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 Business News
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Latins Quiet About Madoff Losses
 Jose de Cordoba, Antonio Regalado & Joel Millman
Wealthy Latin Americans appear to be among the big losers in the $50 billion Ponzi scheme orchestrated by financier Bernard Madoff, although many in the region are reluctant to step forward due to the private nature of Latin American fortunes, worries about security, and concerns about tipping off local tax authorities.
You Call This a Housing Bust?
 Tim Hanson
We all know about the bust-up of the U.S. housing market. Defaults are up, credit is gone, the stock market is down, and we all feel poorer. And all of that means few want or can afford a new home. That, however, is not the case south of the border where Mexico's affordable-housing market looks to not only hold up, but continue growing at double-digit rates.
Mexico Monthly Trade Deficit Hits Record $2.8B
 Associated Press
Mexico says it has posted its highest monthly trade deficit on record: a negative balance of $2.8 billion in November, largely because of a drop in oil revenues. Mexico is both producing less oil and getting lower prices for it than in previous months.
U.S. Exports Its Auto Struggles to Mexico
 Alexandra Olson
The U.S. auto bailout lifts the threat of imminent collapse from plants that have been a steady source of jobs in Mexico. But the rescue, backed by American taxpayers, is likely to slow investment in Mexico's auto industry, one of the fastest-growing in the world.
No Christmas Cheer as US Recession Gathers Steam
 Alister Bull
Existing home sales fell by a record amount last month as the recession picked up pace although a collapse in gasoline prices gave consumer sentiment a rare lift, data on Tuesday showed.
Mexico’s Consumer Prices Increase More Than Expected
 Thomas Black & Valerie Rota
Mexico’s consumer prices rose more than analysts forecast in the first half of December on higher prices for tourist services, cigarettes, tomatoes and eggs.
Mexico: Oil Output Down 9.3 Percent from Last Year
 Associated Press
Mexico's state oil company says production was down 9.3 percent in the first 11 months of the year, compared with the same period in 2007.
Congress to Highlight Rising Counterfeiting in Latin America
 ag-IP-news
The Fifth Global Congress on Counterfeiting and Piracy to be held June 2-4, 2009 in Cancun, Mexico, will discuss the rising tide of counterfeiting in Mexico, Central and South America, a press release by the International Chamber of Commerce (ICC) stated.
Mexico's Car Dealerships See Sales Declining in 2009
 Paul Kiernan
Mexico's domestic new car sales could register a double-digit contraction next year as consumer credit dries up amid the global economic crisis, according to local dealerships.
 GOP Memo Indicates Vendetta Against Unions
 The Real Network
Last week, a memo was released that circulated amongst Republican Party senators prior to the vote on the proposed auto bailout. The memo advocated stopping the bailout as an opportunity to 'take their first shot at organized labor.'
Mexico Real Estate News and Market Update
 John K. Glaab
If you want to know what's going on in Mexico's real estate market, be sure to read the December 2008 Mexico real estate news, resort and second home market update from The Settlement Company's Certified International Property Specialist, John K. Glaab.
President Felipe Calderón Urges Workers’ and Employers’ Sector to Defend Mexicans‘ Employment in 2009
 Presidencia de la República
President Felipe Calderón called on the workers’ and employers’ sectors to focus their efforts and draw up a joint agenda to protect jobs in 2009.
Second Annual Real Estate Fair
 John K. Glaab
The Second Annual Real Estate Fair, sponsored in part by the Zihuatanejo section of AMPI and scheduled to be held in Zihuatanejo from January 19th-21st, provides an opportunity for foreign buyers to learn about purchasing property safely in Mexico.
Mexico Economy May Shrink in 2009, Economists Say
 Hugh Collins
Mexican economists expect the country’s economy to shrink by 0.1 percent in 2009 as demand for exports slump, according to a central bank survey.
Mexico’s Organic Program Continues to Flourish
 Tom Burfield
So far, organic production continues to thrive in West Mexico, with more growers getting into the category or expanding existing organic acreage every year. No one knows whether that growth will continue in light of the gloomy economic picture, but most Nogales distributors remain optimistic.
Mexico Raises 2009 Daily Minimum Wage Below Inflation Rate
Thomas Black
Mexico will raise the minimum daily wage an average of 4.6 percent next year, more than 1.6 percentage points below the current annual inflation rate.
Mexico Hopes to Sweeten Economy with Native Fruit
 pro8news.com
Pesky insects have been keeping Guavas, a native fruit to Mexico and Central America, out of the hands U.S. residents for years, but that’s changing.
Mexican Telecommunications Industry Propels Economic Growth in Mexico
 PRNewswire
Between 1990 and 2007, the telecommunications sector grew almost five times faster than the economy in Mexico and has gone a long way in reducing the economic and social difficulties in this country.
Bargains Galore! 25% Discount on Everything in Puerto Vallarta, Mexico
 Jim Scherrer
The effects of the global financial crisis are finally being felt in Puerto Vallarta. However, for US visitors and those of us living here that are still holding a few US Dollars, almost all goods and services in Mexico just went on sale!
If You Own Property in Mexico, You Need Both a Mexican Will and Beneficiary Notice
 Peter R. J. Thompson
In this lull between real estate booms, if you already own Mexican property, it’s a good time to take a breather, sit back, and make sure all your Mexican legal documents are in order. Specifically, are your loved ones and other heirs protected in case something should happen to you?
Americans Rich and Poor Pawn More to Pay Bills
 Sue Zeidler & Tim Gaynor
Whether it's a Tiffany diamond or a three-year-old lawnmower, more and more Americans from all social classes are pawning their possessions to make ends meet.
Falling Fortunes, Rising Hopes and the Price of Oil
 Peter Zeihan
Oil prices have now dipped — albeit only briefly — below US$40 a barrel, a precipitous plunge from their highs of more than US$147 a barrel in July. Just as high oil prices reworked the international economic order, low oil prices are now doing the same.
US Home Values Seen Losing Over $2 Trillion During 2008
 Julie Haviv
Homes in the United States have lost trillions of dollars in value during 2008, with nearly 11.7 million American households now owing more on their mortgage than their homes are worth, real estate website Zillow.com said on Monday.
Bank Of America Plans 35K Job Cuts
 Associated Press
Bank of America Corp. said this week it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.
World Bank warns of Great Depression II
 Hindustan Times
The world could go through its worst recession since the Great Depression as a massive financial crisis has slashed global investment and sharp drops in commodity prices severely hurt poor-country exports, the World Bank warned this week.
World Markets Plunge as US Auto Bailout Fails
 Pan Pylas
World markets fell Friday amid concerns about the future of the U.S. auto industry following the Senate's rejection of a $14 billion rescue deal.
IDB, World Bank Offer Mexico $5.5 Billion in Loans
 Associated Press
The World Bank and the Inter-American Development Bank say they will offer about $5.5 billion in loans to Mexico in 2009 to help finance infrastructure, development and anti-poverty programs.
Mexico Bumps Canada to No. 3 Car Maker
 Greg Keenan & Karen Howlett
Mexico has knocked Ontario off its perch as North America's pre-eminent auto-producing area, raising the stakes for Canadian governments as they weigh a multibillion-dollar bailout package for the Detroit Three aimed at maintaining the province as an automotive powerhouse.
US Recession Deepens; Deflation Possible
 Jim Christie
The "nasty" U.S. recession will tighten its grip next year as unemployment rises and weak home and stock prices imperil consumers, finance firms and debt-laden businesses, a UCLA Anderson Forecast report released on Thursday said.
Business, Leisure Travel Heading South
 Ipsos
Nearly half of American business travelers who planned to travel through the remainder of 2008 say their travel plans have been somehow affected by the bad economy, and 21% of leisure travelers expect to cancel or postpone a trip this year.
Cuban Tourism Surges as Rest of Caribbean Stalls
 Will Weissert
Cuba's vacation industry has remained as hot as the tropical sun here, even as the world economic crisis sparks cancellations and layoffs elsewhere in the Caribbean.
Campeche City, Mexico Real Estate: Rumblings of a Boom
 Yemisrach Kifle
Campeche City, Mexico is increasingly attracting vacationers and investors who are looking for a low key place that combines both a sense of history and a relaxed beach culture.
Mexico Annual Inflation Rate Rises to Seven-Year High
 Jens Erik Gould
Mexico’s annual inflation rate last month rose to the highest level in more than seven years as costs rose for electricity, tomatoes and beef.
Mexican Peso, Stocks Soar on Obama Plan, Auto Hopes
Jason Lange & Michael O'Boyle
Mexico's peso rallied on Monday and stocks surged 4 percent on hopes that U.S. President-elect Barack Obama's infrastructure investment plan would boost the slumping U.S. economy.
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