Mexicos 2010 Budget Plan Sees 2.5MB/D Crude Output
Mexico’s oil production may fall 4.9 percent next year as the nation faces the greatest “fiscal shock” in 30 years, said Finance Minister Agustin Carstens told a Senate committee today.
Lower output is costing the nation as much as 300 billion pesos ($23.05 billion) in lost sales annually and may create a deficit in the federal budget next year, Carstens said. Oil revenue funded 38 percent of the government’s budget last year.
Mexico’s economy, the second-largest in Latin America, may have shrunk as much as 10.4 percent in the second quarter as remittances, foreign direct investment and exports fell, according to a
government report last month. Standard & Poor’s in May placed Mexico’s credit rating on negative outlook as the government struggles to narrow its fiscal deficit.
“We are going to face a huge hurdle to pass a budget that maintains the stimulus with less government revenue,” Carstens said.
State-owned oil company Petroleos Mexicanos on July 30 cut its production forecast to 2.65 million barrels a day for this year, from an earlier estimate of as much as 2.8 million. Carstens said Pemex may pump 2.5 million barrels a day next year and output would keep falling through 2012.
mexico oil :http://www.bloomberg.com/apps/news?pid=20601086&sid=aPGPhD5VddqI
US officials handed $2.4 million in proceeds from stolen oil products to Mexican authorities as part of a case against a Houston importer.
US refineries bought millions of dollars worth of oil stolen from Mexican government pipelines and smuggled across the border, the US Justice.
* Texas says Cemex owes at least $558 mln in royalties
* Lawsuit latest concern for debt-laden Mexican company
* Cemex says sand, gravel not subject to royalties (Recasts; adds background, Cemex debt details)
By Robin Emmott
MONTERREY, Mexico, June 23 (Reuters) - The U.S. state of Texas said on Tuesday it filed a lawsuit against Mexico’s Cemex SA for $558 million in royalties owed in the United States, the latest headache for the debt-laden cement maker.
Texas Land Commissioner Jerry Patterson said Cemex (CMXCPO.MX)(CX.N), the top cement maker in the United States, was mining a quarry near El Paso, Texas, without paying royalties to the owner, the state’s Permanent School Fund.
*Jabil to build SunPower solar panels at Mexican plant
*First step in implementing regional panel assembly
*Financial terms not disclosed
LOS ANGELES, June 8 (Reuters) - Solar power company SunPower Corp (SPWRA.O) said on Monday it had signed a contract with electronics maker Jabil Circuit Inc (JBL.N) to build solar panels in Mexico beginning in the second half of 2009.
Jabil will start making solar panels for SunPower’s North American solar customers in the second half of 2009, SunPower said in a statement. The San Jose, California, company said the deal was the first step in its long-term strategy to implement regional panel assembly to reduce costs.
SunPower currently produces its solar panels in the Philippines and has a partnership with SunEnergy in China. It is also looking at establishing manufacturing in large solar markets in the United States, the company said. - [reuters.com]
Mexico Swine-flu outbreak linked to Smithfield factory farms
LINK AND INFO FROM “grist.org”
Is Smithfield Foods, the world’s largest pork packer and hog producer, linked to the outbreak? Smithfield operates massive hog-raising operations Perote, Mexico, in the state of Vera Cruz, where the outbreak originated.
“According to physicians from the state of Vera Cruz and the Mexican health agency IMSS, the epidemic’s vector could be the clouds of flies created by hog CAFOs and the manure lagoons where the U.S.-Mexican company (Smithfield’s Granjas Carroll subsidiary) through tons of manure.” read more: [swine-flu-smithfield/]
Mexico’s Health Secretary Jose Angel Cordova, center, speaks during a news conference in Mexico City Saturday April 25, 2009. Federal authorities have extended school closures in the capital and two other states with swine flu outbreaks for 10 more days and he said in the news conference that the new strain has killed as many as 81 people in Mexico, though only 20 deaths have been confirmed. At left is Mexico’s Secretary of Education, Alonso Lujambio, second from left, is the Secretary of Economy, Gerardo Ruiz, second from right, is the Secretary of Labor, Javier Lozano and at right, is the presidential spokesman, Maximiliano Cortazar.
The Westin Resort in Los Cabos Mexico
A Picture Submited of Las Rocas Resort - Rosarito, Mexico part of Baja California.
If your traveling to Mexico City then you have many Mexico resorts that you may fall in love with , why? mainly because you have lots of Mexico City hotels to choose from, the presence of so many hotels gives you the opportunity to choose the ones that are in your budget. (more…)
By Tony Allen
Mills BY THE hair-raising standards of torture, murder, kidnapping, extortion and other drug-related mayhem that has become tragically routine along the US border with Mexico, the inspection of a battered red Ford pickup truck travelling south through the Arizona desert this month hardly seemed worth recording.
US border patrol agents stopped the vehicle as it headed towards Mexico through the Organ Pipe Cactus national park. A search quickly uncovered seven assault rifles – two of them Russian-made AK47s – a couple of handguns and thousands of rounds of ammunition. (more…)
