign regulators so they are aware of Boeing’s bulletin. While the analysis was in progress, major US airlines chose not to use this version of the software.
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Zimbabwean businessman Chivayo who was close to the ruling elite killed in helicopter crash
Wicknell 'Chivayo', his wife, and other victims were killed in a helicopter crash on Wednesday, according to Emmerson Mnangagwa. Mnangagwa said in a statement to X on Thursday he is "in deep grief and shock", and Kenyan President William Ruto, who posted a different post on the same day, called Chivayo a friend and expressed his sadness at his death. Chivayo, who has cultivated close relationships with Mnangagwa, and other African leaders by posting pictures on social media, also displayed luxury vehicles, designer clothes and lavish gifts. Zimbabwe's The Herald reported that investigations?into this crash are currently underway and a statement detailing the findings will be made in due course. The police did not comment on the cause of the accident, but Paul Nyathi, the spokesperson for the authorities said that DNA tests were being conducted because the bodies had been severely damaged. Chivayo was often cited by critics as an example for a small, elite class who benefited from contracts with the government under Zimbabwe's ZANUPF party. He denied accusations of corruption. Chivayo spent several years in prison after being convicted of money laundering in 2005. He was arrested for?the alleged misuse of a $5.6million advance payment linked to a solar energy project in 2018. But a magistrate struck off the 'case in 2023 citing delays by the prosecutors. Mnangagwa again attracted scrutiny in 2024 after describing his company as Starlink’s exclusive partner in Zimbabwe. This prompted the telecommunications regulator, to clarify that it was only one of many approved resellers.
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Israel's Netanyahu: Flydubai co-pilot underwent radical Islamist endoctrination
Israel's Prime Minister said that the co-pilot who attempted to crash a plane by stabbing the captain had been radicalized and clearly suicidal. The flydubai flight FZ1073, which flew from Dubai to Tel Aviv on Wednesday, was spared disaster after the injured captain managed to open the cockpit door and allow passengers to subdue their attacker. The plane with more than 170 passengers on board was landed at Tabuk Airport in Saudi Arabia by a reserve crew. We know that he was radicalized by islamists. In an interview with Fox News, Israeli Prime Minister Benjamin Netanyahu stated that this appears to be what we gather from his personal data. According to two Israeli security officials, Israel's initial assessment is that the copilot, who Israel identified as an Omani, likely acted alone. However, the investigation is still ongoing. Flightradar24, a flight tracking website, reports that the plane plunged more than 14,000 feet during the incident while it was flying from the United Arab Emirates towards Israel. Netanyahu said, "It was obvious that the copilot was suicidal." Netanyahu stated that it appeared likely that the man was planning to bring down the aircraft. He said that "the Islamist traits, the radicalization found in his past, is a pretty good clue." But again, I haven't made any final conclusions. "But that's what we know now," he said. The United Arab Emirates have begun investigations to determine the circumstances and motives, and to determine "whether or not the incident was linked to terrorist activities or purposes or involved any prior planning or directions", according to the UAE's state news agency. ATTACKER IDENTIFIED AN OMANI NATIONAL Yossi Shelley told the Israeli envoy in the UAE that it was still too early to make any conclusions and that no motive had yet been established. A second Israeli official stated that Israel did not receive all of the information requested from Saudi Arabia and that Israeli intelligence services Mossad, and Shin Bet were also investigating the incident. Saudi Arabia's media office has not responded to requests for comment immediately, nor have they made any statements about their investigations. Netanyahu identified the attacker's nationality as Omani. Omani authorities are yet to comment. We have restrictions that state that you cannot have pilots who are from countries without diplomatic relations with Israel. Netanyahu said that it was clear that he had been able to do so. In an interview with Fox News Netanyahu stated that the attacker is being investigated in Saudi Arabia, and that he believes he will be sent to the UAE. When asked if there were any signs of Iranian involvement in the conflict, Netanyahu replied that it was still too early to tell. Israel has not made any official statements about Iranian involvement. Two Israeli security officials claimed that Israel has not yet identified any Iranian involvement. Israel Defence Minister Israel Katz stated on Wednesday that Israel’s preliminary information indicated the co-pilot intended to crash the aircraft, describing him?as a terrorist. Netanyahu, however, only described it as "a serious incident". The permanent Iranian mission at Geneva has not responded to the request for comment. SECURITY FEARS AHEAD OF ISRAELI ELSTION Israel's security was a major issue in the campaigning for the first elections since the Hamas attacks of October 7, 2023. In February, the US and Israel launched attacks against Iran, in a conflict which quickly spread to the Gulf of Aden and Lebanon where Israel is fighting Iran-backed militant Hezbollah. Both Netanyahu and Indian PM Narendra Modi have described the captain of flight FZ1073, an Indian, Smit Machchhar, as a hero. The Indian Embassy in the UAE reported on X that the pilot was doing well. Israel also praised passengers who subdued the attacker. Yaniv Haun, one of those who incapacitated an attacker, described running to the cockpit when the plane nosedived. "We pulled out the assailant, I pulled out. "We took control after I got him out. I lifted the yoke, steering control, and straightened out the plane a little," he told reporters on his return to Israel.
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Canada fast tracks oil pipeline to diversify economy and divert away from US
Canada will speed up the approval process of a new proposed crude oil export pipeline that would run along its west coast. The project could generate over C$20 billion in GDP annually, according to Prime Minister Mark 'Carney. The pipeline announced in July is an important part of Carney’s plan to diversify the US economy and lessen the impact of President Donald Trump’s tariffs. Carney stated that Ottawa will officially list the Pacific Link Pipeline as a?project of national interest', allowing it to proceed through a single regulatory review process at the federal level. Ottawa, he said, aimed to finish the process by September 1, 2020. He told reporters at Fort McMurray in Alberta, the hub of the oil sands sector, that a pipeline to the West Coast was part of his mission to transform the economy and double non-U.S. imports within the next decade. Ottawa claims that the 1 million barrels a day project will create 140.000 jobs, generate more than C$20 billion per year in GDP and C$100 Billion in government revenues by 2060. Canada currently has just one east-west oil export pipeline in Canada, the 890,000-barrel-per-day Trans Mountain pipeline. The pipeline expansion was completed in 2024. However, it is already operating at full capacity. Since years, Canada exports more than 90% its crude oil to the United States through pipelines. A new oil export pipe could make Canada the world's largest energy supplier, as Asia’s top importing countries look for oil outside of the Middle East following the Iran conflict. Trans Mountain Corp, a government-owned company, will build the pipeline in conjunction with Pembina Pipeline Corp. Alberta estimates that it will cost between C$35,2 billion and C$43.7billion. The federal government will own the majority of the shares, followed by the government of Alberta. The federal government and the government?of Alberta will own a majority of the shares. Environmentalists and Indigenous groups have opposed previous oil pipeline projects across Canada. This has led to the cancellation of certain projects, and cost overruns or construction delays in others.
The paper trail that links a US fuel dealer to a Mexican cartel
According to Mexican sources who have direct knowledge of this matter, and four Mexican government documents, Ikon Midstream is being investigated in Mexico for fuel smuggling.
Documents and sources indicate that the probe is part and parcel of ongoing investigations on maritime shipments from the U.S. to Canada of petroleum products in an alleged scheme of evading a large tax due for these imports.
Ikon Midstream was allegedly one of the "central pieces," in a alleged scheme that involved one of Mexico's largest crime groups, Jalisco New Generation Cartel, or CJNG. According to a document, Mexico's Attorney General's Office?opened an investigation against the company based on "testimonies, documents, and surveillance."
The Attorney General's Office of Mexico did not respond to any requests for comments.
According to security sources and the document, the Texas trader’s export of Diesel aboard the tanker Torm Agnes, is being examined for possible cartel connections, as well as Ikon Midstream’s purported relationship with an alleged CJNG related trucking company who helped offload cargo from the vessel in the ports Ensenada, and Guaymas.
According to the U.S. Government, smuggled fuels and stolen crude oils are now the second largest source of revenue behind narcotics for Mexico's cartels.
Two documents described the alleged racket and its players. Ikon Midstream, for example, was accused of being a supplier in Mexico of petroleum products, which were allegedly moved through an intricate web of importers and distributors, as well as transporters and facilitators. The summaries for the other two documents were included. The security sources confirmed that the four documents were produced in March and April.
Rhett Knagy, Ikon Midstream's Executive Director, responded in an email on May 12 that "not one shred of evidence" could be found to support the allegations. The company would not respond to hearsay accusations.
Homeland Security Investigations (HSI), the U.S. Department of Homeland Security's primary transnational investigation agency, executed a criminal warrant at Ikon Midstream Houston offices on 14 April, a DHS spokeswoman said in a statement released April 17. The statement stated that the search warrant was part of an ongoing criminal investigation. DHS didn't elaborate and did not say if it was working with Mexican authorities.
Ikon Midstream repeatedly denies wrongdoing. Ikon Midstream, in a statement dated April 24, said that it has never provided and does not provide material support or resources for CJNG.
Mexican authorities announced that at least 16 arrests have been made since September, in relation to fuel smuggling. Officials have claimed to have uncovered "a criminal structure" behind alleged illicit activities, but have not publicly identified the detainees.
In an October report, detailed how diesel exported by Ikon Midstream on the tanker Torm Agnes found its way to Intanza, the Mexican company authorities suspect of being a front for CJNG. Intanza does not have a listed phone number, a website, a social media presence, or a physical address that authorities could locate.
This story detailed how Mexican cartels make billions each year by smuggling fuel - mainly from the U.S. - to Mexico. It's a huge tax dodge. Diesel, gasoline, and naphtha, are declared as lubricants in trade documents to avoid a high import duty charged by Mexico on these imported fuels.
According to the U.S. Government, smuggled fuels and stolen crude oils have become Mexico's cartels' second largest source of revenue behind narcotics. The government has intensified efforts to crackdown on this illicit trade. In February 2025, the Trump administration designated CJNG a terrorist organization.
Trade experts, tax officials and law enforcement officials have reported that the paperwork used for import-export transactions is often incomplete, or even faked, by smugglers. They use front companies and established players in the oil industry to help facilitate these deals, with some colluding and others unknowingly, while others are acting without their knowledge.
Ikon Midstream filed a defamation suit on November 14, in a Texas district court, claiming that the news agency had made "categorically untrue" statements in the article from October about its business. The news agency stands by its reporting, and it is fighting the lawsuit.
Ikon Midstream has said that it did not do business with Intanza. Ikon Midstream released internal documents after the publication of the 'October report. These showed that the Torm Agnes cargo, along with three other 2025 shipments containing diesel and naphtha on the tanker TormLouise?were sold by Ikon Midstream to a Mexican client named Azteca Cone.
Azteca Cone is also under investigation, along with Intanza, for suspected fuel smuggling, and possible links to CJNG. This is according to three Mexican security sources, and two government security documents.
Azteca Cone is a mystery in the fuel business. Azteca Cone, like Intanza has no phone number, web address or physical location.
Ikon Midstream's internal documents, which it shared with us, also showed that Ikon Midstream had incorrectly classified the cargo in at least four of its shipments to the United States last year. Ikon Midstream had some of its own documents that described the cargo as being lubricants. This contradicted statements made last year by both the Texas company's attorney and the commercial manager for the tankers who said the vessels were carrying diesel and naphtha. It is important to make this distinction because fuels imported from Mexico are taxed heavily.
According to law enforcement officials, smuggling can be difficult to detect when mislabeled records are matched with what is declared by the recipient country. For example, both parties declare cargo as lubricants, but the product in question is actually diesel.
Ikon Midstream, in its statement of April 24, acknowledged that it made mistakes in its export filings. This was a reversal from earlier statements by the company claiming that it used the correct product code in its declarations to U.S. Customs. The company's updated statement characterized the repeated inaccuracies of its paperwork as "clerical mistakes" and stated that there was "no intention to avoid duty."
The story was not commented on by the oil shipping giant Torm. It is responsible for managing the tankers Torm Agnes, and Torm Louise. Torm, a Danish company, said last year it ended its business with Ikon Midstream based on "what has been revealed." However, the company did not provide any further details.
Four sources familiar with this deal have confirmed that Imperial Oil is the Canadian oil company which owns the majority of Exxon Mobil.
Documents shared by Ikon Midstream show that Exxon was also listed on the inspection reports for three Torm Louise shipments. This indicates that the oil giant provided the fuel to Ikon Midstream. On inspection certificates, the parties listed are usually the buyer and seller as well as terminal operators.
Exxon has not responded to numerous requests for comments. A person with knowledge of the matter stated that Exxon cut ties with Ikon Midstream by mid-2025.
Ikon Midstream purchased 120,000 barrels last year, which were loaded on the Torm Agnes tanker in Canada and transported to Mexico. Intanza received it. Port records show that the cargo was declared twice to Mexican customs, first at the Port of Ensenada where a portion of it was loaded into fuel trucks and then in the Port of Guaymas where the remainder was discharged in the same manner.
This misclassification enabled Intanza avoid paying around $7 million of tax on diesel. The tax was calculated based on volume and tax rate.
Mexican security sources said that Mefra Fletes, a trucking firm in Mexico, helped remove the Torm Agnes Diesel from both ports. According to four documents from the government, the company was also identified as a central piece in the alleged fuel-smuggling plot.
According to two security documents and three Mexican sources of security, Mefra Fletes has worked closely with Ikon Midstream in the past, transferring petroleum products from tanker to truck at several Mexican ports. In August, a reporter stopped at the Houston offices of Ikon Midstream and was turned away by an employee who claimed to be from Ikon Midstream. He had previously worked for Mefra Fletes. The man refused to reveal his full name.
Five owners or representatives of Mefra Fletes were named in a fifth, undated, Mexican government security document. The document was partially viewed. It also alleged that the five had ties to CJNG. It was not possible to determine if any of these people had been charged or to reach Mefra FLetes. The company does not have a presence on social media, nor a listed phone number or an address.
Ikon Midstream has not answered any questions regarding its purported relationship to Mefra Flates.
The FUEL TRADER'S VANISHING Clients
Ikon Midstream, in its lawsuit against a Mexican company, claimed to be an exporter and that it is solely responsible for the declarations made at Mexican customs.
Eight legal experts were consulted to determine what U.S. exporters should do to ensure that their customers are not sanctioned and are not connected to sanctioned parties. Ephraim Wernick is a Vinson & Elkins partner and former U.S. Department of Justice prosecution who specializes in foreign corruption and anti-money laundering cases. He says that such vigilance will be critical once CJNG, five other Mexican cartels, and the United States list of designated terrorist organizations are updated in February 2025. He said that U.S. prosecutors have greater leeway in pursuing parties suspected of giving cartels material support.
Wernick said, "You can't bury your head in the ground." He noted that he was unfamiliar with Ikon Midstream and its transactions in Mexico.
Ikon Midstream, in a statement dated April 24, said that it screens customers with a "risk based due diligence program." The company said that it has never transacted with an entity on the U.S. sanction list and that no counterparty had displayed "payment behaviour inconsistent with that of a legitimate wholesale purchaser."
Azteca Cone's physical address and even the most basic of information was not available.
Two journalists visited an industrial area on the outskirts Monterrey, in northern Mexico, in November using an Azteca Cone address listed on four invoices for 2025 provided by Ikon. This location was the home of a metalworking firm called C.W. Tech. C.W. Tech has been located at this address for three years.
C.W. Tech has not responded to any requests for comments. No indications exist that the company is involved in this alleged fuel smuggling scam.
According to an analysis of permits issued since 2021 or 2022, Azteca Cone and Intanza have never held the permits required by Mexico’s Energy Ministry for the importation of diesel or naphtha to Mexico. Two Mexican attorneys who specialize in energy and tax issues said that importers without these permits could face heavy fines or even prison time.
The Energy Ministry has not responded to any requests for comments.
Ikon Midstream stated that it was not responsible for verifying Azteca Cone's physical presence, nor did it have any obligation under U.S. law or Mexican law, to verify if its Mexican client held these permits. This statement, dated April 1, said.
Azteca Cone, as well as Intanza, have also had an important government approval revoked. In order to import any goods into Mexico, each company must be registered with the SAT (the nation's tax authority). According to the official list of suspended firms, Intanza as well as Azteca Cone, were both suspended from SAT's importers' registry on March 31, 2025. These suspensions were made less than one month after Torm AGNES arrived at the Mexican port of Ensenada in March 2025.
According to the list of suspensions, Intanza? and Azteca Cone lost their import authorizations due to their connection with another party who had been banned from importing. The document didn't name the third-party or explain why they were suspended.
The Mexican tax authority has not responded to any requests for comments.
Ikon Midstream stated in a statement dated April 1, that "it cannot be held responsible for any regulatory actions taken after the fact against a client."
Altana, a trade analytics firm in Mexico, reported that in addition to Azteca Cone, Intanza and other Mexican companies, thirteen others declared doing business with Ikon Midstream from October 11, 2019 to May 4, 2025. They imported products such as lubricants, fuel trucks, but no diesel, gasoline, or naphtha. Mexico's tax agency also suspended ten of these companies from the import registry - seven in 2025, according to its list of suspensions.
This list gave a number of reasons why these suspensions occurred: some of the companies were not able to be located by tax authorities. Others didn't file tax returns. Some didn't have all the documentation required to justify their foreign transactions. These cases were not detailed in the suspension list; tax authorities do not make details public.
SAT has not responded to any requests for comments about the suspension of Azteca Cone or Intanza, nor did it respond to questions regarding its suspensions. In a public document published by the tax authority in 2026, SAT said that it suspects that one of these firms - Komercialis – is a phantom firm that issued fake bills for transactions that did not take place.
No one responded to the requests for comments. The majority of companies did not have a listed phone number, or an internet presence. Many questions sent via courier were not delivered because the listed addresses of most companies could not be located.
Ikon Midstream stated that all of its counterparties had a business address at the time they transacted with it, in a statement dated April 24, 2004.
"IF NOTHING, THIS IS SUSPICIOUS"
The World Customs Organization developed product codes to standardize the way countries identify and track goods that enter or leave their borders. These codes are called Harmonized Tariff Scheduling (HTS) in the U.S.
The system is easy for smugglers to abuse, despite its precision. Customs officials cannot inspect each shipment to verify that the codes on the trade paperwork match the goods. Trade experts and authorities say that smugglers who want to avoid Mexican import duties for fuel often code their cargo as lubricants, or another type of petroleum product which is exempt from levy.
Ikon Midstream reported that it used Torm tankers for at least five shipments to Mexico of petroleum products. Both companies said that the cargoes they delivered were naphtha and diesel. The export documentation that the fuel trader provided for four of these shipments revealed that Ikon Midstream had used HTS codes to identify lubricants.
Two bills of lading were issued, one on January 7, 2025 and the other on January 24, 2025 for shipments departing Texas aboard the vessel Torm Louise. Both bills of lading had the HTS code for both cargoes, 2710.19.3020. According to the description of this code in the online database of HTS Codes by the U.S. Government, the number represents lubricating oil used in marine, automotive or diesel engines. Written descriptions on the bills of lading also described the cargo as being lubricating oil.
Ikon Midstream provided U.S. Export Documents for two additional shipments - a cargo containing diesel and naphtha that was sent aboard the Torm Louise in February and March of last year and diesel aboard the Torm Agnes. Both shipments used HTS codes as lubricants.
Ikon Midstream lawyer stated in an email dated October 29, that it was appropriate to use 2710.19.3020 because "it is a general product category and not a specific cargo listing."
The U.S. Government disagreed with this interpretation. U.S. Customs and Border Protection declined to comment on specific companies, investigations or reports. However, it did say that 2710.19.3020 was not the correct code for naphtha or diesel.
It is possible to make occasional mistakes on documents relating to international trade due clerical error, misunderstandings or a language barrier. CBP spokesperson stated that repeated inaccuracies could be considered as a violation of the foreign trade regulations.
CBP takes repeated errors in HTS code seriously, both for imports and exports. CBP may take enforcement and compliance actions including seizures, penalties, and increased scrutiny.
James Swanson is a former director of cargo security and controls for CBP. He said that Ikon Midstream repeatedly used incorrect HTS codes in U.S. Export paperwork. This was especially alarming to him because the Mexican importer had made the same error on their customs filings. He said it was hard to believe that this was an accident. This is at least suspicious.
Ikon Midstream, when presented with CBP's position regarding the product codes, admitted that it made mistakes in its export filings. It described the errors as minor and unintentional and stated in its statement on April 24 to the news agency that it was "committed" to accurately classifying products going forward.
Speaking generally about fuel smuggling and the use of false tariff codes, a former investigator for Mexico's tax authorities said that smugglers are now coordinating both ends of the transaction, using the same fake tariff codes in Mexico and the U.S. to make it harder for law enforcement officials to detect their deception.
Former investigators said that such subterfuge was "the most sophisticated and complex we've ever seen." It requires both importers and exporters to work together, as well as a good deal of technical expertise and a solid strategic plan.
Ikon Midstream stated in its statement of April 1, "There was no coordination between Ikon Midstream, Azteca Cone and tariff codes"
(source: Reuters)