|
|
|
 Business News
Economy Stung by Effects of Hurricane Wilma
 Wire services
President Vicente Fox announced plans to start evacuating 30,000 frazzled tourists, most from the United States, as he worked to restore the image of a carefree Caribbean beach paradise. Some began expressing frustration that the U.S. government had been unable so far to help them.more »»»
A Global Hispanic Market
 Michele Chandler
FAMSA is a Mexican retailer that recently began a push into the United States in its quest to tap into the Hispanic market on both sides of the border. The Monterrey, Mexico, retailer, with 350 stores in its home country, is expanding its U.S. presence to take advantage of changing demographics in this country.more »»»
Cancún Faces Tall Task of Rebuilding
 Danna Harman
Rosa Luisa Tapia, a grandmother of seven from Tres Reyes, a poor area on the outskirts of Cancún where most residents work in the tourist hotels and restaurants, is already turning her attention to the bleak prospects for the upcoming high tourist season. "Who will come here now?" she wondered, looking frantically at her decimated one-room thatched-roof house.more »»»
In Cancun, Fox Pledges More Funds
 EFE/El Universal
Fox said he asked Congress to raise from US366 million to US1.1 billion the amount of money to be disbursed from the Fonden natural disaster fund to assist the estimated 1 million people affected by the hurricane in the peninsula.more »»»
López Obrador Reaching Out to Business Class
 Thomas Black
Mexico's leading presidential contender Andrés Manuel López Obrador, the former mayor of Mexico City, tells voters the government will protect them "from the cradle to the grave." His chief economic adviser, Rogelio Ramírez de la O, is delivering a different message aimed at investors and business leaders: López Obrador isn't a populist and will limit spending to keep the country's deficit from ballooning.more »»»
Mexican President Acknowledges Economic Importance of Migration
 Presidency of the Republic
President Fox proposed turning the migratory phenomenon into an opportunity for economic and cultural growth for both nations and migrants, after pointing out that the 21st Century will be identified with migration.more »»»
WTO: Mexico's Tariff Illegal
 Mark Drajem
Mexico's 20 percent tax on corn sweeteners used in soft drinks violates global trade rules and should be eliminated, the World Trade Organization ruled. Imported sweeteners "are accorded less favorable treatment than domestic goods," undermining a key WTO principle, the WTO panel ruled in a 163-page ruling published on its Web site.more »»»
Mexican Tourism Revenue at $8.4 Bln Jan-Aug 2005
 Invertia
The tourism revenue of Mexico stood at $8.401 bln (7.01 bln euro) from January to August 2005, up 15.3 pct year-on-year, the Minister of Tourism, Rodolfo Elizondo, said on October 12, 2005. The minister told the news during a meeting of the National Entrepreneur Tourism Council.more »»»
U.S. Banks Hope Money Transfers Attract Hispanics
 Krissah Williams
Mexican immigrants living in the United States have less expensive ways to send money to relatives in Mexico, using private and government money-transfer programs aimed at encouraging immigrants to join the U.S. banking system.more »»»
Fox Talks Up Free Trade, Takes Swipe at Us
 Jeremy Hainsworth
Mexican President Vicente Fox criticized the Bush administration on Friday for ignoring a recent NAFTA panel ruling that favored Canada in their long-standing lumber dispute. Canada, the United States and Mexico are partners in the North American Free Trade Agreement.more »»»
IMF Writes Off Poor Countries' Debt
 Sumeet Desai & Nick Antonovics
Eighteen of the poorest nations will have their debts to the International Monetary Fund wiped out after rich countries bridged differences on Saturday that threatened a pact first signed this summer. Leaders of the Group of Eight nations pledged at a July meeting in Gleneagles, Scotland, to cancel all debt owed to the international institutions by the world's poorest states.more »»»
Mexico Tourism Industry Forecast
 Mexico Tourism Board
The economy of Mexico grew strong in 2004 after years of stagnation, but the economic performance stayed below its possibilities. The Gross Domestic Product of the emergent country grew by 4.1 percent with respect to the previous year.more »»»
Gov't Subsidies Cushion Effect of Katrina
 Thomas Black & Adriana Arai
President Vicente Fox said his decision to subsidize fuel prices in the wake of Hurricane Katrina will limit the economic effect of the storm and allow the government to meet its target of 3.5 percent growth this year.more »»»
Walmex Eyes 371 Cities
 Wire services
Wal-Mart de Mexico SA, Latin America's largest retailer, almost doubled the number of locations it is considering for new stores, as the company shifts its growth strategy from large urban centers to small cities in Mexico.more »»»
Fox, Lawmakers Ready For Clash
 El Universal & Wire reports
With no party dominating in Congress, the budget has become an annual battle for Fox, and he has gone on the offensive early this year following early signals from legislators that changes will be made.more »»»
Mexico Plans 1st Budget Surplus in at Least a Decade
 Bloomberg
Mexican President Vicente Fox submitted to lawmakers today a plan to generate a budget surplus for the first time in at least a decade and pay down external debt for a third straight year in 2006.more »»»
Fox Sends Pemex Tax Reform Back to Congress
 Associated Press
President Vicente Fox has sent a tax-reform proposal for state oil monopoly Petroleos Mexicanos, or Pemex, back to Congress for revisions. Fox shares the objectives of the reform, which was designed to help Pemex direct more funds to invest in exploration, production and other operational activities.more »»»
Mexico's Iusacell to Launch New Products, Services
 Reuters
Cellular phone company Iusacell, fighting delisting from Mexico's stock exchange, said on Wednesday it will launch new products and services in a bid to escape from under a pile of debt.more »»»
Mexico Creates New Avenue for Used-Car Sales
 Marla Dickerson & Sam Enriquez
Wanted: millions of pre-owned vehicles. Inquire south of the border. The Mexican government last week cleared the way for older cars from the United States and Canada to be imported here, opening a potentially vast new market for U.S. vehicle merchants looking to unload old Detroit iron.more »»»
Pemex is Third-Largest Oil Company
 Wire services
State-owned Petroleos Mexicanos (Pemex) is the world's third-largest oil company in terms of production, while Mexico ranks sixth on the list of oilproducing countries, according to the company's 2005 statistical report released on Sunday.more »»»
Mexico Looking To Retaliate
 Wire services
Mexico may impose an import tariff of up to 210 percent on U.S. corn sweetener after the World Trade Organization ruled a local tax on high fructose violates trade agreements, said a Mexican trade official. Mexico is studying option of a tariff to protect its sugar industry from U.S. corn sweetener imports.more »»»
Is Blair off to Join $30BN World Elite?
 Rupert Hamer
Tony Blair is expected to join one of the most exclusive groups of businessmen in the world after he leaves Downing Street. The PM is being lined up for a highly lucrative position with the Carlyle Group - an American-based investment giant with strong links to the White House and the defense industry.more »»»
Embracing the Undocumented
 Brian Grow
The fast-growing undocumented population is coming to be seen as an untapped engine of growth. In the past several years, big U.S. consumer companies - banks, insurers, mortgage lenders, credit-card outfits, phone carriers, and others - have decided that a market of 11 million or so potential customers is simply too big to ignore.more »»»
US Debtors in Rush to Bankruptcy as Change Nears
 Timothy Egan
Rushing to beat an October deadline when the biggest overhaul of the bankruptcy law in a quarter century goes into effect, rising numbers of Americans have filed for protection in the four months since the law was changed, seeking to have their debts erased.more »»»
Break on Foreign-Profit Tax Means Billions to US Firms
 Jonathan Weisman
A measure designed to create jobs is instead rewarding the companies that are most adept at stashing overseas profits in tax havens, allowing them to bring money home at a severely discounted tax rate.more »»»
2-for-1 Degrees Appeal to Executives in Mexico
 Chris Hawley
It's part of a new trend in the highly competitive world of business schools, as U.S. universities join with schools in Mexico to offer two-for-one MBAs to Mexican executives, often at discount prices aimed at the Mexican budget.more »»»
Piracy Battering Industry
 El Universal
The flyer reads: "Señora, don't throw them away, we'll buy your empty bottles of perfume. Just call and we will come and pick them up." The offer may be tempting to those with empty perfume containers lying around, but the sale of the bottles, which are then filled with imitation perfumes and sold as brand-name products for a fraction of the cost.more »»»
Companies to Build Wind Power Plant
 Wire services
The Federal Electricity Commission has awarded a US111.4 million contract to Spain's Iberdrola SA and Gamesa Corporacion Tecnologica SA to build a winddriven power plant. In a statement on its website, the state-run utility said it expects the Spanish companies to take a little over a year to build the plant in the southern state of Oaxaca.more »»»
López Obrador Outlines Economic Ideology
 Wire services
Former Mexico City mayor Andrés Manuel López Obrador, the leading candidate in polls on the 2006 presidential race, claimed he is a leftist at heart but called for a "non-ideological" economic policy.more »»»
Report: Bribery Equals 12% of GDP
 Silvia Otero
The total cost of corruption in Mexico is equal to 12 percent of the nation's gross domestic product (GDP), according to a study by the firm CEI Consulting & Research. The study, titled "Diagnostic on the Impact of Fraud and Corruption on Small- and MediumSized Companies," says firms operating in Mexico spend US43 billion annually by paying bribes.more »»»
New Labor Boss Takes Over
 Julián Sánchez
After being sworn in, the new leader of the nation's powerful workers' syndicate pledged on Tuesday to support Institutional Revolutionary Party (PRI) head and presidential hopeful Roberto Madrazo. Joaquín Gamboa Pascoe, a former PRI lawmaker, was voted to take the reins of the CTM early Tuesday morning.more »»»
Mexican Airline Privatization Draws Investor Interest
 MarketWatch
Mexican airline holding company Cintra SA said late Tuesday it has received 21 packets of interest from investors considering the purchase of stakes in the country's two biggest airlines. Cintra said it will evaluate the letters of interest and supporting documents to determine which groups will be able to participate in the privatization of top carriers AeroMexico and Mexicana.more »»»
Chinese Chiles Chilling Mexico Farmers
 Sean Mattson
The problem? Fierce international competition that began in the late 1990s when peppers from China appeared at the central market in Guadalajara, about 90 miles away. The Mexican cooking staple from across the Pacific retailed for a fraction of the local growers' wholesale price.more »»»
Leader of Largest Mexican Labor Union Coalition Dies
 Morgan Lee
Leonardo Rodriguez Alcaine, the leader of Mexico's largest and most politically influential labor organization, died Saturday at a hospital in Mexico City from a heart illness, union officials said. He was 86, and had served as secretary-general of the Mexican Workers' Confederation since the death in 1997 of Fidel Vazquez.more »»»
Mexico Leftist Neither Populist Nor Wall Street Puppet
 Greg Brosnan
Mexico's leftist presidential front-runner, Andres Manuel Lopez Obrador, will be neither a spendthrift populist nor a Wall Street puppet if elected next July, a senior aide told Reuters. "We will not do crazy things in terms of the economy," Manuel Camacho said in an interview after speaking to international investors Thursday in New York.more »»»
TransCanada To Build $181 Million Pipeline In Mexico
 pipline-news.com
TransCanada has been awarded a contract by Mexico’s Comisión Federal de Electricidad (CFE) to construct, own and operate a natural gas pipeline in east-central Mexico. The pipeline will extend from the facilities of Pemex Gas near Naranjos, to an electricity generation station near Tamazunchale. more »»»
Low-Cost Carriers Set to Enter Mexican Airspace
 Chris Kraul & James F. Peltz
No fewer than four budget airlines are being proposed for Mexico, offering the possibility that lower fares and better service could stimulate economic development in a nation hindered by monopolized, high-cost air travel.more »»»
Mexican Sugarcane Growers March to Protest Sugar Bill Veto
 Associated Press
Some 10,000 Mexican sugarcane growers blocked major roads and scraped the ground with machetes Wednesday in Mexico City, protesting plans by President Vicente Fox to veto a sugarcane bill passed last month by the opposition-dominated Congress.more »»»
Welcome Aboard! Mexican Aviation Finally Takes Off
 Chris Aspin
Times are changing. Mexican billionaire Carlos Slim this week sank $25 million into a new Mexican low-cost airline, Vuela, the latest of a string of new arrivals that herald a new era for air travel in Latin America's second-largest economy.more »»»
Telmex 2nd-Quarter Net Probably Rose 50% on Brazil Cost Cutting
 Bloomberg
Telefonos de Mexico SA, Latin America's largest fixed-line telephone company, probably increased second-quarter profit by 50 percent after cutting costs at its Brazilian unit. Mexico City-based Telmex, controlled by billionaire Carlos Slim, will report net income of 6.87 billion pesos ($645 million), compared with 4.59 billion pesos a year earlier.more »»»
Slim, Azcarraga to Invest in Mexican Startup Airline
 Bloomberg
Mexican billionaires Carlos Slim and Emilio Azcarraga plan to start a low-fare domestic airline with two other partners to compete in Latin America's second-largest aviation market. Slim's bank, Grupo Financiero Inbursa SA, and Azcarraga's Grupo Televisa SA, each will own 25% of Vuela Compania de Aviacion SA.more »»»
Investor Confidence Gets Boost
 Todd Zeranski
Mexico's U.S. dollar-denominated bonds may extend a 3 1/2 month rally as the country benefits from record oil prices and improving credit quality, and high oil prices have given financial firms a reason to be optimistic about Mexico.more »»»
Nation's Exports Grew 9 Percent In June
 Patrick Harrington
Mexico's exports rose 9.4 percent in June on higher oil prices and a recovery in U.S. manufacturing. Mexico exported US18.1 billion in June, up from US16.5 billion in the same month a year earlier.more »»»
Oil Exports Resume After Storm Passes
 Wire services
Oil workers began returning to rigs in the southern Gulf of Mexico and Mexican state oil monopoly Petroleos Mexicanos, or Pemex, had opened its three main loading ports on Wednesday, as Hurricane Emily chugged slowly inland over northeast Mexico.more »»»
New Futures Market Gambles on Hurricanes
 Denise Kalette
A trio of University of Miami professors have founded an electronic futures market that allows the public, students and trained forecasters to invest in shares representing selected coastline spots where they think the hurricane will strike. Those who forecast most accurately will get a payout.more »»»
Nation Suspends Oil Exports
 Wire services
Mexico has suspended nearly all of its crude oil exports after evacuating more than 15,000 workers from offshore oil platforms in the Gulf of Mexico, state oil monopoly Petroleos Mexicanos announced on Monday.more »»»
Storm Could Lift Prices
 Mandi Zonneveldt
Oil prices are expected to rise again this week as a strike in Iraq and violent storms off the United States put pressure on world supplies. Iraq's oil exports were suspended for at least 24 hours yesterday because of a strike by 15,000 employees of the South Oil Company.more »»»
Borrowing Costs Hit Lowest So Far In 2005
 Wire services
Mexico paid the lowest rate this year to borrow pesos for seven years at an auction, as traders bet slowing inflation will prompt the central bank to begin cutting interest rates.more »»»
Banorte Signs Agreement To Provide Services
 Bloomberg News
Grupo Financiero Banorte SA, the nation's fourth-biggest lender, entered an agreement to offer banking services through 1,554 government telegraph offices and expand into small towns.more »»»
Ebbers Sentenced to 25 Years in Prison for $11 Billion Fraud
 Jennifer Bayot
Bernard J. Ebbers, the founder and former chief executive of WorldCom, was sentenced to 25 years in prison for his role in an $11 billion accounting fraud that brought down the telecommunications company in 2002.more »»»
Mexican Designers Make It Fashionably Cool To Be Uncool
 Laurence Iliff
When Mexico’s status-conscious youths traded in their designer label T-shirts for ones bearing expressions such as “Naco” and “Estar Guars” a few years ago, it should have been fashion suicide. But instead of dying, the T-shirts sparked a craze, demonstrating that “Ser naco es chido,” or “Being uncool is cool.”more »»»
Teaching English in Mexico: A Decent Living?
 Doug Bower
What's more disappointing than a person who makes a promise he can't keep? A person who makes a promise that is a lie. Many promises to make a "decent living" teaching English in Mexico are just that — a lie. But they keep coming, filled with the delusion that perhaps they can make it work.more »»»
|
| |
|
|
|
|
Vallarta Weddings
Tell a Friend
Site Map
Print this Page
Email Us
