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 Business News
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Mexico has the Character, Bravery and Resources to be Able to Pull Through: President Calderón
 Presidencia de la República
President Felipe Calderón declared that his government will continue working hard to offset the effects of the international crisis and transform the Mexican economy so that once the current economic downturn is over, it will grow more quickly and create more jobs.
Mexico's Central Bank Slashes Interest Rates
 Traci Carl
Mexico's central bank surprised analysts Friday and slashed interest rates by three-quarters of a point.
13 Firms Receiving Federal Bailout Owe Back Taxes
 Stephen Ohlemacher
At least 13 companies receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key US lawmaker said Thursday.
Latin American Movement for Basic Income for All
 Marcela Valente
The global financial crisis could present an opportunity to move towards the creation of a universal basic income for all citizens, say advocates of the system in Latin America.
US House Votes 90 Percent Tax on Bailout Bonuses
 Stephen Ohlemacher
Acting swiftly, the Democratic-led House approved a bill Thursday to slap punishing taxes on big employee bonuses at firms bailed out by taxpayers.
Mexico Bankers Urge Govt to Decide on Citigroup Sale
 Noel Randewich
The head of Mexico's bank association urged the government on Thursday to make a speedy decision about whether Citigroup (C.N) must sell its prized Banamex subsidiary.
 Mexico’s Innovative and Scenic Ports Unite at The Sea Trade
 Ozgur Tore
The Mexico Tourism Board is participating in the 25th annual Cruise Shipping Miami Convention. The event is taking place at the Miami Beach Convention Center until March 19th. Mexico’s pavilion will feature the most important Mexican Ports.
Vallarta Businesses in 'Sally's Corner'
 PVNN
Even in these difficult economic times, Puerto Vallarta and Banderas Bay area businesses are donating their products and services to raise the necessary funds to make 'Sally’s Corner,' the new children's section at Los Mangos Library, a reality.
Mexico Tariffs Hit a Diverse List of U.S. Goods
 Mica Rosenberg –
Mexico said on Wednesday it was imposing higher tariffs totaling $2.4 billion on a wide list of U.S. imports ranging from strawberries to Christmas trees after Washington banned Mexican trucks from U.S. roads.
Mexico Senate Confirms New Pemex Board Members
 Miguel Angel Gutierrez
Mexico's Senate confirmed key appointments to the board of state oil monopoly Pemex on Tuesday in a bid to improve corporate governance and strategic planning at the struggling company.
US Congress Urged to Save Banks 'Too Big to Fail'
 Reuters
Congress should identify banks or other financial institutions that have become so large their failure poses a systemic risk and should put them under federal supervision, according to the Independent Community Bankers of America.
Tuesday to Be Last Issue of Seattle Post-Intelligencer
 Phuong Le
The Seattle Post-Intelligencer, which has chronicled the news of the city since logs slid down its steep streets to the harbor and miners caroused in its bars before heading north to Alaska's gold fields, will print its final edition Tuesday.
PV Wise WoMen Explore Mexican Financials
 PVNN
How is the U.S. economic recession effecting people in México? How is this situation effecting Mexicans living abroad? Join the Wise WoMen of Vallarta at the IFC on March 25 for 'Mexican Financials at a Glance' by financial adviser Fernando Valerio.
Mexico’s Economy to Shrink More Than Prior Forecast
 Valerie Rota
Mexico’s economy will shrink more than previously estimated this year, leading the central bank to trim its key lending rate by a larger amount, RBS Greenwich Capital Markets economist Benito Berber said in a note today.
Investing in Infrastructure Means Progress for Mexico: President Calderón
 Presidencia de la República
President Felipe Calderón urged everyone to do his part in this international economic downturn to pull Mexico through.
Colombia Fraud Victims Get Just $96 Each
 Associated Press
Thousands of investors who lost savings, big and small, in a Colombian pyramid scheme will receive just $96 apiece in compensation, the government announced Friday.
Mexico: A Better Choice than China?
 Harold L. Sirkin
The question doesn't really matter, but the answer for U.S. manufacturers always seems to be the same: China. But if distant China is the Big Kahuna of low-cost manufacturing and sourcing, Mexico should be seen as El Pequeno Kahuna.
Trump Sued by Investors Over Failed Resort
 Leslie Berestein
Nearly 70 plaintiffs who invested millions of dollars in the Trump Ocean Resort, a planned luxury oceanfront development in Baja California that was never built, are now suing Donald Trump, his son and daughter, and the project's developers on a fraud claim.
Mexico Peso, Stocks Surge on US Rally
PVNN
Mexico's peso soared on Thursday for the third straight session after U.S. retail sales fell less than expected, while stocks made their biggest one-day jump in almost four months.
Summary of Immigration Requirements for Volunteering
 PVScene
At a recent meeting at the IFC, the Puerto Vallarta local Immigration Delegate, Lic. Alejandro Sandoval explained the enforcement of regulations concerning expat participation in volunteer work in Puerto Vallarta and in Mexico, generally.
 UBS: Washington’s Old Friend Becomes New Foe
 The Real News Network
Switzerland's largest bank, UBS and its relationship with US politicians.
Mexico's Weak Peso Lures Foreign Investment Despite Downturn
Peter Millard
The sharp fall in Mexico's peso has fueled inflation and eroded consumer confidence in Latin America's second largest economy, but there are two sides to every coin.
Madoff Faces Life in Prison on 11 Criminal Charges
 Grant McCool & Martha Graybow
Bernard Madoff, accused of an "unprecedented" $50 billion financial swindle, was charged on Tuesday with 11 criminal counts that could put him in prison for the rest of his life.
Mexicana's Bold Re-Brand
 Daniel Gomez
The fact that Mexicana de Aviacion re-branded is no surprise. The airline's brand identity had become antiquated over the years as newer, bolder and more youthful airlines entered the domestic market.
Mexico Reports Highest Core Inflation in Seven Years
 Jens Erik Gould
Mexico reported the fastest annual core inflation in more than seven years last month, possibly limiting the central bank’s room to lower the benchmark interest rate.
US Recession Set to Be Longest of Postwar Period
 Deb Riechmann
Factory jobs disappeared. Inflation soared. Unemployment climbed to alarming levels. The hungry lined up at soup kitchens. It wasn't the Great Depression. It was the 1981-82 recession, widely considered America's worst since the depression.
Citigroup Mexico Insiders Buy Shares in Bank
 Noel Randewich
The recent purchase of shares in Citigroup by its top executives in Mexico is a show of confidence in the troubled bank's eventual recovery, a spokesman for the group's Mexican unit said this week.
Congress May Cut Off Spending on Mexican Trucks
 Suzanne Gamboa
Congress may force President Barack Obama into a showdown with Mexico over free trade. Lawmakers are preparing to cut off the money for a 1 1/2-year-old pilot program that opened the way for up to 500 Mexican trucks from 100 operators to drive deeper into the United States.
Mexico's GAP Reports February Passenger Traffic
 PVNN
GAP's total terminal passengers for the month dropped by 14.6% compared to February 2008. International passenger traffic showed a decrease of 8.0%, while domestic passenger traffic fell by 18.8%.
Credit Suisse Targets Wealthiest Mexicans
 Reuters
Credit Suisse said Thursday it is launching a private banking business in Mexico to manage investments for the country's rich, a segment it says is growing, despite a slumping economy.
US Unemployment Jumps to 8.1 Percent as Job Loss Accelerates
 Dean Baker
The February employment report showed the labor market deteriorating at an even faster rate, with the unemployment rate rising from 7.6 percent to 8.1 in February. The economy lost 651,000 jobs in the month, but job loss for the prior two months was revised up as well. Job loss for the last three months is now reported at 2,013,000, an average of 671,000 per month.
Puerto Vallarta's Sluggish Economy
 Vallarta Opina
Due to the closing of at least 150 local small and medium size businesses since last December, the National Chamber of Commerce and Tourism Services (Canaco Servytur) have asked State Authorities to provide local business owners with credit lines.
Mexico Violence a Boon to Armored Car Industry
 Associated Press
The drug violence in Mexico has gotten so bad that booming numbers of Mexican and American professionals are having their cars fitted with armor, bulletproof glass and James Bond-style gadgets.
Mexico’s Peso Advances Most in Month on U.S. Jobs Report
Valerie Rota
Mexico’s peso advanced the most in more than a month after a U.S. government report showed the pace of job losses slowed.
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