|
Energy
Pemex Places USD 600 Million Japanese Bond
September 30, 2008
Pemex said it has successfully placed an approximately USD 600 million bond issue on the Japanese market. Funds from the bond, which is guaranteed by Japanese government export finance agency Nippon Export and Investment Insurance (NEXI), will be used to continue development work on Mexico’s Ku Maloob Zaap oil field. The 12-year bond carries a biannual coupon of Yen Libor +75 basis points, which Pemex said was equivalent to dollar Libor +137. HSBC and Sumitomo Mitsui Financial Group led the issue.
Pemex Pays MXN 518 Billion In Taxes Between January And August
October 1, 2008
According to the Finance and Public Credit Ministry (SHCP), Pemex has paid approximately MXN 518 billion in taxes between January and August 2008, making its contribution 48.6% higher than it was in the same 2007 period, or amounting to some MXN 185 billion. Meanwhile, Pemex’s participation in its own income fell 45.4%, from MXN 213 billion in August 2007 to MXN 121 billion this year.
Pemex Sees Gasoline Imports Up 5.4% In 2009
October 1, 2008
According to Pemex, Mexico’s gasoline imports are set to rise 5.4% in 2009 to average 390,000 barrels per day (b/d). Mexico's gasoline imports have more than tripled over the past five years and now account for more than 40% of domestic demand due to chronic underinvestment in refining capacity. The need for more imports next year comes despite the expected completion of a major expansion and modernization project at the Minatitlan refinery, in the state of Veracruz, in early 2009.
Pemex To Build New Pipeline For Imported Fuel
October 1, 2008
Pemex has launched a tender for a 70,000 barrels per day (b/d) pipeline that will mainly handle imported fuel arriving at the Tuxpan terminal, in the state of Veracruz, on the coast of the Gulf of Mexico. Pemex said the pipeline project will ease transport costs by reducing the amount of fuel it moves with tanker trucks, which is more expensive than running it through a pipeline. Pemex said the project will cost around MXN 700 million.
back to top
Mining
Mexico Requests Extradition Of Mining Union Leader Napoleon Gomez Urrutia
October 1, 2008
According to the federal Attorney General’s Office (PGR), the government has requested the extradition of Napoleon Gomez Urrutia, the former leader of Mexico's National Mining and Metal Workers Union (STMMSRM), from Canada, months after authorities removed him from office based on complaints of corruption. Urrutia would be tried, if brought back to Mexico, by a federal judge who issued an arrest order against him.
back to top
Banking, Insurance & Finance
SHCP: U.S. Crisis Affects Latin America
September 30, 2008
The Finance and Public Credit Ministry (SHCP) said that the current financial crisis will "undoubtedly" affect Latin America, reducing demand for the commodity exports that have fueled the region's recent boom. SHCP said that continued volatility will deflate oil and other commodity prices, boosting investment risk. In addition, remittances to the country will be falling sharply.
Bank Lending Loses More Steam In August
September 30, 2008
According to the central bank (Banxico), growth in bank lending to individuals and companies tapered off in August amid increasing concerns about defaults. Bank lending to the private sector expanded 11.3% in August over the year-ago period after growing 14.6% in July. Experts say that banks have become more cautious about handing out new credit cards and consumer loans, which are sectors that have been increasingly affected by nonperforming loans.
Carlos Slim To Invest USD 45 Million In Microfinance Project
September 29, 2008
Mexican billionaire Carlos Slim is teaming up with Ben gali Nobel Prize winner Muhammad Yanus to create a USD 45 million microfinance joint venture to be known as Grameen-Carso. The venture is aimed at reducing poverty in Mexico by creating employment opportunities and being incorporated as a multiple purpose non bank finance company (Sofom). Fundacion Carlos Slim will put up initial capital of USD 5 million and USD 40 million in long-term credit lines. Grameen Trust will provide technical expertise and be responsible for running operations.
Ixe Grupo Financiero Starts Consumer Bank Operations
October 1, 2008
Mexican financial group Ixe Grupo Financiero announced that it has launched a new bank aimed at low- and middle-income earners as the government encourages more banks to open and increase competition. Ixe, whose existing bank targets mostly wealthy clients and corporations, said it will unveil its new "Banco Deuno" bank with six offices in Mexico City and six more in Guadalajara, in the state of Jalisco. Ixe did not say what services it will offer at its new unit.
Mexico Urges Banks To Keep Lending Amid U.S. Meltdown
October 1, 2008
The government has urged banks to keep lending, despite a worrying rise in consumer credit defaults and a crisis in the U.S. that has led to a surge in risk aversion around the world. Leading Mexican banks, owned by big international players, expanded private lending by as much as 50% a year in 2005 and 2006, but have since trimmed expansion to about 11% annually.
Slim Calls For Greater Regulation
September 30, 2008
Mexican tycoon Carlos Slim called for greater regulation of commodities trading as part of measures to limit the impact of the U.S. financial crisis in Mexico. Slim has criticized the ease with which it was possible to speculate with commodities, and said that such speculation was damaging because it raised costs for the real economy. Slim added that the best solutions to the widening credit crisis are ones like billionaire Warren Buffett's recent USD 5 billion investment in Goldman Sachs Group.
back to top
Business & Industry
Mexichem Obtains Approval To Buy Colombian Water Firm
October 2, 2008
Mexican chemicals firm Mexichem said that is has received authorization to buy Colombian irrigation and water-drilling firm Colpozos. Mexichem said that Colombia's Industry and Commerce Superintendency approved the acquisition. Mexichem said Colopozos will form part of the company's growing agriculture division. In September, Colombia's antitrust regulator authorized Mexichem's purchase of salt processor Productos Derivados de la Sal (Prodesal).
Cash America Buys Pawnshop Stake
October 30, 2008
U.S. pawnshop operator Cash America International said it would spend USD 90 million for an 80% stake in the owner of 100 similar stores in Mexico. The company will also pay an amount tied to future performance for the stake in the owner of Prenda Facil pawnshops in 16 Mexican states. The company expects the purchase to add to 2009 earnings.
back to top
Housing & Mortgaging
Mexico's Mortgage Industry Flourishing Amid America's Financial Collapse
September 29, 2008
Mexico mortgage broker MEXLend, representing 15 lenders, closed a record number of mortgages for 2008, indicating that Mexico’s mortgage industry is healthy and thriving despite the dire circumstances of the American financial market. Executives for MEXLend said that their lenders have seen little impact from the plummeting U.S. mortgage markets and their buyers are still seeing an excellent return on investment from their purchases.
back to top
Construction & Infrastructure
ICA Obtains MXN 2.55 Billion Highway Project Financing
September 29, 2008
Mexican construction and engineering company Empresas ICA said that it has obtained MXN 2.55 billion in financing for one of its highway projects. Spanish bank Banco Santander arranged the financing with a 17-year term. The funds will be used to build the 112 kilometer Rio Verde – Ciudad Valles highway in the state of San Luis Potosi.
Carlos Slim Proposes Works Commission
October 1, 2008
Mexican billionaire Carlos Slim called for the creation of a ”national infrastructure commission” to overcome what he described as significant ”deficiencies” in the government’s ability to deliver on its infrastructure pledges. Slim said that the creation of such a body to troubleshoot delays and bottlenecks is all the more pressing given the importance of adopting anticyclical policies to offset the inevitable fallout from the current U.S. financial crisis.
Transportation
Textron Begins Building Plant In Mexico
September 30, 2008
U.S. maker of Cessna and Bell aircraft Textron said it is building a plant in the state of Chihuahua to produce parts for the Bell 429 commercial helicopter. The plant, which will operate as Textron International Mexico, will eventually employ 375 people. The parts will be shipped to Canada for final assembly.
back to top
Telecommunications & Technology
Mexico Phone-Number Portability Spurs Over 100,000 To Swap Carriers
October 2, 2008
According to the Federal Telecommunications Commission (Cofetel), Mexico's new number-portability regulations have spurred more than 100,000 consumers to change their phone company. Cofetel said that 101,491 people have switched service providers since the regulations took effect in early July, of which 64% were prepaid mobile users and 30% fixed-line users. Cofetel said that between 2,000 and 2,500 people change service providers on a daily basis.
back to top
Hospitality & Tourism
Calderon Announces USD 6.1 Billion Tourism Project In Sinaloa
September 30, 2008
President Calderon announced plans for the USD 6.1 billion Escuinapa-Teacapan tourism project in the state of Sinaloa. Calderon added that the tourist center will have twice the area of the Caribbean resort of Cancun and will be on a par with the greatest vacation spots in the world. He forecast some 3 million visitors in 2025 and revenues of around USD 3 billion a year. The government will invest some USD 460 million in the complex to develop the area, while private investment will reach more than USD 6.1 billion.
Dubai Seeks To Invest In Mexico
October 1, 2008
According to an executive from Dubai’s ENSHAA Properties, developers from the United Arab Emirates, including Hydra Properties and Cirrus Developments, are seeking to come to Mexico and invest in the country’s tourism market. The firms seem to be interested in the development of luxury properties.
back to top
Economy
SHCP: January-August Budget Surplus MXN 126 Billion
September 30, 2008
The Finance and Public Credit Ministry (SHCP) said that Mexico registered a budget surplus of MXN 126 billion in the first eight months of the year as higher tax and oil income covered a boost in spending. Budget revenue rose 8.4% from the like-2007 period, with nonoil tax revenue growing 10.8% and oil revenue up 11.9%. Income tax receipts rose 11.7% from the first eight months of 2007, and value-added tax collections were 9.2% higher. The surplus was 5% smaller than the surplus in the first eight months of 2007.
Mexican Remittances Fall 12% To USD 1.94 Billion In August
October 1, 2008
According to the Bank of Mexico (Banxico), remittances from Mexicans living abroad fell 12% in August to USD 1.94 billion and are likely to continue declining in the near term because of weakness in the U.S. economy. Banxico said the August drop from USD 2.21 billion in the year-ago month was the sharpest so far this year. Accumulated remittances for the first eight months were USD 15.55 billion, down 4.2% from USD 16.23 billion in the first eight months of 2007.
PRI Legislator Sees Changes In 2009 Budget Estimates
October 2, 2008
The president of the lower house finance committee Jorge Estefan of the opposition Institutional Revolutionary Party (PRI) said he expects the effects of the U.S. financial crisis to lead changes in the country’s 2009 federal budget. Among the 2009 variables to be revised are the USD-80-a-barrel oil export price estimate, the 3% economic growth forecast and the estimated exchange rate of MXN 10.60 to the dollar.
Consumer Confidence Falls In September
October 2, 2008
Mexico's consumer confidence fell in September from a year earlier and from August as Mexico's economic outlook weakens. The National Statistics Institute (INEGI) said that the consumer confidence index was 88.6 last month, down sharply from 105.3 a year ago and 89.6 in August. It was the second-lowest reading since the index was started in 2001. Confidence fell in all five categories, with consumers less optimistic about the economy as a whole, their personal economic situations and prospects, and their ability to buy big-ticket items.
back to top
Border & Migration
Pew Hispanic Center: Number Of Illegal Immigrants To U.S. Decreases
October 3, 2008
According to a study by the nonpartisan group Pew Hispanic Center, the number of illegal immigrants entering the United States each year has dropped precipitously since the first half of this decade amid a sluggish economy and stepped-up enforcement of immigration laws. The rate of legal immigration has remained steady but legal arrivals now outnumber illicit ones for the first time in a decade.
INM: Mexican Immigrants To The U.S. Return Home Due To Economic Slowdown
September 30, 2008
According to the National Migration Institute (INM), there is an increasing number of Mexicans returning definitely to Mexico from the U.S. due to the economic slowdown in that country. INM said that there are more Mexicans fleeing the crisis but did not provide any figures.
Border Sheriffs Meet In Tucson On Security Concerns
October 1, 2008
U.S. border sheriffs met in Tucson, Arizona, to discuss security issues on the U.S.- Mexico border, including people and drug trafficking. Sheriffs said that crimes are becoming increasingly violent as the use of technology and the increasing number of border agents force felons to be much more aggressive among themselves and against law enforcers.
ICE: 1,157 Immigrants Detained In 20-Day Raid
October 1, 2008
According to the U.S. Immigration and Customs Enforcement (ICE), 1,157 people were detained in a 20-day raid in California and are pending deportation. ICE said that 436 undocumented people were detained in San Francisco, 420 in Los Angeles and 301 in San Diego. The operation was aimed at detaining people who have ignored U.S. federal courts’ orders telling them to leave the country. In another operation, U.S. authorities captured 1,500 gang members, of which 1,000 have Mexican origins.
back to top
Politics
Students Call Calderon Fake President During Ceremony
October 4, 2008
Students that were being awarded the National Youth Prize for academic excellence by President Calderon called him a fake President and shouted that there were no liberties in Mexico while he spoke during the ceremony. The President’s bodyguards took the students into custody and released them hours later.
back to top
Justice, Safety & Crime
President Calderon Sends Security Bill To Congress
September 30, 2008
President Calderon sent a sweeping security initiative to Congress aimed at weeding out police corruption and streamlining the exchange of information on criminals. Calderon said the package of reforms would reduce corruption among security forces and improve coordination among federal and local governments. The initiative was drawn up a few weeks ago with the help of Mexico's 32 governors and security leaders. It includes the creation of a national database on criminal activity. It also works to strengthen and standardize police training and to create a system of controls to ensure officers continue to meet minimal quality and anticorruption requirements. Meanwhile, opposition PRD and PRI parties have also submitted their own justice reform proposal.
PGR: 4,785 Executed In First 18 Months Of Calderon Administration
October 4, 2008
According to the federal Attorney General’s Office (PGR), 4,785 people have been executed by drug cartel operatives since President Calderon took office in 2006. PGR said that among those murdered in the past 18 months by people related to drug trafficking, 4,313 were civilians and 472 belonged to a police corporation, the army, navy or air force.
Drug Cartel Bloodbath Claims 50 Lives In Tijuana
October 2, 2008
Authorities reported that nearly 50 people – including 12 found next to a primary school- were killed in a week in Tijuana, in the state of Baja California. The violence is being blamed on a battle between two factions of the Arrellano Felix cartel, one of which has allied with the Sinaloa cartel led by Mexico's most notorious trafficker, Joaquin Guzman Loera (El Chapo).
Retired DEA Official: Mexican Traffickers Likely To Kill In The U.S.
October 5, 2008
According to Phil Jordan, a retired DEA official and ex-director of the El Paso Intelligence Center, Mexican drug cartels will likely continue to commit revenge killings in the U.S. in order to protect their interests. Recently, several people wearing SWAT-type uniforms and wielding R-15 rifles with Aimpoint sights broke into a Phoenix home and fired numerous rounds, killing a U.S. citizen. Phoenix police arrested three of about six suspects, two of them undocumented immigrants from Mexico, who allegedly confessed they were hired by a Mexican drug cartel to carry out a hit.
President Calderon Proposes Decriminalizing Some Drugs
October 3, 2008
President Calderon has proposed legislation that would decriminalize the possession of small quantities of cocaine and other drugs for addicts who agreed to undergo treatment. Calderon said that the proposal was intended to attack the growing problem of drug addiction in Mexico. Federal Attorney General Eduardo Medina Mora specified that the bill would limit drug possession but would not legalize drug consumption.
Authorities Seize Four Tons Of Cocaine, Pseudoephedrine Shipment
September 30, 2008
The navy intercepted a ship carrying four tons of cocaine off the coast of the state of Oaxaca and arrested the vessel's crewmen. The operation was launched after the Caracol III was spotted and classified as suspicious. A search of the ship turned up 177 bales of cocaine in a double-walled hold, and the illegal cargo likely came from Colombia. In a separate operation, authorities seized 7 million pills of pseudoephedrine, the main ingredient used to make methamphetamine, packed in 24 boxes on a shipment from Calcutta, India. The seizure was made at the Guadalajara airport, in the state of Jalisco.
Armed Men Steal Small Planes From Mexican Airfield, Army Recovers Them
September 30, 2008
Authorities announced that between 15 and 20 armed men entered the La Perla private airfield in the northwestern state of Sinaloa and stole five small aircraft that had been confiscated earlier by the army. However, authorities said that soldiers found the planes at the Cacaragua ranch outside Culiacan, the state’s capital. No one was arrested in the recovery operation.
Alleged Mexican Drug-Ring Leader Detained In Paraguay
October 3, 2008
Paraguay’s national antidrug department (Senad) said that authorities from that country have arrested alleged Mexican drug-ring leader Juan Jesus Martinez Espinosa in Asuncion, Paraguay’s capital. Senad said that another drug trafficker was also captured at the Silvio Pettirossi International Airport in Asuncion, after the customs agents found 5 kg of ephedrine, a chemical used to refine narcotics, in his suitcases. This man, a Mexican national, was identified as Leobardo Gaxiola Lopez.
Five Police Officers Arrested For Murdering Indians
October 4, 2008
Five police officers were arrested as the alleged murderers of four Tojolabal Indians during an operation to dislodge them from the Maya ruins of Chinkultic, in the state of Chiapas. Authorities said that 4 Indians had been killed and 22 people wounded, among them 5 Tojolabals and 17 police officers in the move. Three other people are missing. In addition, 300 policemen are under investigation for other possible crimes and 30 peasants – who were arrested the day of the original confrontation between police and the Indians – will be released from police custody.
Gunmen Kill Mayor Of Ixtapan De La Sal
October 5, 2008
Salvador Vergara, the mayor of Ixtapan de la Sal, in the state of Mexico (Edomex), was killed and one of his assistants wounded when a group of unidentified gunmen opened fire on his vehicle. Vergara was riding in a car when the gunmen opened fire on from another vehicle.
back to top
Arts & Culture
Ibero-American Culture Congress Begins In Mexico City
October 1, 2008
The cinema-focused Ibero-American Culture Congress has started in Mexico City (DF) and will analyze the movie industry’s current state in Ibero-American countries, the challenges of new “movie languages” and the importance of the conservation of the filmic patrimony and the economic potential of the audiovisual sector, among other issues. The Congress is dedicated to a specific artistic discipline every year.
Spanish Prince Says Culture Key To Fostering Ibero-American Unity
October 1, 2008
Spain's Crown Prince Felipe advocated making culture the backbone of an Ibero-American region that he said is increasingly more unified and present on the world stage. The prince and his wife, Princess Letizia, joined President Calderon in inaugurating the first Ibero-American Culture Congress at the National Arts Center in Mexico City. The Congress is an initiative that was launched a year ago in Chile at the Ibero-American Summit, an annual gathering attended by the heads of state and government of Spain, Portugal and the nations of Latin America.
Placido Domingo Sings At Mayan Pyramids
October 4, 2008
Tenor Placido Domingo chose a program peppered with local music and help from Mexican pianist and crooner Armando Manzanero at the Mayan Pyramids of Chichen Itza. The Spanish-born Domingo grew up in Mexico, and for enthusiastic fans in the southern state of Yucatan, the "Concert of 1,000 Columns" is like a homecoming. The 4,000 fans attending seemed unconcerned about complaints that the concert and others like it exploit or misuse the 1,200-year-old Mayan ruins.
Other
50,000 Flee Floods In Southeastern Mexico
September 29, 2008
The intense rains that have deluged Mexico's southeastern states in recent days have forced 50,000 people to flee their homes and have left hundreds of communities isolated. In the state of Veracruz alone, civil defense officials said that the rains had affected at least 400,000 people. Veracruz’s Civil Protection Secretary said that in the past few days 38 rivers and 17 streams have overflowed and flooded or cut off 623 communities in the state's rural areas. Hundreds have been surviving for several days on the roofs of their flooded homes.
World Bank Approves USD 300 Million Loan For Mexican Environmental Actions
October 2, 2008
The World Bank approved a USD 300 million loan to Mexico to support environmental goals in government economic development projects. The loan strives to include environmental concerns in key development sectors such as tourism, energy, forestry, water, agriculture and housing, which are government priorities. The money will be used, among other things, to promote more efficient water and energy use, renewable energy initiatives, increased sewage treatment and more efficient home construction.
Carlos Slim Sends 51 Tons Of Humanitarian Aid To Cuba
October 2, 2008
Mexican billionaire Carlos Slim, acting through his company Telmex and its foundation, sent 51 tons of humanitarian aid to Cuba to help the island's citizens deal with the damage caused by Hurricanes Gustav and Ike. Telmex said that the humanitarian aid consisted of 10 tons of rice, 10 tons of beans, 10 tons of nutritive sweets, 5 tons of refined salt, more than 5,000 liters of edible oil, as well as 10,000 sheets of building material and more than half a ton of nails.
Government Urged To Provide Information About 1968 Massacre
October 2, 2008
Amnesty International is urging the Mexican government to divulge everything it knows about the army's shooting of student protesters four decades ago as the country was preparing to host the Summer Olympics. The London-based group said in a statement that President Calderon should "establish once and for all the truth behind the massacre that took place" in Mexico City's Tlatelolco square on October 2, 1968.
Protesters Clash With Police
October 3, 2008
At least 18 people have been injured in clashes between police and demonstrators marking the 40th anniversary of the 1968 student massacre in Mexico City's Tlatelolco square. More than 30,000 people turned out on the streets of the city to demand justice for student protesters killed by security forces in the 1968 demonstration. The clashes were sparked near Zocalo square when police tried to arrest protesters who had painted graffiti on a city building wall. Some 20 students were detained.
Prince Felipe Thanks Mexico For Shelter Provided To Exiled During Civil War
October 1, 2008
Spain's Crown Prince Felipe thanked Mexico and its people for the shelter it provided to Spanish exiled people who fled the European country during the Civil War. The Prince said at a meeting with President Calderon and some survivors of the war who are known as the “Morelia Children,” that Mexico’s action was “deeply human.”
Indian Dies After Setting Himself On Fire
October 1, 2008
A Popoluca Indian who set himself on fire to protest what he said was authorities' failure to resolve a long-running land dispute in the Gulf Coast state of Veracruz died of his injuries. Amiro Guillen Tapia, the chairman of the Sierra de Soetapan Human Rights Commission, died at Luis F. Nachon Hospital in Xalapa, Veracruz's capital. Sources at the hospital said the activist had second- and third-degree burns over 90% of his body and that his respiratory tract was seared by the flames.
World's Heaviest Man To Wed October 26 In Mexico
October 1, 2008
Manuel Uribe, the world's most obese man says he will wed longtime girlfriend Claudia Solis on October 26 in Monterrey, in the state of Nuevo Leon. The two will be married in a civil ceremony at a location yet undecided. Uribe is unable to walk, and leaving his house means being towed through the streets on his specially made bed. This year the Guinness Book of World Records declared Uribe, who tipped the scales at 1,230 pounds in 2006, the world's heaviest man. The 43-year-old has since shed about 550 pounds with the help of Solis.
|
