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(Reuters) -Salesforce said on Wednesday it would spend $1 billion in Mexico over the next five years, as the cloud software provider looks to expand its operations and drive artificial intelligence adoption. The company, which began operating in Mexico in 2006, said the investment will fund a new Mexico City office and a Global Delivery Center to support customers across the Americas. "This $1 billion investment is a commitment to Mexico as a key market for AI-powered growth," CEO Marc Benioff said. Mexico is rapidly emerging as a tech services hub, drawing investments from technology companies, particularly in the AI domain due to the country's proximity to the U.S. and growing talent base. Microsoft announced last year that it will spend $1.3 billion over the next three years to build up its infrastructure in Mexico for cloud computing and AI. Salesforce said Mexico is a growth market for the company, with a customer base including organizations such as Xcaret, Grupo Bafar and FEMSA. "This investment will not only create jobs and build AI skills within Mexico but will also position our country as a key consultancy hub for markets across Latin America on AI agents and more," Mexico's Economy Minister Marcelo Ebrard said. Last month, Salesforce forecast third-quarter revenue below Wall Street estimates. The company had also announced a $20 billion increase to its existing share buyback program. Salesforce has rolled out AI across its cloud services at a rapid pace, culminating in the 2024 commercial launch of Agentforce — its AI agent platform designed to automate tasks, streamline operations and help lift margins. (Reporting by Jaspreet Singh in Bengaluru; Editing by Alan Barona)

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By Roberto Samora SAO PAULO (Reuters) -Brazil's soybean exports are expected to reach 102.2 million tons through end-October, surpassing annual volumes for the whole of 2024 and 2023, reflecting the absence of U.S. competitors serving Chinese importers, grain exporter group Anec data showed on Wednesday.  The previous record for soy shipments from Brazil, the largest global producer and exporter, was set in 2023 at 101.3 million tons, according to Anec figures. In addition to harvesting a record soybean crop exceeding 170 million tons in 2025, Brazilian farmers are benefiting from strong demand in China, which is embroiled in a tariff war with the U.S. "China continues to be the main destination and drive for Brazilian soy shipments," Anec said.  Anec data showed that China imported 6.5 million tons from Brazil in September, representing 93% of the export total, maintaining a historically high share of total shipping volumes out of the South American country.  Relying primarily on Brazil to guarantee supplies, China fetched 79.9% of Brazil's total soybean exports, compared to 74% between 2021 and 2024. In 2024, China's share was 76%, Anec said. Projections for the year were released in the first monthly shipment report for October, when Anec projects shipments of 7.12 million tons, almost 2.7 million tons above the same month last year. For the present calendar year, Anec projects that 110 million tons of Brazilian soybeans will be exported. "Between November and December, another 8 million tons are expected to be shipped, corroborating the annual estimate of 110 million tons," the association said. Corn shipments reached 6 million tons this month, about 380,000 tons higher than the volume recorded a year earlier.  In the year through October, exports are estimated at 30 million tons, putting Brazil as the world's second-largest exporter of the grain, behind the U.S. (Reporting by Roberto Samora; Writing by Ana Mano; Editing by Mark Porter)

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By Mike Colias and David Shepardson (Reuters) -General Motors is scrapping a program aimed at allowing its dealers to continue offering for several months a $7,500 tax credit on electric-vehicle leases following the September 30 expiration of the federal subsidy, the company said on Wednesday. Toward the end of last month, GM devised a plan to have its in-house lending arm initiate the purchase of EVs in its dealers’ inventory. The company planned to apply for the federal $7,500 credit on those cars and then roll that money into EV lease terms for customers through the end of the year. GM opted to kill the program after concerns were raised about it by Republican Senator Bernie Moreno of Ohio, a former car dealer who is active in auto policy, a person briefed on the matter told Reuters. “After further consideration, we have decided not to claim the tax credit,” the company said in a statement to Reuters on Wednesday, declining to elaborate on the reason for its decision. The idea behind the program was to ease the impact of the expiration of the tax credit on dealers, who worried they would be stuck with EVs that would be tough to sell. GM had planned to apply for the credit on tens of thousands of EVs in dealer stocks, according to people familiar with the plan. Ford rolled out a similar program ahead of the tax-credit expiration. It is unclear if Ford is continuing its program. A spokesperson declined to comment. GM had planned to claim the credit on roughly 20,000 EVs that were on dealership lots or being shipped to stores, people familiar with the matter said. Its finance arm, GM Financial, began making down payments on those vehicles before the deadline to qualify for the subsidy on each of those cars, the sources said. In its statement on Wednesday, the company said it would "fund the incentive lease terms" through the end of October. GM scrambled to put together the program just a few days before the September 30 tax-credit expiration, and outlined the details on a call with dealers on September 29, three sources said. GM officials had caught wind of a similar program that Ford was putting in place for its dealers, the sources said. Auto executives, dealers and analysts have said they expect EV sales to plummet in the wake of the tax credit’s disappearance. A consumer rush to take advantage of the subsidy helped drive record electric-car sales in September. (Editing by Mike Colias, Mark Porter and Chris Reese)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)