The “North American Free Trade” worth Billions Drops Off in 2009
WASHINGTON — Trade using surface transportation between the United States and its North American Free Trade Agreement partners Canada and Mexico was 28 percent lower in July 2009 than in July 2008, dropping to $51.5 billion in the seventh consecutive month with a year-to-year decline of greater than 27 percent, according to the Bureau of Transportation Statistics (BTS) of the U.S. Department of Transportation.
Surface transportation consists largely of freight movements by truck, rail and ...
Wed Sep 30, 2009: Mexico stocks gain on US recovery hope, peso firms
in
Businesses
Posted September 30th, 2009 at 1:53 pm
Mexico, which sends more than 80 percent of its exports to the United States, needs a recovery in U.S. demand to emerge from its own deep slump.
"The recession has hit bottom, and the medium-term outlook has improved. This will help emerging markets and commodities," said Ricardo Aguilar, an analyst at Invex brokerage in Mexico City.
Some investors had worried September could spur a major pullback in stock markets following a steep rally since March, but the IPC is headed for a gain of ov...
Mexico pull out of 2018/2022 World Cup bids
MEXICO CITY - Mexico withdrew its bid to host the World Cup in 2018 or 2022, leaving the United States as the lone contender from the Americas.
"The short-term prospects do not permit officials of the Mexican Football Federation, nor local or federal officials, to finance public works at the level this event requires," the governing body said Tuesday in a statement on its Web site.
Mexico hosted the World Cup in 1970 and 1986.
"Private and public investment is needed that today is impo...
FEMSA sees government tax proposal hurting beer industry
in
Mexico
Posted September 29th, 2009 at 8:57 pm
FEMSA sees government tax proposal hurting beer industry
* FEMSA sees beer price hike of 11 pct if tax plan passes (Adds Borrego quote, background, details throughout, byline)
MEXICO CITY, Sept 29 (Reuters) - Mexican brewer and bottler FEMSA would be forced to raise its beer prices by 11 percent if a government plan to raise taxes is approved, Genaro Borrego, the company's head of corporate affairs, said on Tuesday.
"It's an excessive proposal," Borrego said. "The proposal would mean t...
Mexico May Avoid Credit Rating Downgrade, JPMorgan Says
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Businesses
Posted September 29th, 2009 at 10:44 am
Mexico may stave off a credit- rating downgrade, JPMorgan Chase & Co. said. “From our conversations with the rating agencies, they appear to be giving Mexico the benefit of the doubt and will likely wait to see what components of the fiscal reform are approved by Congress,” JPMorgan analysts led by Joyce Chang wrote in a report to clients. Standard & Poor’s and Fitch Ratings have Mexico’s BBB+ rating, the third-lowest investment-grade level, on outlook negative as declining oil productio...
Mexico Is Strongest Luxury Market
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Businesses
Posted September 29th, 2009 at 10:42 am
Mexico is “probably the strongest market of the big countries in the world,” Norsa said, and growth there was “quite surprising. Mexicans are traveling less to the U.S., so they bought locally.” He said Ferragamo’s control of its retailing space in Mexican Department-Store chains like Grupo Palacio de Hierro SA meant the outlets stayed well-stocked. ...
Fitch says Brazil/Mexico rating gap to narrow
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Businesses
Posted September 29th, 2009 at 10:40 am
NEW YORK, Sept 29 (Reuters) - Fitch Ratings said on Tuesday the current two-notch credit rating gap between Brazil and Mexico is more likely to narrow with a downgrade of Mexican notes.
Mexico's higher ratings are currently justified by the country's stronger institutions, Fitch's analyst Shelly Shetty said in a conference organized by the ratings agency.
"But Brazil has clearly held up better than Mexico" during the crisis, Shelly said. ...
Mexico’s Stocks Open Higher; Peso Stronger Vs Dollar
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Businesses
Posted September 29th, 2009 at 10:38 am
Mexican stocks got off to a positive start Tuesday, but the rally began losing momentum as U.S. equities turned lower.
The IPC index of leading issues was up 0.5% at 29,544.87 points around 10:10 a.m. EDT. Volume was 44.6 million shares worth 1.38 billion pesos ($102 million).
The rise follows two sessions of gains after a week of profit-taking on the local market. "The IPC has moved slightly above its 10-day moving average, paving the way for a new push past 30,000 points," BBVA Bancomer ...
Mexicos Billion Dollar Chicontepec Oil fields
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Oil
Posted September 23rd, 2009 at 11:09 pm
Mexico is “evaluating” its $11.1 billion onshore Chicontepec oil project after production failed to meet targets, Energy Minister Georgina Kessel said.
Chicontepec: which stretches across Mexico’s Puebla and Veracruz states, will produce 60,000 barrels a day by the end of the year, down from a previous forecast of 72,000, according to Pemex. The company is being “too optimistic” about the field, board member Fluvio Ruiz said in a May interview.
Pemex Chief Executive Officer Jesus Rey...
Spain Needs Some Money: Cemex in Spain price-fixing investigation-filing
in
Mexico
Posted September 23rd, 2009 at 4:55 pm
MONTERREY, Mexico, Sept 22 (Mexico Cemex) - Spanish anti-trust authorities searched the local offices of Mexico's Cemex on Tuesday in an investigation into possible price fixing by the cement maker, the company told U.S. securities regulators in a filing.
Cemex, the world's No. 3 cement maker (CMXCPO.MX) (CX.N), said in the filing with the U.S. Securities and Exchange Commission that the search was part of an investigation of building materials companies in Spain "for possible unlawful practi...
