Terrible results and new chiefs for Mexican state companies

The two state companies of Mexico's energy sector -- oil company Pemex and the power utility CFE -- reported total half-year results of $4.5 billion in losses.

The announcement came on the same day as president-elect Andrés Manuel López Obrador appointed the future directors of the companies from December 1, when the new administration takes power.

Both of the new chiefs are trusted confidants of López Obrador, but have no previous experience of the posts that they are due to take over, as is traditional in Mexico's state sector.