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 Business News
Bolivia Nationalizes Natural Gas Sector
 Carlos Alberto Quiroga
Bolivian President Evo Morales signed a decree on Monday to nationalize the hydrocarbons sector, requiring foreign-owned companies to turn over their natural gas fields to the state immediately and ordering the military to occupy them to ensure production.more »»»
Mexican Congress Approves Overhaul of Antitrust Law
 Elisabeth Malkin
The Mexican Congress approved an overhaul of antitrust law this week, giving the government new authority to rein in the giant companies that control many parts of the country’s economy. The measure passed despite strong lobbying against the bill by Carlos Slim, whose control of Teléfonos de México has helped him become one of the world’s richest men.more »»»
Mexico Lifts Growth Forecast as Industry Surges
 Reuters
Mexico's central bank this week said the economy surged about 5.2 percent in the first quarter after a strong showing in industrial output, and bumped up its 2006 growth forecast. The central bank said it now expects Latin America's second largest economy to grow between 3.5 percent and 4 percent this year because of rapid growth in sectors like the auto industry.more »»»
The Ten Worst Corporations of 2005
 Russell Mokhiber & Robert Weissman
2005 was a good year for bad corporations. There were no U.S. elections to worry about, with their troubling possibility of politicians running on the popular platform of curbing corporate power. There were corporate scandals and corporate crime and violence galore.more »»»
Mexico, Brazil Have Room to Cut Rates, Carstens Says
 Bloomberg
Central bankers in Mexico and Brazil, Latin America's two largest economies, have room to further cut interest rates even as the world's major developed nations raise their cost of credit, International Monetary Fund Deputy Managing Director Agustin Carstens said.more »»»
Mexico's Stubborn Lack of Choices
 Marla Dickerson
When voters tossed out the ruling party in national elections six years ago, they gave a resounding no to a continuation of a 71-year political monopoly. But in another arena in which they can wield their votes — with their pocketbooks — Mexicans continue to be frustrated by a lack of true choice.more »»»
Many Mexicans Have Jobs Before Crossing
 Julie Watson & Olga R. Rodriguez
When Pedro Lopez Vazquez crossed illegally into the United States last week, he was not heading north to look for a job. He already had one. His future employer even paid $1,000 for a smuggler to help Vazquez make his way from the central Mexican city of Puebla to Aspen, Colo.more »»»
For Immigrants and Business, Rift on Protests
 Monica Davey
In Bonita Springs, Fla., 10 restaurant workers were fired this week after skipping their shifts to attend a rally against legislation in Congress cracking down on illegal immigrants.more »»»
Legalizing Immigrants Could Cut Flow of Money They Send Home, Mexican Economist Warns
 Mark Stevenson
A proposal in Congress to legalize millions of undocumented migrants in the United States could backfire by slashing the amount of money they send home, Mexican economists warn.more »»»
Output Up by more than 5 Percent
 Wire services
Industrial production rose more than 5 percent for a second month in February as declining interest rates spurred homebuilding and quickening U.S. economic growth fueled demand for Mexican-made cars.more »»»
Labor Heads Call for Work Stoppage
 Wire services
Labor leaders called on workers nationwide to walk off their jobs for an hour on April 28 to protest what they describe as government interference in internal union affairs. The walkout is aimed at forcing the government to reinstate the president of the miners and metalworkers union, Napoleón Gómez, who was removed Feb. 17 on accusations of corruption.more »»»
In Wake of Problems, Cruise Ships Cut Prices
 Avery Johnson
A spate of high-profile problems on the high seas, hurricane fears and weak demand for Caribbean sailings are leading cruise companies to offer fire-sale discounts in an effort to lure leery consumers aboard.more »»»
Migrant Smugglers, Experts Expect Business to Boom with Crackdown
 Julie Watson
Barely 18, Jose belongs to Mexico's new generation of migrant smugglers – young, savvy and happy to see Uncle Sam further tighten border security. Why? It's good for business, he says.more »»»
Bolsa Breaks Record on First-Qtr Expectations
 Wire services
The Bolsa stock index rose to a record high on expectations companies will report first-quarter profit growth. The Bolsa index rose 129.87, or 0.66 percent, to 19,764.08, led by Cemex SA, the world´s third-largest cement producer.more »»»
Reports: Mexican Authorities Shut Down Aerocalifornia for Lack of Security
 Associated Press
Mexico's federal aviation department has suspended operations at Aerocalifornia after determining that the low-cost carrier failed to meet adequate safety standards, Mexican news media reported.more »»»
Presidential Contender Worries Mexican Elite
 Jay Root
Some diplomats and businessmen are spooked by the possibility that former Mexico City Mayor Andres Manuel Lopez Obrador will become Mexico's next president. But with three months to go before the election, most admit that they have little hard information on how an administration led by the tough-talking leftist would affect Mexico's attitude toward business and foreign investment.more »»»
North American Neighbors Work to Keep an Economic Edge
 Nedra Pickler
President Bush insists he wants to make it legal for more immigrants to work in the United States, inviting an election-year debate with conservatives in his own party while building an alliance with the leader of Mexico.more »»»
Slim Says He Can Work With Leftist
 Alistair Bell
Mexican telecom magnate Carlos Slim, the world's third-richest man, said on Friday he could work with the leftist favoured to win the presidential election in July but feared by some business leaders.more »»»
IRS Plan Would Allow Sale of Tax Data to Marketers
 Jeff Gelles
The Internal Revenue Service is quietly moving to loosen the once-inviolable privacy of federal income-tax returns. If it succeeds, accountants and other tax-return preparers for the first time would be able to sell information from individual returns - or even entire returns - to marketers and data brokers.more »»»
The Villa Group Expands Horizons
 PRNewswire
The Villa Group, a resort development company with offices in Cabo San Lucas, Mexico and Puerto Vallarta, Mexico announces that it has plans for development in Loreto and Cancun, Mexico. more »»»
Mexico, Top Private Interests Look To Revamp Pacific Ports
 Will Weissert
Mexico and major shipping interests are bolstering Pacific ports south of the border, hoping to catch future runoff as an increasing tide of Asian cargo sails toward already clogged ports in California. Mexican officials in coming weeks plan to study the feasibility of turning Punta Colonet into a super-port on par with facilities at Los Angeles and Long Beach.more »»»
Companies Cross Borders for Immigrants
 Peter Prengaman
Immigrants have long sent money to relatives back home through wire-transfer services. But as the remittance market explodes — Latin American and Caribbean immigrants in the U.S. sent an estimated $40 billion home in 2005 — stores and financial institutions are rushing to create new services to capitalize even more.more »»»
US Trade Deficit Soars to Record
 BBC News
The US current account deficit, the nation's broadest measure of trade, reached a record high in 2005. According to the Commerce Department, the shortfall, which includes trade figures as well as money flows, surged 20% to $804.9bn (£463bn) last year.more »»»
Fox Says Mexico Oil Find Could Yield 10 Billion Barrels of Crude
 Miguel Hernandez
President Vicente Fox climbed aboard a drilling platform in the Gulf of Mexico on Tuesday to formally announce a new deep-water oil discovery he said could eventually yield 10 billion barrels of crude oil. An exploratory well dubbed Noxal 1 was drilled at a depth of 3,070 feet below the water, and is seeking a depth of 13,125 feet.more »»»
Slim Offers Plan to End Underdevelopment
 El Universal
Carlos Slim, the fourth richest man in the world, said Mexico can stop being an underdeveloped country over the next five years at "escape velocity" if it reaches a per capita income of US $10,000.more »»»
MIF Supports Tourism Development in Mexico’s Tequila Region
 Inter-American Development Bank
The Inter-American Development Bank’s Multilateral Investment Fund (MIF) will support with a $1,572,370 grant a sustainable tourism project in the Tequila region of the state of Jalisco, Mexico. The project will develop the Tequila Trail, a circuit that will highlight the natural and cultural attractions of this region.more »»»
Fox to Announce New Deep-Water Oil Find
 Associated Press
President Vicente Fox said he will soon announce another oil find in deep waters of the Gulf of Mexico, the business magazine Expansion reported this week. In its latest edition, Expansion cited Fox as saying in an interview that the magnitude of the deposit has yet to be determined.more »»»
Mexican Energy Chief Says Project Will Aid His Country
 Diane Lindquist
Mexican Energy Secretary Fernando Canales visited Sempra Energy's liquefied natural gas construction site yesterday and declared the first such project on the west coast of North or South America on budget and on schedule.more »»»
Mortgage Group is Eyeing Mexico
 Jonathan J. Higuera
As more Americans look to buy property in Mexico, U.S. mortgage bankers are faced with the dilemma of making loans in an uncertain environment or missing out on a lucrative opportunity.more »»»
$1 Billion is Raised from Sale of Government Stake
 Diane Lindquist
Mexico raised about $1 billion from its largest initial public offering in a decade with the sale Friday of the government's 85 percent stake in Grupo Aeroportuario del Pacifico, the enterprise that runs Tijuana International Airport and 11 other central and northwestern Mexican airports.more »»»
Mexican Central Bank Cuts Key Interest Rate
 Greg Brosnan
Mexico's central bank cut interest rates on Friday and must now decide whether to give a weak economy another boost despite risks posed by potentially volatile elections and a restless U.S. Federal Reserve. The central bank said it would allow the key overnight lending rate to fall another 25 basis points to 7.50 percent.more »»»
Election Won't Hurt Peso, Fed's Dallas Chief Says
 Louie Gilot
Those who worry about Mexico's economic health this election year should relax. Richard W. Fisher, the president and CEO of the Federal Reserve Bank of Dallas, says Mexico has already set the foundations of economic stability.more »»»
Mexico Airport Privatization Seen as High as $1 Bln
 Noel Randewich
The government is expected to sell its 85 percent stake in Grupo Aeroportuario del Pacifico, which operates 12 airports in Mexico, including busy destinations like Guadalajara, Tijuana and Puerto Vallarta, for between $18 and $20 per U.S.-traded share.more »»»
Latin American Investors Should Focus More on Brazil's Elections
 Laura Wides-Munoz
Investors should be less concerned about upcoming presidential elections in Mexico and more concerned about elections in Brazil as they evaluate political risks in Latin America, financial experts said recently. With about a dozen presidential elections set to take place in the next 15 months, the potential for some market anxiety is not surprising.more »»»
Crossing the Line
 Elliot Spagat
Delays at U.S.-Mexico border crossings in San Diego County cost the U.S. economy an estimated $3.74 billion in lost sales, jobs and productivity last year, according to a study released this week by the San Diego Association of Governments and the California Department of Transportation.more »»»
Mexican Housing Firms Woo Clients with Poor Credit
 Noel Randewich
A housing developer and mortgage lender in Mexico, faced with heavy competition, have found a way to attract customers with poor credit histories, who they would have avoided in the past.more »»»
A Latin American Pipeline Dream
 Monte Reel
South American leaders from Venezuela to Argentina are proposing to build the world's largest fuel pipeline across Latin America, and they hope it will deliver much more than natural gas: They portray the plan as the first blueprint for a new era of regional cooperation, greater independence from international markets and a more prominent voice on the world stage.more »»»
Cuban Dispute Harms Oil Industry Plan, Mexican Minister Says
 Bloomberg
The expulsion of Cubans from a Mexico City hotel because of a U.S. sanctions law stirred controversy that makes it harder to build support for opening Mexico's oil and gas industry to international investment, said Mexican Energy Minister Fernando Canales Clariond.more »»»
Mexican Threat to Prosecute U.S. Hotel cver Cuba Embargo Displays Dilemma Businessmen Face
 Julie Watson
Mexico's vow to prosecute an American-owned hotel for adhering to the U.S. embargo of Cuba puts American businesses in a dilemma: Whose laws do they obey – those of their homeland or those of their host? No matter what they do, they could face legal action.more »»»
Congressional Probe into Mexican Gaming Goes On
 Barnard R. Thompson
Members of the Special Committee on Gaming and Raffles Matters of the Mexican Chamber of Deputies, the committee formed to investigate compliance with gambling regulations and recent authorizations, met in Mexico City in late January.more »»»
Mexico City Jumps to Second Place
 El Universal
Mexico City has now climbed to second place nationwide in the amount of remittances its residents receive from the United States, according to a report published on Monday by Banco de México. The report said the capital received US$479 million in wire transfers from migrants living north of the border.more »»»
Chavez Bloc Races with Oil Cartel to Grid the Continent
 Bill Weinberg
A race is on between a series of pipeline projects already being developed under the auspices of multinational corporations and the proposal unveiled at Brasilia: the first predicated on extracting resources from South America with the minimum return to the continent's inhabitants; the other on harnessing those resources to lift the continent's masses out of poverty.more »»»
Mexico Plans Bond Sale to Small U.S. Investors
 Marla Dickerson
Mexico this month will become the first foreign nation to sell small-denomination government bonds in the United States aimed at mom-and-pop investors, the Mexican Finance Ministry said Friday.more »»»
Mexico's '05 Job Growth is Called Record
 Diane Lindquist
Mexican Labor Secretary Francisco Javier Salazar Sáenz said this week that the country created a record number of jobs last year, but he conceded it was not enough to stem the illegal flow of Mexicans seeking work in the United States.more »»»
Hurricanes Slowed Mexico's Economy
 Luis Rojas Mena
Mexico's economy faltered at the end of 2005 as hurricanes upset tourism, farming and oil exports, holding growth for the full year to a disappointing 3 percent. Gross domestic product grew about 3 percent in the fourth quarter, preliminary government data showed Monday, down from 3.3 percent in the third quarter.more »»»
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