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 Business News
Mexican Priorities: Gaming, Tourism and Energy
 Enrique Andrade González
Since early in January 2007 three issues have been highlighted as priorities, so that Mexico will be able to attract foreign investment and to create promised jobs that are currently nonexistent.
Uncertain Future
 Diane Lindquist
Mexico's maquiladoras have recovered from severe losses suffered during Vicente Fox's administration, but industry leaders are worried that new President Felipe Calderón's focus on tourism and other economic sectors will leave them in the global dust.
Growing Hope in Fields of Corn
 Marla Dickerson
High corn prices are wreaking havoc on Mexico's inflation rate and forcing shoppers to pay more for eggs, milk and tortillas. But they're a godsend to farmers such as Victor Manuel Amador Luna.
Microfinance as a New Asset Class
 Tomas Hes
The World Bank estimates that less than 5% of the total demand for microfinance is being met. In Mexico, successful institutions have proven that microfinanc can be an effective means of poverty reduction and an interesting investment opportunity.
A Living Wage?
 Domenico Maceri
“Sí se puede” chanted the hotel workers in a recent meeting at the Los Angeles City Council. Workers were applauding the council’s vote, which will require hotels near Los Angeles International Airport to pay a “living wage” of at least $10.64 an hour.
Mexico Probes Tortilla Price Hike
 Marla Dickerson
Mexico's antitrust agency announced Thursday that it was looking into potential price manipulation behind recent rising tortilla prices south of the border.
Lawmakers Look to Limit Mexican ID Cards, Wire Transfers
 Mike Sunnucks
Arizona State lawmakers are pushing a number of measures aimed at illegal immigrants and employers who unlawfully hire them. The get-tough proposals are sponsored by Republicans including State Rep. Russell Pearce, a leading conservative immigration hawk.
Calderon to Fight Soaring Tortilla Prices
 Reuters
Mexican President Felipe Calderon vowed on Thursday to tackle the soaring price of tortillas, a corn-based foodstuff that is a dietary staple for millions of the country's poor.
Texas-Based Pizza Chain Under Fire for Accepting Pesos for Pie
 Jeff Carlton
A pizza chain has been hit with death threats and hate mail after offering to accept Mexican pesos, becoming another flashpoint in the nation's debate over immigrants.
Chavez Plans Hit Venezuela Market
 BBC News
Venezuela's financial markets have tumbled after President Hugo Chavez promised to nationalise the biggest phone and power companies. The Caracas Stock Exchange closed nearly 19% down, with bonds also lower.
Geller Has No Reservations About the Heights of Hotel Luxury
 Ted Pincus
It takes a one-of-a-kind guy to amass a premier collection of one-of-a-kind hotels. It also takes a guy with vast experience as a top innkeeper combined with colossal aspirations and even bigger bravura. But then, a Laurence Geller doesn't come along very often. Otherwise, there wouldn't be enough five star hotels to go around.
Tortilla Price Hike Sparks Complaints
 El Universal
Economy Secretary Eduardo Sojo said Monday that recent increases in tortilla prices reflect several recent developments, including transport difficulties, harvest woes and increased demand from new uses of corn as a fuel source.
Texas-Based Pizza Chain Accepts Mexican Pesos
Ed Stoddard
A Dallas-based pizza chain which caters to the Hispanic community is accepting the Mexican currency at all of its 59 U.S. stores starting on Monday, giving the greenback some unusual competition at the cash register.
Mexico, Calderón and a 3.9 Percent Wage Factor
 Kenneth Emmond
It’s starting to look like the leftists’ fears of Mexican President Felipe Calderón are becoming a reality. After the election, a victorious Calderón vowed to work for all Mexicans whether or not they voted for him. That’s not what we’ve seen so far.
New Nogales, Sonora Mall Makes Impact on Both Sides of the Border
 Suleika Acosta
The first Nogales mall opened for business in late August of last year in Nogales, Mexico. They became a direct competitor for American shopper dollars this past holiday season.
Convenience Stores are Thirsty for Expansion
 Marla Dickerson
Slurpee and Big Gulp are not yet household words in Mexico. Still, convenience stores are expanding at a clip that would make Homer Simpson smile.
Pawn Stores Clean up During Holiday Season
 El Universal
According to José Alberto Gómez Rodríguez, director of the pawn-store chain Rafael Dondé, hundreds of customers will be unable to pay off their outstanding debts on items pawned during the holiday season.
A Plant That Grows Dreams
 Sam Enriquez
Nopal, the flat, oval-leaf cactus, is a local staple prepared in a variety of recipes, from sweet to savory. And as reported earlier this year in the Los Angeles Times, local people are combining money earned by family members working in the United States with grants from the Mexican government to build the $1.5 million processing plant.
For Calderon, Reversing Mexico's 'Brain Drain' Is Key to Success
 Louis Nevaer
As Felipe Calderon, Mexico's new president, sets his agenda for 2007, he will have to succeed where his predecessor Vicente Fox failed: creating greater opportunities for Mexicans by breaking the rapacious monopolies that flourished during Nafta's first decade, and stopping the brain drain that is a result of it.
Good Times Foreseen for Mexican Stock Exchange
 Kenneth Emmond
Officials at the Mexican Securities Exchange (BMV) can join investors in enjoying a warm glow of satisfaction at the performance of its listed stocks during 2006. The exchange’s Index of Prices and Quotations (IPC) closed out the year at an all-time high of 26,448.32.
Living in America's Fringe Economy
 Howard Karger
The term "fringe economy" refers to a range of businesses that engage in financially predatory relationships with low-income or heavily indebted consumers by charging excessive interest rates, superhigh fees, or exorbitant prices for goods or services.
A New Era of Lending Dawns for Mexico's Bankless Millions
 Augusta Dwyer
Wal-Mart Stores Inc.'s plan to open banks here next year may presage a new era in the stormy history of Mexico's commercial banking sector.
From Lucy To Reba: A Look at Cuban and Hollywood Relations
 Gabe Rodriguez
Most everyone knows Desi Arnaz. And anyone who has ever watched the show knows that he was Cuban and a talented musician. But something that not many people know is that Arnaz played a vital part in the set up of the show at a time when the television sitcom was still being molded.
Searching for Indie America
 Jeffrey Gangemi
In early 2005, husband-and-wife filmmaking team Hanson Hosein and Heather Hughes spent 52 days driving 13,000 miles through 32 states with a video camera. Their mission: to document how mom-and-pop independents were faring, faced with fierce competition from big-box retailers.
Euro Notes Cash in to Overtake Dollar
 Ralph Atkins
The US dollar bill's standing as the world's favourite form of cash is being usurped by the five-year-old euro. The value of euro notes in circulation is this month likely to exceed the value of circulating dollar notes.
Venezuela Economy Just Keeps Growing
 Prensa Latina
The Venezuelan economy, with a solid tendency to expand for three consecutive years, forecasts an advance of 10 to 10.5 percent for 2007, legislative sources revealed Wednesday.
Mexico Braces for Slow Down in U.S.
 El Universal
Despite the outcome of pending fiscal, labor and energy reforms, analysts from JP Morgan and Merrill Lynch point to a huge internal demand in the nation´s construction sector that will protect the economy from the negative effects a U.S. downswing might have.
Border Offers Banking Inroads
 kwtx.com
The president of Inter National Bank in McAllen has spent recent weeks just over the border in Mexico to talk about banking in the US. Carlos Garza has been promoting cross-border banking.
BBVA Bancomer Cuts Fraud With New Technology
 Falcon Technology
Fair Isaac Corporation announced that its industry-leading payment card fraud detection technology is delivering impressive results for BBVA Bancomer, S.A., a leader in consumer banking in Mexico serving more than 12 million customers through 1,700 branches across the nation.
Mexican Soda Lovers Spared Tax
 Reuters
A proposed tax on fizzy drinks has caused a stir in Mexico, which quaffs more Coca-Cola products per capita than any other nation and has adopted soda alongside tacos and chiles into the national diet.
Arcelor, Mittal buy Mexico's Sicartsa
 Associated Press
Arcelor and Mittal, which are in the process of combining to form the world's biggest steelmaker, announced Wednesday they have bought Mexico's Sicartsa from Grupo Villacero for $1.44 billion.
Parties Unite, Pass 2007 Revenue Bill
 Kelly Arthur Garrett
The lower house of Congress approved the income side of the 2007 federal budget Monday, unanimously adopting a 2.264 trillion-peso package that will include a new 5 percent tax on soft drinks and a gradually escalating tobacco tax.
High Rollers Making Waves
 Tom Kelly
Although this waterfront community in the Mexican state of Colima has been under the second-home radar compared with the Pacific Coast destinations of Los Cabos, Ixtapa, Puerto Vallarta and Mazatlán, it clearly is on the move.
‘Beaches on Wheels' Markets Mexico in Cold Cities
 Joshua Chan
The Mexican Tourism Board is in the midst of its ‘beaches on wheels’ campaign in an effort to lure Canadians and Americans away from the cold to the tropical resorts awaiting them in Mexico.
Global Economy Reaches Turning Point
 Lesley Wroughton
Global economic growth has reached a turning point with a slowdown now clearly under way, led by the United States, the World Bank said this week, with developing countries were in the driving seat, with growth reaching 7 percent in 2006, twice as fast as developed countries.
The US Housing Crash Recession of 2007
 Dean Baker
As we approach the end of 2006, the economy's prospects for next year appear more gloomy with each new piece of economic data. And, just like President Bush in his assessment of the situation in Iraq, the economic forecasters are gradually revising their forecasts downward, as it no longer appears credible to present the rosy pictures that they had been trying to sell.
1 in 7 Mexican Workers Employed in the US
 Reuters
One in seven Mexican workers have left their country and are working in the United States, an immigration study said on Tuesday.
Holiday Hotspots are no Property Investment Mecca
 Merryn Somerset Webb
One of the consequences of the general bull market in all asset classes of the past few years is that when the price of something falls, nobody seems to worry much. If something goes up, the market assumes it will keep rising. But if it is going down, there is no assumption it will keep going down.
Richest 2 Percent Own Half the Wealth
 Andrew Walker
The richest 2% of adults in the world own more than half of all household wealth, according to a new study by a United Nations research institute. The report, from the World Institute for Development Economics Research at the UN University, says that the poorer half of the world's population own barely 1% of global wealth.
Calderon Promises Safe Business Climate
 E. Eduardo Castillo
President Felipe Calderon assured investors Monday his administration would work to provide a safe business climate, battling crime and corruption while improving the nation's infrastructure.
Calderon Names Reyes Heroles to Head Pemex
 MarketWatch
Mexican President Felipe Calderon named economist and former energy minister Jesus Reyes Heroles to take over the helm at state oil monopoly Petroleos Mexicanos, or Pemex, Saturday.
Executives Explore Free Trade Issues
 Rick Alm
More than 70 U.S., Canadian and Mexican government and business executives met in Kansas City this week to debate and nurture their evolving trade relationships. Participants in the second annual North America Works conference were also looking over their shoulders at the global competition, which isn’t standing still.
Budget to Spur Business, Trim Bureaucratic Excess
 El Universal
National Action Party (PAN) legislators on Saturday said the 2007 budget package will be sent to Congress on Tuesday and is expected to contain "interesting and attractive proposals."
Investing in a Post-Fidel Cuba
 Marketplace Americas
Some Cuban exiles in Miami are banking that once Fidel Castro dies, there will be business to do. Dan Grech reports.
Calderón Offers More Jobs to Fight Poverty
 Julie Watson
As a man who touts creating jobs as the cure-all for Mexico's ills, President Felipe Calderón couldn't be taking office at a better time. The economy is projected to expand by as much as 4.8 percent by year's end - its fastest growth in six years - thanks to exploding business in the construction, automobile and service industries.
Mexico Beginning to Court Investors for Baja Megaport
 Diane Lindquist
Mexico has begun the process of developing a $9 billion megaport and railroad in Baja California to transport container goods from Asia to the United States, a high-ranking Mexican official said this week.
Fox Good or Average for Most Mexicans
 Angus Reid
Adults in Mexico offer mixed reviews on the six-year mandate of Vicente Fox, according to a poll by GEA-ISA. 38 per cent of respondents rate the president’s performance as good, while 41 per cent deem it average.
Where We Stand - An Overview of Tourism in Mexico
 Marion Edward
The October 2006 Sectur study, “Where We Stand” profiles the impact of tourism to Mexico’s economy: The tour and travel industry has the potential to become the most import source of foreign exchange for Mexico.
Better Foreign Access Down Mexico Way
 Adam Thomson
The Mexican Derivatives Exchange, one of the world’s fastest-growing derivatives exchanges, is due on Tuesday to announce an alliance with BT Radianz, a network provider for the financial services industry, as part of a drive to increase the participation of foreign investors.
New Fifty-Peso Bills in Circulation
 AmbitoPV.com
The Bank of Mexico, the country’s central bank, recently announced that on November 21st, the new fifty-peso bills will begin circulating, as part of a plan to issue a new family of bills as announced late September, 2006.
Mexico's Tax Break Trouble
 Michael O'Boyle
Mexico's corporate tax incentive for film production is in danger of being tanked by the taxman. While corporate sponsors had lined up to back films, Mexican tax authorities' official silence on how they will interpret the law, approved late last year, has spooked investors from taking advantage of the incentive.
Wal-Mart Will Offer Retail Banking in Mexico, an Underserved Market
 Elisabeth Malkin
Public opposition has all but killed Wal-Mart’s plans to open its own bank in the United States. But in Mexico, its push for a bank is sailing through.
Mall Lifts Poor Border Town
 Lynn Brezosky
With the blare of mariachis and a platform sagging under the weight of public officials wanting to take part, this impoverished Mexican border city recently cut the ribbon on a $50 million outlet mall that boasts status labels like Burberry, Izod and Coach.
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