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 Business News
Regulations Discourage Venture Capital
 Benedict Mander
Funding opportunities for Mexico's small businesses are few and far between. Not only is the country's illiquid stock market dominated by a handful of big groups but inflows through venture capital an important stimulator of growth in small businesses are being stifled by over-regulation.more »»»
Mexico Expects Windfall From Airport Group
 Wire service
Mexico's Communications and Transportation Department said Thursday the government expects to earn more than US$600 million (euro500 million) from an initial public offering this year of its 85 percent stake in the Pacific airport group.more »»»
Gol To Provide Cheaper Air Fares
 Wire services
Sao Paulo-based Gol Linhas Aereas Inteligentes SA, Brazil's No. 3 airline, and businessman Fernando Chico Pardo's Inversiones y Tecnicas Aeroportuarios SA de CV agreed to set up the budget airline with flights set to start from the second quarter of 2006, the company said in a statement to the Sao Paulo stock exchange.more »»»
Fees For Receiving Long Distance Calls To Be Eliminated
 Adriana Arai
Mexico plans to do away with charges that mobile-telephone users pay to receive long-distance calls, a measure that may spur completion rates and boost phone usage. The telecommunications regulator probably will publish this month new rules that transfer the interconnection costs to the person who makes the call.more »»»
Peso Strengthens Against Dollar
 Adriana Arai
Mexico's peso rose to the strongest level against the dollar since August 2003 as 12 central bank interest rate increases in 16 months attract rising levels of international investment. Banco de Mexico last week held the overnight rate at a two-year high of 9.75 percent for a third month.more »»»
Multinationals to Fight AIDS Discrimination
 Karen Mahabir
Nearly two dozen of the largest international corporations operating in Mexico on Wednesday unveiled their policies aimed at eliminating HIV/AIDS-related discrimination in the workplace.more »»»
WTO Rules Against Sweetener Tax
 Wire reports
The nation's 20 percent tax on corn sweeteners used in soft drinks, which was designed to boost consumption of domestic sugar, is unjustified and violates trade rules, the World Trade Organization (WTO) said in a preliminary ruling.more »»»
Mexico Banks Pay U.S. Back $116M In Loans
 Tom Barkley
Mexican banks paid the government back 1.26 billion pesos (US$116 million) in loans related to the bank bailout of the 1990s, but it is unclear whether that puts an end to the long-running political controversy over the program.more »»»
At $300 a Share, Google Looks Pricey and Still Irresistible
 Gary Rivlin
How do you embrace a stock that has more than tripled in 10 months and cracked the $300-a-share barrier so quickly since going public that much of its growth potential seems already built into the price?more »»»
Central Bank to End Rate Hikes
 Adriana Arai
The Bank of Mexico has signaled the end of a tightening cycle by decoupling from rising U.S. interest rates; economists now expect the bank to begin cutting its bench mark rate after a series of increases.more »»»
Slowing U.S. Demand Hurts May Exports
 Wire services
The nation's export growth slowed in May as U.S. demand weakened for manufactured goods such as electronics, home appliances and furniture. Exports rose 13.3 percent from the year-earlier period to US18.31 billion, less than the increases of 18 percent in April and 18.8 percent in May 2004.more »»»
Mexican Watchdog Wants Bank Bailout Open to Public
 Noel Randewich
Mexico's transparency watchdog wants the books opened on a $100 billion bank rescue that could be a major issue in 2006 presidential elections, but the government insists its hands are tied under the law.more »»»
Mexico Mulls Over Bond Sale to Canada
 Wire services
Mexico may sell bonds in Canadian dollars for the first time since 1997 as it seeks to raise US600 million to finish refinancing international debt that matures in 2006, a government official said.more »»»
Mexico Attempts to Improve Disclosure
 Noel Randewich
Hoping to draw wary small investors to its stock market, Mexico is planning tougher rules for corporate disclosure, but it is unclear whether that will actually lead to a wider flow of information. Lawmakers are expected to approve changes to an old stock market law, including more stringent requirements for businesses to share information with investors.more »»»
Mexico's Core Inflation Falls to Record Low in May
 Wire services
Core inflation rate fell to a record low in May, adding to speculation the central bank will begin cutting interest rates. The country's 12-month core inflation rate, which excludes fruit, vegetable and electricity prices, fell to 3.42 percent, the lowest since the central bank began calculating the index.more »»»
Nation Sells 10-Yr Bonds to Reduce Debt
 Wire services
Mexico sold 750 million euros (US920 million) of 10-year bonds, seeking to raise funds to pay debt due in 2006, when Mexicans will elect a new president. The government sold the bonds to yield 4.31 percent, or 1.16 percentage points over the 10 year German benchmark yield.more »»»
Mexican Avocado Growers Celebrate Record
 Associated Press
Mexican avocado exporters celebrated Monday exporting a record 73,855 tons (67,000 metric tons) of avocados to the United States so far in the 2004-2005 season. Benjamin Grayeb Ruiz, head of the Michoacan avocado producers and exporters association, said exports this year were boosted by the expanded access as of Jan. 31 to the U.S. market.more »»»
'Superpeso' Tipped To Go Higher
 John Authers
The peso is being dubbed the "superpeso" once more, after it surged last week to approach its strongest level against the dollar in 18 months. By the close on Friday it had reached 10.83 pesos to the dollar down 10 centavos for the week, and down sharply from a high of 11.61 pesos set late last year.more »»»
Made for Mexico Tacomas
 Diane Lindquist
Toyota plans to start selling Tijuana-made Tacoma pickups in Mexico this fall. Currently, the Tacomas made there are sold only in the United States. Offering the Tacoma means the addition of a Mexican-made vehicle to the 11 vehicle models sold in the Mexican market.more »»»
Group Urges Use of Mexican-Made Cement to Ease Shortages
 Birmingham Business Journal
The Associated General Contractors of America today asked the U.S. Commerce Secretary Carlos Gutierrez to allow cement produced in Mexico into the United States to ease shortages and head off economic disruption.more »»»
Mexico's Carmakers in a Ditch
 Geri Smith
Reduced U.S. demand for Ford, General Motors, and VW models means exports of automobiles and light trucks from Mexico have dropped 31% since 2000, to 1.1 million. Ford has been one of the hardest hit: Its exports plummeted from 235,000 in 2000 to just 70,200 last year.more »»»
TV Azteca Pulls Out of NYSE
 Anthony Harrup
Shareholders of Mexican broadcaster TV Azteca SA and other companies controlled by businessman Ricardo Salinas Pliego voted Wednesday in favor of proposals to delist their shares from the New York Stock Exchange, a company official said.more »»»
Employment In Assembly Sector Up By 7.8 Percent
 Wire services
The number of jobs in the nation's export-oriented assembly industry was up 7.8 percent in the first quarter compared with the same period in 2004. Hours worked in the assembly plants, known as maquiladoras, during the first three months of the year rose 6 percent, but earnings were down.more »»»
U.S. Investors Look To Mexico Bond Landmark
 John Authers
Metrofinanciera, the fifth largest of Mexico's specialist mortgage lenders known as sofoles for their initials in Spanish is offering US125 million in seven-year notes, backed by Mexican construction bridge loans, to U.S. investors.more »»»
López Obrador Would Challenge Banamex Sale
 Wire services
Mexico City Mayor Andrés Manuel López Obrador said he would seek to recoup taxes from Citigroup Inc.'s US$12.7 billion purchase of Grupo Financiero Banamex-Accival SA should he win next year's presidential election.more »»»
Pemex's 2005 Budget Raised To US$12 Billion
 Wire services
Petroleos Mexicanos, Mexico's state oil monopoly, was given permission to spend US455 million more than budgeted for 2005 to cover spending on maintenance and environmental cleanup, Chief Executive Luis Ramírez Corzo said.more »»»
Magazine Exec Urges Black Business Out of Mexico
 Dianne Solis
Earl Graves, of Black Enterprise magazine, is urging African-Americans to take their vacation business out of Mexico in the wake of President Vicente Fox's comments that "not even" blacks want the U.S. jobs taken by Mexican immigrants.more »»»
Mexico Gets World Bank Loan
 Wire services
Mexico will receive a US250 million loan from the World Bank over three years starting in 2006, as part of a project designed to improve the country's competitiveness.more »»»
Mexican President Fox Says Growth On Track
 Associated Press
President Vicente Fox on Wednesday shook off disappointing first-quarter growth figures, saying Mexico is still on track for annual economic growth of at least 4 percent.more »»»
Putting Focus On English A Big Boost For Business Students
 Rhona Statland De López
Bilingual schools are only a small percentage of Mexico’s education system. While it sometimes seems that every school wants to offer English to their students, some impart just the most rudimentary foundation of the language.more »»»
Creel Slams Comments By Garza On Economy
 Juan Arvizu Arrioja
Diplomatic friction between Mexico and the United States continued to flare on Saturday, as Interior Secretary Santiago Creel spoke out against earlier comments by U.S. Ambassador Tony Garza.more »»»
Slim Eyes Expansion Into New Market
 Thomas Black
Businessman Carlos Slim Helú, who amassed US23.8 billion from banking and telecommunications, has started a drive to make money from his country's burgeoning construction industry.more »»»
Judge Delays Restitution
 Denny Walsh
In a massive Internet investment fraud, a federal judge has ruled that, given the magnitude of the case, it is impossible to order restitution for about 15,000 investors worldwide who lost $60 million.more »»»
Mexico Runs on Sidewalk Economy
 Marla Dickerson
Some economists estimate that as many as half the nation's workers eke out a living in subsistence jobs such as street hawkers and day laborers because there is nothing for them in the legitimate economy and no safety net for the jobless.more »»»
US Tourism 'Losing Billions Because Of Image'
 Amy Yee
The United States is losing billions of dollars as international tourists are deterred from visiting the United States because of a tarnished image overseas and more bureaucratic visa policies, travel industry leaders have warned.more »»»
Mexicans Working Abroad Send Record Dollars Home
 KeyeTV.com
Mexicans living abroad sent more than $4 billion home in the first quarter of 2005. The Bank of Mexico says that's a 20% increase over the same period last year.more »»»
Nation To Upgrade Highway System
 Wire services
The government and private companies will spend 84 billion pesos (US7.7 billion) to upgrade and build highways this year as the nation tries to make up for more than two decades of underinvestment, Transportation Minister Pedro Cerisola said.more »»»
Peso Bond In Demand Overseas
 Wire services
International buyers are attracted to yields of more than 10 percent and prospects the peso will gain as the economy becomes more intertwined with the United States.more »»»
'Uncle' Warren Buffett And 'Cousin' Jimmy Make Beautiful Music
 Ethan Smith
Even Jimmy Buffett's most ardent devotees - the margarita-sipping superfans who call themselves Parrot Heads - might not have heard one 2003 composition by the troubadour of laid-back island living.more »»»
Money Transfers To Mexico Peak As Mother’s Day Nears
 Rosa Salter Rodriguez
This month brings Mother’s Day – a big day for flower shops, jewelry sellers and restaurants. And for another kind of business as well – money transfers from the United States to Mexico.more »»»
Job Concerns: Mexican Pilots Demonstrate
 Associated Press
About 100 Mexican pilots on Thursday protested in front of the offices of the country's leading airline company amid job concerns. The demonstrators in Mexico City said they feared layoffs could follow the sale of the main national airlines.more »»»
Mexico Recovery May Hit Roadblocks
 Brian Winter
Weakness in the U.S. auto industry, which has large export factories in Mexico employing tens of thousands of workers, could threaten the vibrancy of a local economic recovery that is otherwise firing on nearly all cylinders.more »»»
Big Companies Report Earnings
 Wire services
Telefonos de Mexico SA, the nation's largest fixed-line telephone company, said firstquarter earnings increased 10 percent after the company turned its first profit in its Brazilian unit.more »»»
Queen, Fox, Address Microcredit At Conference
 El Universal
Awarding credit to potential small business owners who would not qualify through traditional banking avenues is an efficient tool for combating extreme poverty in Latin America and the entire world, Spain's Queen Sofia said during a microcredit conference.more »»»
Bills Would Require Cross-Border Coordination
 Elizabeth Pierson
In an effort to help traffic and business flow more smoothly between Texas and Mexico, border lawmakers are pushing bills that would require some Texas officials to meet regularly with their counterparts across the border in Mexico.more »»»
Biggest U.S. Housing Market to Slow
 Christine Chin
Real estate, the Atlas that carried California to economic well-being in 2004, may no longer be able to support economic recovery, a report warned today, predicting an end to the state's red-hot housing market.more »»»
Monday Night Football to Move to ESPN
 Barry Jackson
ESPN will pay $1.1 billion annually for eight years - twice what ABC is now paying - and can better afford that because it draws revenue from advertising and cable subscriber fees.more »»»
Mexico to Increase Domestic Borrowing
 Wire services
Finance Secretary Francisco Gil Díaz said at meetings with International Monetary Fund (IMF) officials over the weekend he will seek to expand the nation's capital markets, boosting public and private borrowing in local currencies, to lessen the effect of rising borrowing costs abroad.more »»»
Pemex: Reserves Overestimated
 Noé Cruz Serrano
According to a new study published on Sunday by state oil monopoly Petroleos Mexicanos, the potential for oil exploration in the Gulf of Mexico has been greatly overestimated.more »»»
Carlos Slim Still Unable to Crack US Market
 Wire services
Latin America's richest man is now more than a billion dollars richer. But after selling his stake in MCI to Verizon, Carlos Slim of Mexico is once again without a major foothold in the U.S. market.more »»»
Mexico Launches New Airline, Click
 Reuters
Mexicana de Aviacion said on Monday it will launch Mexico's first low-cost carrier in July, moving the government closer to privatizing its airline industry.more »»»
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