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Energy
Senate Commissions Begin Approval Of Oil Reform Proposal Items
October 15, 2008
The Senate's Energy and Legislative Studies Commissions have approved the first series of items in the oil reform proposal, which include a 15-year energy plan, the creation of the National Hydrocarbons Commission as a decentralized branch of the Energy Ministry (SENER), and the legal order for the Sustainable Use of Energy, based on a national program allowing to make the most of energies at the exploration, exploitation, production, transformation, distribution and consumption stages.
AMLO Greenlights Actions Against Oil Industry Privatization
October 14, 2008
Former presidential candidate for the Broad Progressive Front (FAP) – a party coalition made of most of the country's leftist parties – Andres Manuel Lopez Obrador (AMLO), has greenlighted a plan calling for a series of actions to defend the national oil industry from the participation of private companies in it. AMLO's Oil Defense Movement consists of a series of demonstrations, protests and other so-called civil resistance actions.
Pemex Seeks Drillship, Four Jack-Up Rigs For Operations At The Gulf Of Mexico
October 16, 2008
Pemex has put out tenders for a deepwater drillship and four jack-up rigs to help boost oil and natural-gas production in the Gulf of Mexico. Pemex said it is seeking a drillship able to work in waters 4,200 feet deep, one jack-up rig able to drill in 350 feet of water and three other jack-ups able to drill in 250 feet of water. Pemex is asking for the drillship to be on site on June 26, 2009, for three years of work. The jack-up rigs will start work in early 2009 for between one and three years, depending on the rig.
Pemex Announces Tender For Four Cantarell Platforms
October 13, 2008
Pemex has launched a tender to build four offshore oil platforms for the Cantarell field, where the company seeks to stabilize production levels that have dropped by around a third over the past year. Pemex said the four platforms will be used in the Akal section of the field for oil well repairs. Interested companies must deliver project proposals to Pemex between November 5 and 14, depending on the platform.
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Mining
Sterlite Declares Itself Unable To Close Asarco Acquisition
October 14, 2008
Indian mining company Sterlite Industries has said it will not be able to close a USD 2.6 billion deal to buy U.S. copper miner Asarco LLC out of bankruptcy, due to troubles in the credit markets. The development throws a wrench in Asarco's plans to exit bankruptcy protection, as Sterlite has been the company's preferred sponsor for its reorganization plan. However, the move could be a boon for Mexican miner Grupo Mexico (GMex), which owns 100% of Asarco's equity and has been fighting to regain control of the company.
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Trade & Investment
E.U.'s 27 States Unanimously Name Mexico Strategic Partner
October 14, 2008
The European Union (E.U.) announced it has entered a "strategic association" with Mexico to strengthen ties in the security, peace, commercial, climate change, human rights and environmental areas, among others. Mexico is the second Latin American nation to be named a "strategic partner" by the E.U., which has awarded such status to the U.S., China and Brazil. The decision was supported by the 27 countries forming the Union.
INEGI: July Fixed Investment Up 12.3% On Year
October 13, 2008
According to the National Statistics Institute (INEGI), fixed investment in Mexico rose 12.3% in July from the year-ago month, led by a 30.5% increase in equipment and machinery. Investment in imported equipment and machinery was up 38.1% from a year earlier, and domestic equipment and machinery investment rose 12.8%. Investment in construction continued to lag, however, rising just 0.4% from July 2007. INEGI added that fixed investment was up 1.1% from June in seasonally adjusted terms, and rose 6.4% in the first seven months of the year from the like 2007 period.
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Banking, Insurance & Finance
Banxico Offers Short-Term Funding, Liquidity To Banks
October 18, 2008
The Bank of Mexico (Banxico) is offering to make short-term credit available to banks that require it to meet liquidity needs. Banxico said that banks can obtain short-term funding through guaranteed loans backed by their reserve requirements, which will pay interest at 1.2 times the overnight lending rate target. The rate target is currently 8.25%. Banks can also obtain short-term funding through repurchase agreements in which Banxico can take a wide range of government and corporate debt instruments.
Governmental Development Banks To Back Commercial Paper Rollovers
October 17, 2008
Governmental development banks Nafin and Bancomext announced that they will launch a program next month to support the rollover of commercial paper given difficult conditions in the market. The two development banks said that under the program, which starts November 1, they will issue guarantees to maintain the interest of private investors in the local debt market. The program, for which MXN 50 billion are available, will be for debt issues up to MXN 500 million, and the companies will also have to put up their own guarantees.
Consar: Afores' Funds Down In September From August
October 16, 2008
According to pension regulator Consar, funds in Mexico's pension fund managers (Afores) fell in September to MXN 867.8 billion from MXN billion 879.7 in August. However, Consar added that September funds in the Afores were 6.9% higher than when compared with the figures of September 2007, which amounted to MXN 811.6 billion.
AIG's Sale Of Alico To Bring Changes In Latin American Operations
October 15, 2008
U.S. insurance company American International Group (AIG) has confirmed that it has intentions to sell its American Life Insurance Company (Alico) subsidiary, a move that could lead to a change in the administration of AIG's life insurance division in Latin America, including Mexico. According to a top executive from AIG, Alico has operations in Brazil, Chile and Mexico, among other countries.
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Business & Industry
Grupo Modelo Initiates Arbitration Against Anheuser-Busch
October 16, 2008
Mexican brewer Grupo Modelo (GModelo) said that it has initiated arbitration against U.S. partner Anheuser-Busch (AB) in connection with AB's proposed takeover by Brazilian-Belgian peer InBev for USD 52 billion. GModelo has argued since the deal was inked this summer that under a 1993 agreement governed by Mexican law, AB cannot transfer ownership of its half stake in GModelo without giving the latter the chance to buy itself back. Meanwhile, GModelo denied a report that it is seeking to buy back all or part of the 50% stake that AB holds in it.
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Automotive
AMDA, AMIA: September Auto Exports Fall, Output Rises
October 13, 2008
According to data from the Mexican Association of Automobile Distributors (AMDA) and the Mexican Automotive Industry Association (AMIA), Mexican auto exports fell 7.17% in September when compared with the same 2007 month as demand faltered in the U.S. car market. Mexican auto plants exported 145,037 cars and trucks in September from 156,237 in the same month a year earlier. Auto production, however, rose 5.1% in September when compared with September 2007. Automakers produced 189,345 units last month compared with 180,133 units in September of 2007.
Daimler To Move Production To Mexico
October 15, 2008
German automaker Daimler announced plans to close its St. Thomas, Ontario, plant in Canada in 2009 and its Portland, Oregon, facility in the U.S. in 2010 and move part of its North American production to Mexico. The move will affect some 3,500 workers in the U.S. and Canada and the number of jobs to be created in Mexico was not disclosed. Daimler's plant in Mexico will be located in the Santiago Tianguistenco municipality in the State of Mexico (Edomex). In addition, Daimler will inaugurate a facility in Saltillo, in the state of Coahuila, in 2009.
Hitachi Chemical Announces New Plant In Nuevo Leon
October 14, 2008
Japanese industrial firm Hitachi Chemical announced that it will invest USD 25 million in the Montemorelos municipality, in the state of Nuevo Leon, to build its first facility in North America. The plant will manufacture autoparts for Japanese automaker Nissan. The products will be shipped to meet Nissan's needs in the U.S. market. The plant is expected to have a 15-million-units production capacity by 2015.
BMW Opens New Office In Mexico
October 15, 2008
German automaker BMW Group announced that it has begun operations in Mexico through its newly created Regional Purchases Office for Mexico and Latin America, seeking to increase the amount of autoparts it acquires and boost employment in the region. BMW said it chose Mexico due to its strategic geographic location and the benefits deriving from it.
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Housing & Mortgaging
Housing Fund Infonavit Speeds Up Lending Amid Crisis
October 13, 2008
Government-run housing fund Infonavit said that it stepped up its granting of home loans in recent weeks despite the market turmoil and that it is on track to make at least 500,000 loans this year. Infonavit, the country's largest mortgage lender with a loan portfolio over USD 42 billion, said that it made close to 21,000 mortgage loans in the past two weeks, above its weekly average, and has authorized funds for another 29,570 loans in coming weeks.
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Construction & Infrastructure
Private Companies Invest MXN 67 Billion In Road Projects
October 14, 2008
According to the Communications and Transport Ministry's (SCT's) Infrastructure Underminister Oscar de Buen, there currently are 30 road projects in charge of private companies which are already being built or about to kick off and which represent investment of MXN 67.6 billion. SCT said that the funds will be used mainly to construct or modernize 2,634 roads.
Banobras Steps Up Credit For Infrastructure
October 19, 2008
Mexican infrastructure development bank Banobras plans to issue credit for up to MXN 30 billion to support public works financing in the current situation of tight markets and risk aversion. Banobras said that between now and the end of 2009 it will grant MXN 11 billion in loans to municipal and state governments, and will also offer MXN 19 billion in financing for companies that have won or are in the process of bidding on public projects in areas such as roads, water and energy.
Cemex 3Q Net Profit Slides 74%; Firm Raises Cement Prices, Cuts Costs, Jobs
October 15, 2008
Mexican cement maker Cemex said its 3Q net profit plunged 74% amid a slump in key markets and the nationalization of its Venezuelan assets. Cemex is also raising the average price of its cements in Mexico by 8% to compensate for higher energy costs. In addition, Cemex unveiled an austerity plan that includes a USD 1.15 billion cutback on maintenance and capital expenditure as well as a 10% global headcount reduction by the end of this year.
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Retail
ANTAD: Retailers' September Same-Store Sales Drop 6.5%
October 14, 2008
Mexican Retailers Association (ANATAD) said that same-store sales at member establishments fell 6.5% in real terms in September from the year-ago month. ANTAD, which represents major supermarket operators, department stores and other retailers, said that total sales grew 0.8% from September 2007 to MXN 60 billion, with 11.1% more floor space than a year ago. Supermarket same-store sales rose 4.4% from September 2007, while department store sales fell 13.8%.
Comercial Mexicana Seeks Financing, Restructuring Plan
October 15, 2008
Mexican retailer Comercial Mexicana (Comerci) said it was in talks to obtain financing to meet obligations with clients and suppliers and hopes to present a restructuring plan in the coming weeks. Comerci defaulted on its debt and filed for court protection from creditors recently after disclosing massive losses on bets against the dollar (USD) as global markets went into a tailspin. Comerci said it has hired Credit Suisse to advise it in negotiating with creditors about the restructuring of its debt. Mexico's stock exchange (BMV) also lifted a trading suspension on shares of Comerci following the company's disclosure of required information.
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Transportation
Aeromexico Reaches Wage Agreement With Ground Workers Union
October 13, 2008
Mexican airline Aeromexico has signed a contract agreement with the union representing its ground workers, under which the company will increase wages by inflation rate plus one percentage point over three years. The agreement, which applies to the union's 1,700 members, also obliges Aeromexico to "analyze the viability and creation of a performance bonus to encourage productivity." The agreement follows a contract accord signed recently with the pilots' union but does not mean Aeromexico's labor disputes are over.
SSA Mexico Executive Asks For Clarification On Punta Colonet
October 17, 2008
According to a top executive from the Mexican subsidiary of Stevedoring Services of America (SSA Mexico), companies interested in participating in the multimodal port of Punta Colonet, in the state of Baja California, should be provided with clearer information regarding the project's financial environment, the specifics and requirements demanded of all participants. In addition, the executive said that the U.S. is taking measures to address its port issues and that Mexico should act faster regarding Punta Colonet's construction.
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Telecommunications & Technology
SCT Requests Frequencies Agreement Not To Be Published
October 17, 2008
The Communications and Transport Ministry (SCT) has requested that the recently issued Frequencies Agreement, which allows AM-supported radio operators to shift to FM frequencies to broadcast, not be published. SCT has requested that the Federal Regulatory Commission (Cofemer) not publish the Agreement since it could lead to pressure that would hinder its successful implementation.
Telmex To Hold Rates Steady In 2009
October 17, 2008
Telmex announced that it will hold its rates steady in 2009 regardless of the global financial crisis, maintaining them unchanged for the ninth straight year. Telmex also said that the crisis will not affect the donations that are provided through its foundation in any way.
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Farming & Agriculture
Mexico Bans U.S. Meat Imports From Six Plants
October 13, 2008
The government announced that it has banned imports from six U.S. meat processing plants, just weeks after U.S. Department of Agriculture officials shut down exports from some Mexican meat producers. Mexican sanitary officials from the Agriculture, Livestock and Rural Development Ministry (SAGARPA) conducted inspections in the U.S. and at the end of last week said six plants were no longer allowed to export meat. The president of Mexico's Meat Council said that five beef plants represent 30% of all the beef that enters Mexico; the other plant produces pork.
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Economy
Banxico Auctions Off Over USD 8.9 Billion
October 16, 2008
The central bank (Banxico) has auctioned off over USD 8.9 billion in the past days in foreign reserves to try to stabilize the peso (MXN) after it fell to (MXN) 13.5 per dollar (USD). To stabilize the peso, Banxico has vowed to auction off USD 400 million every day at the previous day's closing price, plus 2%. Since last week, the bank has auctioned off more than 10% of its foreign currency reserves, which stood at USD 75.12 billion after the said loss.
Peso Gains 7% As Governments Act Over Banking System
October 13, 2008
Mexico's peso (MXN) gained more than 7% on news of coordinated European and U.S. attempts to rescue the banking system. MXN, which has been battered in recent sessions, was 7.10% stronger to MXN 12.25 per dollar (USD). Meanwhile, a poll in Mexico indicated that President Calderon's measures to address the crisis have only appeased 22% of those surveyed.
SHCP Probes Banks And Companies In Possible Currency Trading Violations
October 15, 2008
The Finance and Public Credit Ministry (SHCP) is investigating publicly traded banks and companies to determine if they complied with regulations when buying and selling highly speculative currency derivatives. Mexican officials have blamed the peso's (MXN) steep decline in the past week in large part on the trade in currency derivatives, buying a foreign currency by promising to pay in the future at an agreed upon exchange rate. SHCP said there have been abnormal operations in which companies such as Comercial Mexicana, Alfa, Cemex and Grupo Industrial Saltillo took unexpected exchange risks. The National Banking and Securities Commission (Consar) is probing whether banks or firms should face sanctions.
Lower House Of Congress Passes 2009 Revenue Bill
October 15, 2008
The Lower House has approved revisions to the 2009 federal budget plan that increases spending and debt, underscoring how lower oil prices and slower economic growth have altered the outlook for next year. The House approved changes in the revenues portion of the budget, which has to be approved by the Senate, while the spending allocations only need to pass the Lower House
September Unemployment Rate Reaches 4.25% In September
October 16, 2008
According to the National Statistics Institute (INEGI), unemployment in Mexico rose to 4.25% in September from 4.15% in August and 3.87% in the year-ago month. INEGI said unemployment in urban areas fell, however, to 5.18% from 5.23% in August and 5.32% in September 2007. Underemployment, which considers people who were in work but needed more work, rose to 6.67% from 6.19% in August. According to the Labor Ministry (STPS) data, the number of private-sector workers in the formal economy registered with the Mexican Social Security Institute rose by 65,354 last month to 14.53 million, and was up from 14.28 million a year ago.
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Border & Migration
Mexican Workers In The U.S. During WWII Can Get Back Pay
October 15, 2008
Mexican laborers in a World War II-era guest-worker program can soon apply for money that was withheld from their paychecks and sent to the Mexican government. Thousands of workers known as braceros took agriculture and railroad jobs in the U.S. between 1942 and 1946 under agreements between both governments. Under the agreement, each bracero is eligible for about USD 3,500 from the Mexican government. Former braceros based in the U.S., or their family members, can file claims starting at the Mexican Embassy or Mexican consulates. Mexico's Foreign Affairs Ministry (SRE) said that it is satisfied with the abovementioned agreement.
STPS: More Than 200,000 Mexican Nationals Returning From U.S. Will Need A Job
October 17, 2008
Federal Labor Minister Javier Lozano said that more than 200,000 Mexican nationals currently living in the U.S., and that are returning to Mexico due to the global financial crisis, will need employment. Lozano added that the government has entailed an additional MXN 250 million for the National Employment System to cover the job demand.
D.F. Sees 30,000 Mexican Nationals Returning From The U.S.
October 17, 2008
Mexico City's Labor Minister has estimated that between 20,000 and 30,000 Mexican nationals that migrated to the U.S. could return to the country's capital due to the global financial crisis. The official said Mexico City's government will be able to provide some support to the migrants through an economic cooperation program and unemployment insurance, for which the government has entailed MXN 500 million.
Cubans Head For Mexico To Dodge U.S. Sea Patrols
October 19, 2008
According to the U.S. Department of Homeland Security (DOS), Cuban migrants seeking to arrive in the U.S. have been heading for Mexico in recent years and then reaching Texas because it has become increasingly difficult to dodge the U.S. Coast Guard and reach Florida to qualify for U.S. residency. Last year 11,126 used the mentioned route, compared to only 1,055 who landed in the Miami area. Evidence of this new escape route is stacking up at a Mexican Navy yard in Isla Mujeres, where the dock regularly runs out of space for seized Florida boats.
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Politics
Elba Esther Gordillo's Hummer Gifts Spark Outrage In Mexico
October 14, 2008
High-profile leader of the Education Workers Union (SNTE) Elba Esther Gordillo has sparked outrage after lavishing 59 Hummer H3 SUVs on top union officials at a time when Mexico is reeling from the global economic crisis. Gordillo, whose lavish lifestyle has long made her the target of corruption allegations, defended the gift-giving, saying the Hummers were bought with union dues. Gordillo added that the union opted for the most economic model, the H3, which sells for about USD 35,000 in Mexico, meaning all the vehicles cost the union about USD 2 million.
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Justice, Safety & Crime
Mexico Wins Seat On U.N. Security Council
October 17, 2008
The United Nations (U.N.) General Assembly elected Mexico to occupy one of the two non-permanent seats on the Security Council for the 2009-2010 period. Mexico was unopposed in its bid for the vacant Latin American seat. Mexico had the unanimous support of the Latin American and Caribbean Group in the U.N., which guaranteed its election to substitute Panama on the Security Council in January. This will be the fourth time that Mexico has been part of the U.N.'s most important body and comes just five years after its most recent previous term, in 2002-2003.
U.S. Warns Of Expansion Of Drug Trafficking In Mexico
October 17, 2008
John Walters, director of the U.S. Office of National Drug Control Policy, met with President Calderon, Attorney General Eduardo Medina Mora and Public Security Minister Genaro Garcia Luna and said that drug cartels in Mexico may have expanded their illegal operations and are crossing the border to kidnap and kill inside the U.S. Walters called for cooperation between the two countries to address the problem and promised that an anti-drug aid package to help Mexico to fight the gangs will be ready soon.
PGR: 3,725 Executed In Drug War So Far In 2008
October 13, 2008
The federal Attorney General's Office (PGR) said that 3,725 people have been executed in the drug war between January 1 and October 13. The state of Chihuahua has registered the highest amount of executions since the beginning of the year with 1,169 deaths, or 31% of the total.
Several Countries Warn Travelers About Mexico's Wave Of Violence
October 13, 2008
The U.S., France, England, Germany and Canada have issued a warning exhorting their citizens to be extremely cautious if traveling to Mexico due to the wave of violence in the country. Some embassies from the said States have mentioned the September 15 attacks in Morelia, in the state of Michoacan, and have added that the intensity and types of violence vary from one region to another. Meanwhile, Mexican officials at some very dangerous cities such as Ciudad Juarez, in the state of Chihuahua, are trying to persuade U.S. citizens to keep visiting the city.
Gunmen Open Fire On U.S. Consulate In Mexico
October 13, 2008
Federal officials said assailants launched a grenade that failed to explode and opened fire on the U.S. consulate in the northern city of Monterrey, in the state of Nuevo Leon. The Attorney General's Office (PGR) said shell casings were found outside the consulate and that there are no witnesses, no one is in custody, and no one was injured. Days after the mentioned attack, several gunshots were heard in the vicinity, prompting officials to increase security and the consulate to suspend visa services.
Police Arrest Several Suspected Foreign Drug Traffickers
October 16, 2008
The Public Security Ministry (SSPF) said that police arrested seven suspected foreign drug traffickers and seized approximately two tons of drugs in a raid in the state of Sonora. The detained included two Americans, two Argentineans, a Chilean, and two Brazilians, one of whom is a minor. In a separate operation in Mexico City, authorities arrested more than a dozen members of an alleged drug-trafficking ring, seizing weapons, vehicles, and exotic wild animals. Eleven Colombians, a U.S. citizen, two Mexicans and a Uruguayan were detained during a raid in the sprawling mansion.
Mexico Extradites Alleged Colombian Drug Dealer
October 16, 2008
The federal Attorney General's Office (PGR) said that they have extradited Ever Villafane Martinez, wanted for smuggling thousands of pounds of cocaine into the U.S. Martinez represented Colombia's Norte del Valle drug cartel in dealings with Mexico's Sinaloa cartel. He escaped from a Colombian prison in 2001. Villafane is the 153rd suspect extradited from Mexico to the U.S.
Authorities Arrest Gulf Cartel Operative
October 13, 2008
Authorities announced that they have arrested Wenceslao Alvarez, an alleged financial operative from the Gulf cartel and a member of La Familia criminal organization, along with four other suspected drug traffickers. The Attorney General's Office (PGR) said that arrests were made thanks to an exchange of information between Mexico and the U.S. Alvarez was in charge of purchasing, receiving and transporting marijuana and cocaine.
Police Chief, Cartel Gunman Arrested For Murder Of 24
October 17, 2008
Antonio Ramirez Cervantes, a municipal police commander in the town of Huixquilucan, was arrested for allegedly kidnapping 24 victims that were murdered execution-style in September. Cervantes took them to the place were they were shot by alleged Sinaloa drug cartel member Raul Villa Ortega, who is also under arrest. The 24 bodies were found bound with duct tape and shot in the head in a rural area outside Mexico City. Authorities believe the killings stemmed from a dispute over drug dealing territory.
Mexico Arrests Two In Killing Of U.S. Journalist Will
October 18, 2008
The Attorney General's Office (PGR) announced that members of the Popular Assembly of the People of Oaxaca (APPO), a left-wing protest movement, not pro-government gunmen, were arrested for the fatal shooting of U.S. journalist-activist Bradley Roland Will, who was killed while covering unrest in the state of Oaxaca. Meanwhile, the parents of Will called PGR's announcement "an insult," saying that PGR is "shielding the real criminals".
Legislator's Proposal To Decriminalize Marijuana Is Criticized
October 15, 2008
A proposal by Mexico City legislators from the leftist Democratic Revolution Party (PRD) to decriminalize marijuana is being criticized by several groups, including the city Mayor Marcelo Ebrard, also a member of PRD. The proposal includes decriminalizing the sale of up to five grams of marijuana, possession of up to 30 grams, and cultivation of no more than five cannabis plants. Ebrard said the proposal would drive up consumption, but supporters said that partially legalizing pot would cut into traffickers' profits.
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Health & Science
Senate Approves Creation Of Bioethics, Health Ethics Committees
October 17, 2008
The Senate has approved the proposed reforms to create the Bioethics and Ethics in the National Health System Committees, which would make important decisions to address medical issues. The committees will have an office in second and third level public and private hospitals across the country, and will be responsible for analyzing, discussing and making decisions regarding bioethics issues that would be present in clinical practices or during the provision of medical attention.
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Sports
Mexico Draws 2-2 With Canada In World Cup Qualifying
October 15, 2008
Mexico coach Sven-Goran Eriksson, already under pressure after a shock defeat in Jamaica, ran into more problems when his side was held 2-2 by Canada in a World Cup qualifier. Eriksson's team had to come from behind twice for the draw and still have not qualified for the final round of the CONCACAF zone's qualifying contest. Mexico will need a point in Honduras next month in order to advance without relying on the result of Jamaica's match at home with Canada.
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Arts & Culture
Brazilian President, Mexican Writer Receive Don Quijote Prize In Spain
October 13, 2008
Brazilian President Luiz Inacio Lula da Silva and Mexican writer Carlos Fuentes received the International Prize Don Quijote de la Mancha from Spanish King Juan Carlos. Lula and Fuentes received the prize in the presence of many distinguished guests, including Spanish Prime Minister Jose Luis Rodriguez Zapatero. Lula was awarded in recognition of his institutional work to promote the Spanish language in Brazil, while Fuentes was awarded for his "boost" for the culture of La Mancha, a region in central Spain. The prize, including EUR 25,000 and a personal sculpture of each of the two winners, is on offer for the first time.
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Other
Strong Earthquake Hits Southern Mexico
October 16, 2008
A strong 6.5-magnitude earthquake hit the southern state of Chiapas but there were no immediate reports of injuries or damage. According to the U.S. Geological Survey, the quake struck about 13 miles (20 kilometers) from the city of Suchiate, on the Guatemalan border. Emergency officials in Mexico and Guatemala said they received no immediate reports of damage or injuries, although they were still investigating.
THES: UNAM Is World's Best Spanish-Speaking University
October 13, 2008
According to the 2008 World Universities Ranking by Times Magazine (The Times Higher Education Supplement (THES)), the Autonomous University of Mexico (UNAM) remained as the World's best Spanish-speaking university for another year. Following data provided by this year's THES, UNAM climbed 42 positions in the top 200 ranking to reach the 150th spot.
U.S. Tourists Killed In Mexico While Parasailing
October 13, 2008
Police said that two U.S. tourists died and a third was badly injured in a parasailing accident near the Caribbean resort city of Cancun, in the state of Quintana Roo. Authorities identified the casualties of the accident as three women in their mid-to-late-30s. The women hired a boat to tow them on parasails and the cords connecting them to the boat snapped. Two of them died instantly when they slammed into the ground in a residential neighborhood of the coastal town of Akumal, while the third ended up in the water.
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