ManattJones Global Strategies
February 19, 2009
News Briefs 
February 8 - February 15, 2009
Volume VI, Issue 7

Energy | Mining | Trade & Investment | Banking, Insurance & Finance | Business & Industry | Automotive | Construction & Infrastructure | Retail | Transportation | Telecommunications & Technology | Media & Entertainment | Economy | Border & Migration | Politics | Justice, Safety & Crime | Sports | Arts & Culture | Other


Energy

Pemex Seeks Bids For Two Desulfurization Plants
February 12, 2009
Pemex has called a tender for two desulfurization plants as part of a program to improve the quality of its gasoline. The tender is for one plant at the Cadereyta refinery and another at the Madero refinery, and the purpose is to produce ultra-low sulfur gasoline. Work is expected to start in August and last three and a half years. Pemex did not say how much it plans to spend on the two sulfur removal plants. Companies competing for similar projects at other locations include Samsung Engineering and ICA Fluor.

Pemex To Announce Winners Of Oil Tankers Tenders In March
February 8, 2009
Pemex said it has received bids from 14 Mexican ship manufacturers to make 5 oil tankers, as the company plans to renew its fleet. Pemex said it will announce the winners in March. Pemex personnel will crew the ships and Mexican labor will be employed in their construction. The firm said the new tankers will enhance its oil transportation capacity.

Pemex To Repair Salamanca Hydrodesulfurizer In March
February 13, 2009
Pemex plans to repair a diesel hydrodesulfurizer at its Salamanca refinery, in the state of Guanajuato, in late March. The work is expected to last 88 days. Hydrodesulfurizers remove sulfur from refined products. Pemex also plans to shut a crude unit and a catalytic cracking unit next month at the Salina Cruz refinery, in the state of Oaxaca. Mexico's six refineries process around 1.3 million barrels per day (b/d), but the company still imports around 40% of its transportation fuels to meet domestic demand.

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Mining

Peñoles Workers Go On Strike Over Wages
February 9, 2009
Workers at Mexican miner Peñoles began a partial strike, which has shut down production of refined silver and gold at the massive MetMex complex, in the state of Coahuila, over pay issues. One section of 300 workers shut down the final refining process for precious metals and bismuth. But another section of over 900 workers accepted a pay deal, and lead and zinc production is operating normally at the plant. Striking workers said there was no date set to resolve the dispute, and Peñoles said it was exploring alternatives to refine silver and gold, including the possibility of sending metal abroad.

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Trade & Investment

Chinese Vice President, Entrepreneurs Make Official Business Visit To Mexico
February 11, 2009
Chinese Vice President Xi Jinping and entrepreneurs from 12 large Chinese firms, 5 of which are included in the Forbes 500, made an official visit to Mexico and talked about further strengthening bilateral commercial relations. Xi Jinping said that the China-Mexico strategic partnership needs strong support and active participation by the parliaments of both countries. Meanwhile, figures from Mexico’s Economy Ministry (SE) indicated that trade between both countries increased to USD 34 billion in 2008, up from USD 3 billion in 2000. Visiting companies include Lenovo, FAW, and COFCO.

Entrepreneurs From The Basque Country To Invest In Mexico
February 12, 2009
The Economy Ministry (SE) announced that 40 companies from the Basque Country visited Mexico and said that they perceive the country’s market as strategic, very attractive, and having a large potential. Investments by Basque firms in Mexico include Aernova’s USD 100 million in an assembly plant located in the state of Queretaro, and URSSA’s USD 10 million in a metal manufacturing facility. Aernova sells parts to U.S. helicopter maker Sikorsky and Canadian airplane producer Bombardier. Basque entrepreneurs said that they see Mexico as a very important contributor to U.S. competitiveness, stressing its strategic commercial position.

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Banking, Insurance & Finance

SHCP Sells USD 1.5 Billion In Five-Year Global Bonds
February 11, 2009
The Finance and Public Credit Ministry (SHCP) sold USD 1.5 billion in 5-year global bonds to cover the rest of its foreign debt financing needs for this year. SHCP said in a press release that the 2014 bonds yield 6.01%, or 425 basis points over benchmark U.S. Treasurys. Demand surpassed USD 2.4 billion, with the bonds being distributed among 130 institutional investors, mostly in the U.S., Europe, and Latin America. Credit Suisse Group, Deutsche Bank, and HSBC Holdings acted as the bookrunners in the transaction.

ABM Predicts Credit Growth To Be Between 6.5% And 8% In 2009
February 10, 2009
The Association of Mexican Banks (ABM) said that it expects lending to the private sector to grow between 6.5% and 8% this year. ABM said commercial lending is expected to grow between 10.5% and 12.5%, mortgages between 7.5% and 9.5%, and consumer loans could fall 2% or rise 1%. Meanwhile, the National Banking and Securities Commission (CNBV) said that Mexico's banks bolstered their balance sheets in December even as toxic loans devastated financial groups in the U.S. and Europe.

Mexican Credit Restraint Provides Chance For Venture Capital
February 11, 2009
According to the Mexican Private Equity Association (Amexcap), Mexico’s private equity sector could soon be finding greater opportunities. Sectors likely to be attractive to private equity funds include small financial companies, such as mortgage lenders, energy sector concerns, food and beverages, and services. Some funds have also started to analyze the possibility of entering into shorter-term infrastructure plays. Meanwhile, investment advisory firm Protego Asesores said it recently completed a third round of capitalization for its second fund, Evercore Mexico Capital Partners II, pulling together USD 125.6 million, which it plans to invest in Mexico. Investments are likely to range between USD 10 million to USD 30 million, with the fund considering both majority and minority positions.

Banamex Restructures MXN 6 Billion In Client Debt
February 11, 2009
Banamex, the Mexican unit of U.S. bank Citigroup, said it restructured MXN 6 billion in debt of approximately 130,000 clients in 14 months. Restructuring was imposed upon clients that have failed to pay dues for two consecutive months. The bank has also set up benefit programs for clients paying their dues on time. Banamex said overdue payments reached 7% in December, and it expects credit card portfolios to deteriorate further this year as a weak economy makes it harder for consumers to repay their debt.

BBVA Mexico Says It Is In Control Of Credit Card Defaults
February 9, 2009
Spanish bank BBVA's Mexican unit Bancomer said it plans to minimize defaults on its credit card exposure this year despite an expected recession and mounting job layoffs. BBVA is offering to slash credit card interest rates for clients that make their monthly payments on time, a deal meant to help Mexicans reduce their debt as the economy worsens this year. BBVA expects to hold nonperforming debt in its credit card portfolio at its current level of 8.2% through the year.

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Business & Industry

Industria De Turbo Propulsores Invests USD 160 Million In Turbine Plant
February 13, 2009
Spanish turbine maker Industria de Turbo Propulsores (ITP) announced a USD 160 million project to design and build low-pressure turbines in the state of Queretaro. ITP said its objective is to design and manufacture in Mexico low-pressure turbines with less than 15,000 pounds of thrust, a basic component of airplane engines that represents approximately 20% of the airplane's propulsion system. ITP added that in the first stage, two-thirds of the investment will be earmarked for research and development, and the remaining third for production. Some 400 direct jobs and more than 1,300 indirect jobs are expected to be created.

Coca-Cola Mexico Grows 9% In 2008
February 13, 2009
U.S. soft drink maker Coca Cola’s Mexico unit said it grew 9% in the country during 2008, partly due to a broad product range. Coca-Cola added that it grew 8% in Latin America and 5% worldwide. Coca-Cola said that Mexico is its second most important market and stressed that it recently announced a USD 700 million investment for 2009. The funds will be used to enhance the firm’s operations in the country, and are expected to contribute to employment and support families’ economy.

Grupo Roche Syntex To Invest USD 25 Million In Toluca Plant
February 9, 2009
The Mexican subsidiary of Swiss pharmaceutical company Roche, Grupo Roche Syntex de Mexico, announced that it will invest USD 25 million in its Toluca plant, in the State of Mexico (Edomex), during 2009. Roche added that it is currently working on a new employment program to add personnel in the clinical research, marketing, and sales areas, and to hire more workers for the Toluca plant.

GISSA Restructures Peso Debt, To Meet Payments
February 9, 2009
Mexican conglomerate Grupo Industrial Saltillo (GISSA) said holders of MXN 1.34 billion in local bonds have agreed to extend their maturity by ten years, and that it will meet interest payments on the debt due later this month. GISSA said that the maturity on two series of bonds was extended to 2019, with a three-year grace period on interest payments. In December, GISSA said it was contesting nearly USD 150 million in counterparty claims on derivatives.

Pepsi Mexico Sales Fall By 5%
February 10, 2009
U.S. soft drink maker Pepsi Bottling Group (PBG) said that sales volume in Mexico fell 5% during 2008 due to reductions in consumption, higher costs, and negative impacts from the current global economic downturn. Losses deriving from lower sales amounted to USD 338 million, while profits in 2007 were USD 72 million. However, PBG said that its worldwide earnings were up 2% last year.

Rating Firms Keep Downgrading Vitro
February 10, 2009
Fitch Ratings downgraded Mexican glassmaker Vitro’s notes to D as the latter has failed to meet its financial obligations. Fitch lowered its rating for Vitro’s notes maturing in 2012, 2013 and 2017 for USD 300 million, USD 225 million and USD 700 million, respectively. Meanwhile, Moody’s said it could lower Vitro’s notes to its lowest rating, C, as perception on the company’s situation continues to worsen.

Banxico: Mexico TV Exports Value Surpasses That Of Crude Oil Exports
February 13, 2009
According to figures by the central bank (Banxico), Mexico’s TV exports value surpassed that of crude oil exports in December, as crude oil prices fell. Banxico indicated that crude oil exports in December were worth USD 1.364 billion, while TV exports were valued at USD 1.614 billion. Banxico said Mexico’s oil exports revenue had never been surpassed by any other exported product’s proceeds. Banxico added that in December, auto exports value also surpassed that of oil as it amounted to USD 1.558 billion.

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Automotive

AMIA: Auto Production, Exports Nosedive In January
February 11, 2009
According to the Mexican Auto Industry Association (AMIA), the country’s auto production, exports and domestic sales nosedived in January by 51%, 57% and 28.1%, respectively. Vehicle production was 81,533 in January, down from 166,149 during the same month last year. Exports fell to 51,061 vehicles, while domestic sales dropped to 69,664 units amid tightening credit markets for Mexican consumers. AMIA warned that carmakers were going through their worst crisis in decades. The news came as the government detailed a plan to protect jobs in the auto sector and other troubled industries through a MXN 2 billion support plan.

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Construction & Infrastructure

SCT To Invest MXN 3.9 Billion In Chiapas
February 11, 2009
The Communications and Transport Ministry (SCT) announced that it will invest MXN 3.9 billion to broaden and improve the roads and highways across the state of Chiapas. The federal government said it would destine MXN 70 million for the temporary employment program, MXN 900 million to build and modernize the roads, MXN 350 million to conservation, and MXN 600 million for rural roads. These amounts add to MXN 2.2 billion that were entailed for two larger highway projects.

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Retail

Holders Of Comerci’s Commercial Papers To Continue Legal Action Against It
February 5, 2009
Holders of commercial papers of Mexican retailer Comercial Mexicana (Comerci) announced they have decided to pursue legal action against the company as it failed to pay its dues. Holders of COMERCI 01808, COMERCI 01908, COMERCI 02008, COMERCI 02108 and COMERCI 02208 notes all agreed to continue legal procedures against the firm and hired lawyers Despacho Davalos y Asociados to represent them in the dispute.

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Transportation

SCT To Invest USD 9 Billion In Massive Transportation Projects
February 12, 2009
The Communications and Transport Ministry (SCT) announced that it will invest approximately USD 9 billion in 25 massive projects this year. SCT specified that the projects, which will be located in the cities of Mexico City, Aguascalientes, Guadalajara, Monterrey, Puebla, Tlaxcala, Veracruz, Guanajuato, Tijuana and Acapulco, are still being studied. SCT said the funds will be provided by infrastructure development bank Banobras and the National Infrastructure Fund.

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Telecommunications & Technology

Cofetel Announces Publication Of Interconnection Plan
February 12, 2009
The Federal Telecommunications Commission (Cofetel) announced that it has published in the Official Gazette (DOF) new interconnection rules, including a controversial requirement that operators share their infrastructure with rivals. The new rules are intended to move the sector "toward next-generation networks, where through interconnection services any user can access any service or application." The plan, which applies special rules to large operators and gives Cofetel greater scope to establish the terms and conditions of interconnection services, took effect February 11.

SCT Publishes Mobile-Phone Database Law
February 9, 2009
The Communications and Transport Ministry (SCT) published amendments to the telecommunications law that will require mobile phone companies to keep a database of their clients' personal information in order to reduce the use of phones in crimes like kidnapping. The new rules, approved last year by Congress, will also require wireless carriers to track the location of the lines they sell and keep a record of all calls. Mobile phone companies will have up to one year to collect the necessary data from individuals and businesses that purchased phones before the rules went into effect. Companies will be required to disconnect those phones whose users haven't been registered within that time frame.

Telmex To Reduce Capex 33.3% To MXN 8 Billion In 2009
February 10, 2009
Telmex announced a 33.3% reduction to its capital expenditures (Capex) for 2009 to MXN 8 billion due to a weak economy and regulatory red tape that is delaying its entrance in the pay-TV market. Telmex said it had originally budgeted around MXN 12 billion for Capex this year. Telmex added that the reduction in investment does not mean it will not expand its capabilities and that its investment programs will not be cancelled. Telmex’s 4Q, 2008 net profit from continuing operations fell 55% due largely to foreign exchange losses. Net profit from continuing operations was MXN 2.98 billion. Telmex also said it plans to increase its share repurchase fund by MXN 10 billion.

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Media & Entertainment

IFE Announces Beginning Of Legal Action Against Broadcasters
February 10, 2009
The Federal Electoral Institute (IFE) announced that it has begun legal action and special penalties procedures against local broadcasters Televisa, TV Azteca and Corporativo Novavision (Sky), alleging that they transmitted the political parties and political institutions and requirements ads they are compelled to air by law, in an “atypical way.” IFE said the broadcasters did not air the ads – just when political campaigns start for the midterm congressional elections being held this summer – as they are required.

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Economy

Banxico: Foreign Reserves Fall By USD 1.5 Billion
February 10, 2009
The central bank (Banxico) said the country’s federal reserves have fallen by USD 1.5 billion in the past weeks due to its intervention to prop up the battered peso (MXN). Banxico said in its report that Mexico's federal reserves now stand at USD 82 billion. The peso has lost more than 30% of its value against the dollar since August.

Banxico: Annual Inflation Rate Falls In January
February 9, 2009
The central bank (Banxico) said that Mexico's annual inflation rate fell in January for the first time in four months, possibly giving it more room to lower interest rates to help the shrinking economy. Mexican consumer prices rose a less-than-expected 0.23% in January because of a fall in energy prices, bringing annual inflation down to 6.28%. Annual inflation was 6.53% in December. Banxico is hoping inflation will continue to fall.

Slim: Mexico Will See Unprecedented Unemployment
February 9, 2009
Billionaire Carlos Slim said Mexico will see unprecedented unemployment this year as businesses collapse in the wake of the global economic crisis. Slim added that falling oil prices and faltering exports will undoubtedly lead to an economic contraction this year. He warns that unemployment will reach unprecedented levels. Labor Minister Javier Lozano rebuked Slim twice, accusing him of exaggerating. President Calderon answered to Slim’s comments by saying that the important thing "is not who gives the gravest predictions" but how everyone can help the country emerge from an economic downturn. Calderon said everyone "is compelled to support Mexico in these difficult times, especially those of us who have received the most from this great nation."

IMF: Mexico’s GDP To Fall More Than 0.3% In 2009
February 13, 2009
The International Monetary Fund (IMF) said that it expects Mexico's economy to contract more than 0.3% this year as a recent deterioration in external conditions weighs on the country. The IMF said in a report following its Article IV Consultation with Mexico, that worsening global conditions have tested the country's economic resilience and its policy framework. The Finance and Public Credit Ministry (SHCP) sees 2009 GDP between zero and a decline of 1%. The Bank of Mexico (Banxico) has estimated a contraction this year of between 0.8% and 1.8%.

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Border & Migration

ICE’s Airline Flies Thousands Of Deportees Out Of U.S.
February 10, 2009
The U.S. Immigration and Customs Enforcement's (ICE’s) Flight Repatriate, a booming airline ferrying illegal immigrants out of the country and also called ICE Air planes, transported more than 367,000 illegal immigrants, including 11,500 from the Chicago area, out of the U.S. between October 2007 and October 2008 – a 26% increase over the previous fiscal year and 77% more than in 2006. Immigrants are mostly from Mexico and Central America.

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Politics

Chinese Vice President Xi Jinping Meets President Calderon In Official Visit
February 11, 2009
Chinese Vice President Xi Jinping hailed during his official meeting with President Calderon the steady development of bilateral relations ever since the establishment of diplomatic ties between the two countries 37 years ago. He added that since the establishment of the Sino-Mexican strategic partnership in 2003, mutual political trust has been strengthened, the scope of mutually beneficial cooperation has expanded, and cultural and human exchanges have been enhanced. He also expressed China's appreciation for the Mexican government's adherence to the one-China policy over the issues of Taiwan and Tibet.

Minister Luis Tellez Retracts Salinas Graft Accusations
February 12, 2009
Communications and Transport Minister Luis Tellez said he had no proof when he accused former President Carlos Salinas de Gortari, of stealing half the money in a secret government fund. Tellez acknowledges making the accusations during a dinner conversation recorded without his knowledge. But he said he should never have made the comments because he has no evidence of corruption during the 1988-1994 Salinas presidency. Some opposition lawmakers say the recorded remarks indicate Tellez covered up corruption, and at least one Senator is calling for his resignation. Other recordings would indicate that Tellez used President Calderon’s name to manipulate an ongoing conflict between his Ministry and the Federal Telecommunications Commission (Cofetel). Tellez said he will file a lawsuit regarding the Cofetel recordings and said he did not mention President Calderon’s name in a wrong way.

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Justice, Safety & Crime

Mexican Drug Violence Spills Over Into The U.S.
February 9, 2009
U.S. authorities are reporting a spike in killings, kidnappings and home invasions connected to Mexico's murderous cartels, and according to them, this confirms that the drug violence raging in Mexico is spilling over into the U.S. U.S. authorities said the violence is happening not in towns along the border, where it was assumed the bloodshed would spread, but a considerable distance away, in places such as Phoenix and Atlanta. Investigators fear the violence could erupt elsewhere around the country because the Mexican cartels are believed to have set up drugdealing operations all over the U.S., in such far-flung places as Anchorage, Alaska; Boston; and Sioux Falls, South Dakota. U.S. law enforcement officials said that Phoenix is the U.S. city with the most ransom kidnappings and that almost every victim and suspect is connected to the drug-smuggling world, usually tracing back to the Mexican state of Sinaloa.

Houston Chronicle: Over 200 U.S. Citizens Slain In Mexico Since 2004
February 9, 2009
According to figures by the U.S. Department of State and analyzed by U.S. newspaper the Houston Chronicle, more than 200 U.S. citizens have been murdered in Mexico since 2004, the highest number of violent deaths in any country outside war zones. The newspaper found that some Americans killed in Mexico were involved in criminal activities. "The Chronicle analysis showed some American homicide victims were involved in organized crime. The dead include at least two dozen victims labeled hitmen, drug dealers, human smugglers or gang members, based on published investigators' accusations. Others were drug users or wanted for crimes in the U.S.”

AI: Mexico Glossing Over Rights Situation
February 9, 2009
Amnesty International (AI) said that Mexico glossed over human rights problems in its annual report to the U.N. Human Rights Council, adding to criticism of President Calderon's army offensive against drug cartels. AI said the report does not recognize the government's failure to solve a "worsening human rights climate in many parts of the country." Government officials did not immediately comment on the AI statement, but the report, which had already been informally released, acknowledged that the country needs to clean up and professionalize its police forces.

Guatemala Destroys USD 12.67 Billion In Drugs; Says 50 Zetas In The Country
February 9, 2009
Guatemala announced that it destroyed opium poppies it seized recently and that the estimated value of the seizure exceeds USD 12.67 billion, twice the government's 2009 budget. Police and soldiers destroyed 1,596 fields of poppy plants – the raw material of heroin – which covered 739 hectares. The Guatemalan government also said that at least 50 members of Los Zetas, the armed wing of Mexico's Gulf drug cartel, are operating in Guatemala. The Zetas, a band of former Mexican soldiers now working as hired guns for drug traffickers, are supposedly operating in northern and northwestern Guatemala, where they control smuggling routes.

Navy Seizes 7.7 Tons Of Cocaine, Detains Five
February 15, 2009
The Navy Ministry (SEMAR) said it has seized 7.7 tons of cocaine from an unspecified kind of boat and detained five Mexican citizens onboard. Navy Minister Mariano Francisco Saynez said the navy acted on a tip from the U.S. Coast Guard, which detected the vessel in international Pacific waters. Saynez said the boat and the five alleged drug traffickers plucked from it are being transported to the port of Salina Cruz, in the state of Oaxaca.

Nuevo Leon Governor: Cartels Behind Protests
February 13, 2009
Jose Natividad Gonzalez, Governor of the state of Nuevo Leon, said that street protests against the army's presence in the state’s capital of Monterrey were organized by drug cartels in an apparent bid to disrupt the government's antidrug crackdown. Natividad Gonzalez said the protests have snarled traffic and "severely disrupted the lives of hundreds of thousands of citizens." About 150 masked people blockaded a main avenue and burned a truckload of wooden pallets in a fourth day of evening rush hour demonstrations. Officials said that the drug gangs were also responsible for the killing of the police commander in charge of investigating the protests.

Shootout Between Army, Kidnappers Leaves 21 Dead
February 10, 2009
The National Defense Ministry (SEDENA) said that 21 people died in a clash between kidnappers and soldiers in the state of Chihuahua. SEDENA said that six hostages were killed at the ranch where the kidnappers had been holed up with nine captives, while the other 15 fatalities occurred during a running battle between the troops and abductors on a nearby road. The three remaining hostages were said to have been freed by the army – in contrast to earlier reports that had them all being killed. Fourteen kidnappers were killed along with one soldier.

Officials: 19 Die In Two Massacres, Remains Of Over 12 Found In Secret Graves
February 15, 2009
Authorities said that 12 people, including 6 children, were killed and 2 others wounded when gunmen attacked three houses where two police officers and their families lived in the state of Tabasco. Authorities said they believed the attack may have been in retaliation for the capture or killings of gunmen and other criminals in clashes with the security forces. Meanwhile, seven people were gunned down inside a new restaurant on the Guadalajara-Tepic highway. Investigators said the gunmen were between 20 and 30, and may belong to "Los Zetas," a group of army Special Forces veterans and deserters who work as gunmen for the Gulf drug cartel. In addition, prosecutors in the state of Coahuila said the remains of between 14 and 16 people, including 2 teenagers, were discovered in a series of clandestine graves used by drug-trafficking gangs to bury their victims.

SCJN: Police Abusive In Retaking Town
February 12, 2009
The Supreme Court (SCJN) said that police committed serious abuses when trying to retake control of a rebellious town outside the capital three years ago. SCJN has ruled that police should be investigated for their conduct in San Salvador Atenco, though it absolves the state governor and federal officials who ordered the raid of the abuses. Police intervened in San Salvador Atenco in May 2006 to end protests that erupted after authorities tried to prevent street vendors from setting up stands in a nearby city. Some of the demonstrators kidnapped and beat six policemen. About 24 women detained by police claimed they were sexually abused. Others said they were beaten.

Armed Group Springs Nine Inmates From Mexican Prison
February 10, 2009
Heavily armed intruders killed three inmates and freed another nine after taking control of a prison in the city of Torreon, in the state of Coahuila. The armed group, dressed in black and wearing ski masks, subdued the guards and entered the jail's control center. Authorities said that the three people who were murdered had been admitted to the prison two hours previously for the crimes of kidnapping and homicide. The victims were accused of having kidnapped a businessman in Monterrey. The warden and 18 guards at the prison have been named in an arrest warrant related to the prison break.

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Sports

U.S. Beats Mexico 2-0
February 11, 2009
The U.S. beat Mexico 2-0 in a World Cup qualifier, piling the pressure on losing coach Sven-Goran Eriksson. Michael Bradley scored a goal in each half and Mexico's Rafael Marquez was sent off in the 66th minute. The U.S. victory extended its recent dominance over Mexico, which has failed to win in the last five meetings.

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Arts & Culture

Mexico Unearths Mass Grave From Spanish Conquest In Mexico City
February 11, 2009
Archeologists have found a mass grave in Mexico City with four dozen human skeletons laid out in neat lines that could reveal clues about the sixteenth century Spanish conquest that killed millions. Investigators found the 49 skeletons, all lying face up with their arms crossed, as they searched for a palace complex in the Tlatelolco area, once a major religious and political center for the ancient Aztec elite and now a district in the north of the city. Historians think it is likely the indigenous people buried in the grave died in battle against the invading Spanish or fell victim to diseases that wiped out large swaths of the native population in 1545 and 1576.

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Other

Mexico City Dump On The Verge Of Disaster
February 12, 2009
Mexico City is facing a crisis over where to put its trash – enough to fill four sports stadiums a year – with its sprawling dump already crammed to bursting and under a closure order as tons of refuse piled several stories high are pressing against a major drainage canal that runs along the dump's edge. The government ordered the dump closed in January as there is a risk a rupture could flood residential areas and the airport with stinking effluent and grime. But city officials are stalling in court, arguing that the danger is exaggerated and asking for more time to implement ambitious recycling and green energy projects.

Mexico City Sets Guinness Kissing Record On Valentine's Day
February 14, 2009
Mexico City puckered up to set a new record as nearly 40,000 people locked lips in the city center for the world's largest group kiss. Carlos Martinez of Guinness World Records verified the record of 39,897 people who entered the gated kissing area of the city's Zocalo main square on Valentine's Day, besting Weston-super-Mare, an English town that set the previous kissing record in 2007. Mexican singer-actress Susana Zavaleta serenaded the crowd before the kiss with the classic Mexican ballad, "Besame Mucho,” also the name of the event.

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*If you would like a full version of any of the articles included in this issue, please contact us so we can furnish you with the original. Please feel free to contact us at your convenience if you need further information or advice on a topic of your interest.

 

Sources

Associated Press, Calibre Macroworld, The Canadian Press, Companies’ Press Releases, Diario Oficial de la Federación, Dow Jones Newswires, El Economista, EFE, The New York Times, Reforma, Reuters, El Semanario, Stock Exchange Announcements, United Press International, The Wall Street Journal, The Washington Post, Xinhua News Agency.

Contacts

Editor
Rene Herrera

rherrera@manattjones.com
+52-55-5281-8297

Mexico City
Juan Casillas
jcasillas@manattjones.com
+52-55-5281-8297

John Bruton
jbruton@manattjones.com
+5255-5281-8297

Washington, D.C
Jessica Blystone
jblystone-mj@manatt.com
+1-202-585-6527

PLEASE NOTE: This newsletter summarizes recent developments and articles from other publications. It is not meant to express any opinion or advice, legal, consultative or otherwise. COPYRIGHT 2009 by ManattJones Global Strategies, LLC. All rights reserved. ManattJones Global Strategies, LLC, 11355 West Olympic Boulevard, Suite 100, Los Angeles, CA 90064. Phone: (310) 231.5660 Fax: (310) 312.4224; Web site: http://www.manattjones.com.

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