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 Business News
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Mexico's Reserves Continue to Shrink
 Notimex
Mexico's international reserves continued to shrink this past week, down from $112 million to $73.51 billion, even after an injection of foreign currencies in the exchange rate market.
Mexico Takes Over Bankrupt Loreto Bay Hotel, Golf Course
 Rodriguez Navarro
Due to the suspension of activities of the Loreto Bay tourism project, following the announced bankruptcy of the TSD Loreto Partners company, an affiliate of Citigroup, Mexico's National Tourism Development Fund (FONATUR) will take over operations of the hotel and golf course at the Baja California Sur destination.
Mexican Credit Card Hole Gets Deeper and Deeper
 Frontera NorteSur
t least 13 percent of the 245,000 credit card users in Ciudad Juarez are now delinquent in their payments; nationwide, bad credit card debts make up at least 10.9 percent of the overall portfolio.
As US Recession Lingers, Small Business Falters
 Frank Bass & Rita Beamish
As the effects of the economic collapse began pouring down Main Street, the government last year was left holding a record $2.1 billion in write-offs of small business loans it had guaranteed.
Mexico, Ideal Destination for Investment and Strategic Alliances: President Calderón
 Presidencia de la República
On tour in the state of Querétaro, President Felipe Calderón declared that Mexico is a good place to invest, since it has the advantages of a competitive, producing country in the manufacturing sector, in addition to being one of the world's most important growing markets.
Mexico Inflation Slows in Early July on Recession
 Jason Lange & Robert Campbell
Mexican inflation slowed in early July as a deep recession made it harder for businesses to raise prices, though the central bank is still seen holding borrowing costs steady at its August policy review.
President Calderón Announces Expansion of VW Mexico for $400 Million USD
 Presidencia de la República
During his annoucement of the expansion of the Volkswagen Puebla Plant, President Felipe Calderón declared that Mexico will emerge stronger from the current world economic crisis, since the programs implemented by his government have reduced the impact on the country.
Obama Administration Abandons Cramdown
 Mike Lillis
As housing foreclosures top the 1.5-million mark this year, the Obama administration has openly abandoned cramdown as a strategy for tackling the crisis.
Mexico’s PRI Opposes Tax Increase to Bolster Finances
 Adriana Lopez Caraveo & Jose Enrique Arrioja
Mexico’s opposition Institutional Revolutionary Party opposes raising taxes as a way to strengthen public finances, signaling President Felipe Calderon may not get the changes to fiscal policy he wants to avoid a credit-rating cut.
Mexico GDP May Shrink 7% This Year, UN Agency Says
 Sebastian Boyd
Mexico’s economy will shrink 7 percent this year as gross domestic product for all of Latin America declines 1.9 percent, the United Nation’s Economic Commission for Latin America and the Caribbean said today.
Billion Dollar Cruise Terminal on West Coast Discussed
 Brittany Wallace
Although the cruise industry is still feeling the repercussions of the recent recession, Los Angeles officials are contemplating building a $1 billion terminal to accommodate large numbers of people expected to be sailing away on cruises in the next few years.
 G-20 or G-192: Fear of the South
 The Real News Network
As the global economy continues it's decline, the consequences are growing for the world's poorest. Up until a recent UN conference on the crisis, the representatives of their governments had not been given a venue to discuss a coordinated response to the problem.
Mijo! Brands Get Personal with Maven Partners
 Daniel Gomez
Launching a recruitment services company while the world economy continues to free-fall is either a sign of genius or idiocy. In the case of Maven Partners, it is genius. Maven Partners launches officially this week in the UK, offering specialist finance and taxation recruitment services.
Mexico's June Auto Slump Raises Recovery Doubts
 Jason Lange
Mexican automobile output slumped by nearly half in June as a recession in the United States crimped demand for new vehicles, hurting hopes for a near-term recovery in Latin America's second largest economy.
Mexico Sets Rules for Mobile Telephone Banking
Noel Randewich
Mexico's central bank has established rules on paying for goods and services and making other financial transactions through bank accounts associated with mobile telephones.
Mexico’s Tourism Set To Grow
 TravelVideo.tv
Mexico’s Tourism Minister Rodolfo Elizondo confirms the comeback of international flights, hotel occupancies, and cruise line operations.
Sustainable Development: Less Is More for the Modern Day Wage Slave
 Michael Vail
The basic tenets of conservation movement were sound before it was turned into a rabid fundamentalist religion. Everyone wants clean air, water and good food and that has nothing to do with governments or its policies.
Export Import In Mexico
Darren Chow
Mexico is a burgeoning economy and is thus a great place to start your export/import business in. Mexico has a lot of cheap and indigenous products that are in great demand in other countries.
Token Royalty? Queen Elizabeth II the Largest Landowner on Earth
 Who Owns the World
Queen Elizabeth II, head of state of the United Kingdom and of 31 other states and territories, is the legal owner of about 6,600 million acres of land, one sixth of the earth’s non ocean surface.
Swiss to Stop UBS Handing Over Data in US Tax Row
 Lisa Jucca
Switzerland has vowed to prevent UBS from handing over client information to U.S authorities, in an attempt to defend bank secrecy, saying a tax case targeting its main bank is souring diplomatic ties.
Mexico's Next Big Tourist Destination
 Ronan McMahon
While investors have been very successful with real estate investments in destinations like Cancun, Los Cabos, and Puerto Vallarta, opportunities tend to decrease as the markets mature and become increasingly crowded. Fortunately, the Mexican government is currently investing in developing new destinations to attract tourism and new investment.
Mexico’s Peso, Stocks Fall as Calderon’s Party Loses Election
 Valerie Rota
Mexico’s peso fell to the lowest in two weeks and stocks dropped after President Felipe Calderon’s party lost congressional seats in midterm elections, adding to concern the government will struggle to implement tax increases that economists say are needed to narrow a budget gap.
The New Global Economic Reality
Charles Simpson
Mexico is in a unique position to reap many of the benefits of the decline of the US economy. In order to not violate NAFTA and other agreements the U.S.A. cannot use direct protectionism, so it is content to allow the media to play a protectionist role.
Global Downturn Hits Mexico Harder Than Most
 Jason Beaubien
In English, you might call what's happening to Mexico's economy a "perfect storm." The crisis has hit many nations hard, but Mexico's problems are compounded by factors that leave it facing its worst economic crisis since the Great Depression.
A.M.P.I. Hosts Deloitte Touche Seminar
 Marilyn Newman
On June 30th, the Banderas Bay area chapters of AMPI hosted a Deloitte Touche seminar entitled 'The Business Barometer,' with Harold Hoekstra, Horacio Navas and Jorge Zavala speaking on the state of the real estate market and strategies for business administration during volatile times.
Next Segment of the US Housing Market to Crash: $1+ Million McMansions
 Henry Blodget
The next segment of the real-estate market to crack will be the mid-to-high end. Why? Because so far, those who forked over more than $1 million for their houses have resisted reality more successfully than the folks in lower-end housing brackets.
US Cuts Bolivian Tariff Exemptions on Drug Efforts
 Frank Bajak
The U.S. government says it will end valuable tariff exemptions for Bolivia because the world's No. 3 cocaine-producing country is not adequately prosecuting the war on drugs.
Mexico Economy Could Shrink 6.3% in 2009 - Poll
Jason Lange, Pedro da Costa & Robert Campbell
Mexico's economy will probably shrink 6.3 percent this year as a severe U.S. recession dents the country's exports, analysts told the central bank in a poll released on Wednesday.
U.S. Migrant Money Pools Thrive in the Recession
 Tim Gaynor
Little known outside migrant communities, these funds are known as 'cundinas' or 'tandas' in Mexico and Central America. Similar associations, known as 'susu' in West Africa and the Caribbean and 'hui' in China and parts of Asia, are also common in U.S. migrant communities.
Mexico's Film, Video, TV in Great Shape
 The News
Despite the global economic recession, Mexico's video, film and television industries appear to be in great shape.
Failed Entrepreneurs Flee Dubai, Fear Debtor Prison
 Telegraph UK
A British entrepreneur has fled the financial crash in Dubai leaving behind hundreds of thousands pounds in debts. Simon Ford, who founded a "gift experience" company that prospered in the United Arab Emirates' boom years, said he had been forced to escape as he feared being sent to debtors' prison under strict bankruptcy laws.
'Evil' Madoff Gets 150 Years in Epic Fraud
 Robert Frank & Amir Efrati
Bernard Madoff, the self-confessed author of the biggest financial swindle in history, was sentenced to the maximum 150 years behind bars for what his judge called an "extraordinarily evil" fraud that shook the nation's faith in its financial and legal systems and took "a staggering toll" on rich and poor alike.
Mexico's Gamble on Biofuels
 Alberto Najar
Mexican authorities intent on tackling the issues surrounding the production of biofuels are faced with one fundamental question. Should they have clean air, or cheap food to feed the country's poor?
Mexico's Credit Compromised
 Reuters
Mexico's weak macroeconomic outlook and rising fiscal pressures are weighing on its sovereign creditworthiness, according to a Fitch Ratings report published on this week.
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