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 Business News
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Jorge Larrea and Carlos Slim Fined $31.5M
 Ricardo Castillo
Cargo railroad companies Ferromex and Ferrosur were found guilty of monopoly practices and slapped with a total of 31.5 million dollars in fines by Mexico´s anti-trust watchdog agency, the Federal Competition Commission.
Mexico's Leading Mortgage Lender Eases Pace
 Gabriela Lopez
Mexico's Infonavit said this week that it granted 16 percent fewer mortgages during the first half of the year, but a new program launched this month is expected to boost lending amid a recession.
Worst of Crisis Over, Says Gurría
 The News
The worst of the economic crisis appears to be over, the Organization for Economic Co-operation and Development, said Wednesday as it revised upward its main growth forecasts for the first in time in two years.
Summer Mexico Resort Real Estate Update
 John K. Glaab
In the Settlement Company's Summer Newsletter, John K. Glaab talks about the Mexican economy, how it's affecting the tourist and real estate industries, and what the government is doing about it. He also looks at new commercial and residential developments springing up all around the country.
Competitiveness Report Analyses Nation's Crisis
The News
The World Economic Forum released The Mexico Competitiveness Report 2009, the first-ever study of this type for Mexico.
Mexico Struggles to Make Industries Competitive
 Noel Randewich
Mexico is taking steps against near-monopolies that the government blames for stunting the nation's growth, but it hasn't been easy to wrest control from some big companies.
Mexico Cuts Interest Rate for 6th Time this Year
 Eduardo Castillo
Mexico's central bank cut its benchmark interest rate by a half-percentage point on Friday, signaling that it may be approaching its last rate cut of the year as it seeks to revive growth and help the country emerge from deep recession.
Germans Flock to Gold Bars Vending Machine at Frankfurt Airport
 Roger Boyes
After inserting your euros in the slot there is a familiar whirring noise as if the machine is readying itself to spit out a can of lemonade or a bar of chocolate. Instead there is a satisfying clunk as a prettily wrapped bar of the world's favourite precious metal thuds into the dispenser.
Cash to Become Extinct as Chips Take Off
 Anthony Keane
Cash is accelerating down the path to extinction as new technologies threaten to mark the end of loose change within a decade.
Mexico Finance Minister Reiterates Need for Reform
 Robert Campbell & Luis Rojas
Finance Minister Agustin Carstens reiterated his call for an overhaul of Mexico's finances on Thursday despite skepticism from politicians, including ruling party members over the need for reform.
Southern Baja Resort Project Falls Victim to Financial Woes
 Sandra Dibble
Like other tourist-oriented real estate projects on the Baja California peninsula, the planned 6,000-unit Loreto Bay development has struggled under daunting market conditions.
Cancun’s Swine Flu-Idled Workers Miss Free-Spending Tourists
 Thomas Black
Tourists scared away by swine flu are back on the beaches at Mexican resorts, led by bargain- hunting locals snapping up offers for half-price hotel rooms and $1.25 beer.
Clean-Energy Windmills a 'Dirty Business' for Farmers in Mexico
 Chris Hawley
The Isthmus of Tehuantepec — Mexico's narrowest point — is becoming the Saudi Arabia of alternative energy as U.S. and European companies, emboldened by new technology and high oil prices, rush to stake their claims in one of the world's windiest places.
Mexico to Tender $1.6B in Highway Projects
Tomas Sarmiento
Mexico plans to tender five projects worth $1.6 billion this year to build hundreds of miles of highways, the government said on Monday, part of an infrastructure program meant to help counter a deep recession.
Aviacsa Again Resumes Flights Across Mexico
 Associated Press
Mexico's Aviacsa airline resumed service Friday after winning a court ruling overturning a government order grounding its planes for the second time over safety concerns.
Vultures Circle Argentina
 Mark Weisbrot
Attempts by vulture fund investors to profit from Argentina's debt default are straining US-Argentine relations.
Mexico Watchdog Flunks HSBC on Credit Card Transparency
 Tomas Sarmiento
The Mexican unit of HSBC bank ranked lowest in the review of 18 banks that looked at the contracts clients must agree to, banks' websites, credit card statements, and credit card advertisements, according to Condusef, the government's financial products watchdog.
Mexico Set to Recover International Leadership as Petroleum Power: President Calderón
 Presidencia de la República
President Felipe Calderón declared that the national petroleum industry has the potential to continue being the trigger for development that will enable Mexico to become the modern, developed, competitive country we want.
NAFTA Members See Non-Compliance
 Karla Fajardo Castellanos
Senators from the United States, Canada and Mexico all expressed concern Thursday over the non-compliance of many of the promised advantages that have not come to reality from the NAFTA treaty, even 15 years after the signing of the pact.
Mexico Expo Coming to San Diego this Fall
 Ted Donovan
Mexico needs promotion in the U.S. more than ever, so if you are in the Mexican tourism industry, start making plans to be part of the Mexico, Tourism, Travel and Real Estate Expo, scheduled to take place in San Diego, California this fall.
Meltdown 101: Cash to Mexico and the US Economy
 Alicia A. Caldwell
With the economy struggling through the longest recession since the Great Depression, the steady flow of dollars that immigrants send back to Mexico has also taken a serious hit.
Mexican Builder ICA Plans Public Share Offering
Robin Emmott
ICA, Mexico's top building company, said on Tuesday it plans to increase its capital via a global public share offering.
Mexico Consumer Prices Fall Most in Two Years in May
 Jens Erik Gould
Mexico’s consumer prices fell the most in two years in May on reductions in costs for electricity, tourist packages and produce.
Mexico Inflation Slows to 7-Month Low in May
Robert Campbell
Mexico's annual inflation slowed in May to a seven-month low, leaving the way clear for the central bank to keep lowering borrowing costs to help pull the economy out of its worst recession since 1995.
Obama Promises 600,000 New US Jobs
 Brett Blackledge
President Barack Obama promised Monday to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools and summer youth programs.
Global Airlines Forecast to Post $9 Billion Loss for 2009
 Kyodo News International
The global airline industry is forecast to lose $9 billion this year, the International Air Transport Association said Monday, nearly doubling its earlier projection as worldwide economic slump and fears about the new flu sent the industry into a tailspin.
Support from Private Enterprise Vital for Achieving Green Economy: UNEP
 Presidencia de la República
Moderating the panel on "The Business Sector's Contribution to a Green Economy," Executive Director of the United Nations Environment Programme (UNEP) Achim Steiner warned that without the support of the private sector, it will be impossible to promote a green revolution that will guarantee a change of mentality in the way business is done.
US Unemployment Rate Hits 9.4 Percent
 Jeannine Aversa
With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.
Mexican Airport Operator GAP Records Significant Decline in May Traffic
 Comtex
Mexican airport operator Grupo Aeroportuario del Pacifico SAB de CV (GAP) (BMV: GAP) has reported its passenger traffic results for May 2009.
Mexican Assets Rise on Signs of Hope for Economy
Noel Randewich
Mexico's peso and stocks gained in early trade on Thursday, after new U.S. economic data showed hints of improvement.
Mexico’s Carstens Sees Recession Easing Through 2009
 Jens Erik Gould
Mexico’s Finance Minister Agustin Carstens said the nation’s recession will ease in the coming two quarters after gross domestic product declines sharply in the three months through June 30.
Investors in Developing Markets See Optimism
 Vikas Bajaj & Keith Bradsher
If investors in New York and London are seeing the first delicate signs of a recovery, their counterparts in developing countries say they are witnessing a full-on spring.
Mexico Needs Changes to Avoid Lower Rating: Ortiz
 Thomas Black
Mexico’s central bank Governor Guillermo Ortiz said the country must approve laws to improve tax collection and make the labor market less rigid to avoid having its credit rating reduced.
Mexico Grounds Aviacsa Airline, Deeming Planes Unsafe
Associated Press
Mexico has grounded the Aviacsa airline temporarily after officials reported irregularities in the maintenance of 25 planes.
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