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Energy
Pemex To Sell As Much As USD 3 Billion In Local Debt In 2009
March 3, 2009
Pemex announced that it is looking to place between USD 2 billion and USD 3 billion of debt in the local market as part of a
financing program that could reach USD 10.5 billion. Pemex’s total borrowing for 2009 will range between USD 7.5 billion
and USD 10.5 billion. The company also seeks to obtain between USD 1.5 billion and USD 2 billion from export credit
agencies. Pemex is seeking authorization from the National Banking and Securities Commission (CNBV) to sell up to USD
4.6 billion of debt over a five-year period.
Pemex Contracts Waste Processing Vessel For USD 120 Million
March 3, 2009
Pemex has awarded a USD 120 million waste processing contract to local company Maritima de Ecologia. Maritima de
Ecologia will provide a waste processing vessel to separate and store solid waste, crude oil and natural gas to prevent spills
during offshore drilling operations. The contract will last from February 2010 through February 2015. The vessel is currently
located in Turkey.
Iberdrola To Build La Venta III Aeolian Park In Mexico
March 4, 2009
Spanish power company Iberdrola’s electric energy subsidiary Iberdrola Renovables announced that Mexico’s Federal
Electricity Commission (CFE) has awarded it a contract to build the La Venta III, 103-MW aeolian park at Santo Domingo
de Ingenio, in the state of Oaxaca. Work will be finished in November 2010, and under the contract, Iberdrola Renovables
will provide energy during the next 20 years. The park will feature 121 wind turbines supplied by Spanish manufacturer
Gamesa. Details on the required investment were not disclosed.
Senate’s Energy Commission Approves Independent Board Members To Pemex
March 9, 2009
The Senate’s Energy Commission has approved four independent board members to Pemex. The Commission approved
President Calderon’s candidates Rogelio Gasca Neri, who headed the Federal Electricity Commission (CFE); Hector
Moreira, who belongs to the ruling National Action Party (PAN) and worked at the Energy Ministry (SENER); Jose Fortunato
Alvarez Enriquez, also from the PAN, and who has mainly worked in state-run financial institutions and Flavio Cesar Ruiz
Alarcon, a former advisor to Calderon’s rival in the 2006 presidential elections and advisor of opposition PRD party’s
lawmakers on energy issues. The full house still has to approve the appointments.
President Calderon Inaugurates Kyocera Module Manufacturing Facility
March 6, 2009
President Calderon inaugurated U.S. supplier of solar electric energy solutions Kyocera’s second manufacturing plant in
Tijuana, in the state of Baja California, and which will produce solar photovoltaic modules, a line of renewable energy products that convert sunlight into usable electricity with no noise, no moving parts and no pollution. President Calderon
used the occasion to announce plans to implement a large-scale program of renewable energy in Mexico, which will include
Mexican-made solar modules such as those produced at Kyocera.
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Banking, Insurance & Finance
ABM: Foreign Banks Might Be Violating The Credit Institutions Law
March 3, 2009
According to the Mexican Banking Association (ABM), several foreign banks that operate in Mexico might be violating
Article 13 of the Credit Institutions Law by receiving capital or being rescued by their countries of origin’s governments. The
comments came after the U.S. government acquired a 36% stake in Citigroup, which owns Mexico’s Banamex. In addition,
ABM said that several U.K.-based banks with subsidiaries in Mexico are capitalized by their governments.
Actinver Values Citigroup’s Eventual Sale Of Banamex At USD 8 Billion
March 2, 2009
According to estimates by Mexican asset management firm Actinver, an eventual sale of Mexican bank Banamex by its
parent company, U.S. bank Citigroup, would be made for USD 8 billion, or 36% below the USD 12.5 billion Citigroup paid
for it in 2001. Banamex has stressed that it won’t be put to sale and that the recent acquisition of a 36% stake in Citigroup
by the U.S. government does not violate the Mexican Credit Institutions Law. Actinver said the sale would amount to 8 USD
billion if it needed to be made urgently, but that Citigroup could yield Banamex for USD 14 billion if it waits. Meanwhile, the
National Banking and Securities Commission (CNBV) is analyzing Banamex’s new legal situation after the U.S. government
purchased the said stake.
Credit Suisse Launches Private Banking Services In Mexico
March 5, 2009
Swiss bank Credit Suisse Group (CS) launched domestic private banking services in Mexico for wealthy customers, saying
it believes the market for such clients is expanding rapidly. CS said that Mexico is among 10 countries around the world,
including Brazil, China and India, that it has singled out for "focused growth initiatives." Credit Suisse estimates the market
for private banking services is growing between 7% and 11% a year.
Inbursa, La Caixa Boost Expansion This Year
March 6, 2009
Mexican financial group Grupo Financiero Inbursa and Spanish partner Criteria Caixa Corp. announced that they plan to
boost expansion in Mexico this year and open 166 branches across the country, up from the 100 they had originally
planned for 2009. Last November, the companies announced plans to open 350 branches across Mexico over four years.
Criteria Caixa holds a 20% stake in Inbursa; and Mexican billionaire Carlos Slim, the remaining 80%.
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Business & Industry
IMEF: Manufacturing Index Edges Up In February
March 3, 2009
Mexico’s Institute of Finance Executives (IMEF) said that its manufacturing index rose in February from January, but was
down from a year ago and continued to point to "economic contraction for some time." IMEF said that its manufacturing
index reading was 43.9 last month, compared with 43.1 in January and 48.3 in February 2008. IMEF’s nonmanufacturing
index, which measures the likely direction of services activity, at 46.2 was also up from January but down from its year-ago
level. Readings below 50 point to contraction and readings above 50 indicate expansion ahead.
Bimbo: U.S. Market Likely To Provide 42% Of Firm’s 2009 Profits
March 3, 2009
According to top executives from Mexican bread maker Grupo Bimbo, 42% of its profits this year are likely to come from the
U.S. market as the USD/MXN exchange rate benefits its operations there and as its Bimbo Bakeries USA (BBU) unit
contributed 20% to the company’s global profits last year. Bimbo expanded its U.S. operations last year when it acquired
the U.S. fresh bread and baked goods unit of Canada’s George Weston for USD 2.38 billion.
Intertek To Open Three New Laboratories This Year
March 5, 2009
Intertek, a global provider of quality and safety solutions for a wide range of industries said it is expanding its presence in
Mexico to meet demand for independent testing, inspection and certification services in the country. Intertek has three new
laboratories currently under construction which are due to start operations this year. Intertek opened six facilities in the past
24 months, and its new laboratories will broaden its infrastructure in Mexico to 20 locations and 500 employees.
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Automotive
AMIA: Automobile Output To Fall By As Much As 25% This Year
March 4, 2009
The Mexican Auto Industry Association (AMIA) said Mexico’s auto production could fall by as much as 25% this year, as it
plunged in January by 51% and exports fell by 57%. AMIA is urging the government to take steps to "reactivate" the
domestic market through fiscal stimulus, tax reductions and heavier regulation of used-car imports from the United States.
AMIA added that a new MXN 2 billion government program to help companies pay their employees during work stoppages
instead of laying them off is "insufficient."
Volkswagen Mexico Plans Temporary Shutdowns; Warns Of Possible Layoffs
March 5, 2009
German automaker Volkswagen’s Mexican unit announced that its plant in Puebla, in the state of the same name, will halt
operations for three weeks as the U.S. recession cuts into demand. Workers will also have to take an additional week of
mandatory vacation during the annual holy week holiday. Volkswagen Mexico warned that there could be layoffs of 1,050
unionized workers but further details were not provided.
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Housing & Mortgaging
Hipotecaria Su Casita’s Shareholders Capitalize It With MXN 500 Million
March 4, 2009
Mexican housing company Hipotecaria Su Casita (HSC) announced that its shareholders capitalized it with MXN 500
million in order to strengthen it and help it address the current global economic downturn. The mentioned amount is
equivalent to 16% more than the firm’s total stockholders’ equity. Shareholders that contributed to the capitalization include
Spanish bank Caja Madrid, which owns a 40% share of HSC.
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Construction & Infrastructure
Cemex In Efforts To Refinance USD 14.5 Billion In Debt
March 8, 2009
Mexican cement maker Cemex said that it is continuing its refinancing efforts for USD 14.5 billion in debt and that it has
scrapped a USD 500 million bond sale, taking its shares down by as much as 7%. Cemex said the refinancing effort will be similar to the one it carried out in January, when it extended maturities on USD 4 billion in syndicated and bilateral loans.
Cemex said it sees the decision to pursue a bank refinancing as "the best opportunity to quickly achieve maximum financial
flexibility," but that it will also continue considering other options such as asset sales. Cemex’s net debt stood at USD 17.9
billion at the end of 2008.
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Retail
Wal-Mart De Mexico Same-Store Sales Rise 1.5% In February
March 4, 2009
Walmex, the Mexican unit of U.S. retailer Wal-Mart, announced that its same-store sales rose 1.5% in February from the
like-2008 month, with growth limited by a negative calendar effect. Total sales at Walmex were up 8.4% to MXN 18.74
billion in February. Same-store sales, which compare sales at stores in operation for at least one year, were hurt by
February having the usual 28 days this year compared to 29 in 2008, a leap year. Walmex had a net profit of MXN 14.67
billion in 2008 on sales of MXN 244.3 billion.
Soriana To Improve Results, Invest MXN 1.1 Billion
March 2, 2009
Mexican retailer Soriana said that it expects to report better results this year than what it did in 2008. Soriana said it expects
to expand its EBITDA range by between 40 and 80 basis points (BPS) in 2009 when compared to 2008, when it was 6.4%.
In addition, the firm announced that it has plans to invest MXN 1.1 billion this year for maintenance and remodeling of its
current facilities, as well as to open new stores.
Comercial Mexicana Seeks More Time To Restructure Debt
March 1, 2009
Mexican retailer Comercial Mexicana (Comerci) is seeking more time to negotiate with creditors and restructure debt, as it
was unable to do so before the set deadlines. Legal advisors and representatives working with Comerci said that it is
premature to set new deadlines to reach paying agreements with creditors, but that they expect to announce progress
within two to three weeks. Comerci said it will shortly announce the exact amount it owes its creditors, which include
Bancomer, Banorte, Ixe, HSBC, Scotiabank, JP Morgan, Barclays, Goldman Sachs and Citigroup. Comerci’s debt is
estimated at USD 2 billion.
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Transportation
U.S. Senate Passes Spending Bill Ending Mexican Truck Program
March 4, 2009
The U.S. Senate has passed a government spending bill that sealed the U.S. border to Mexican long-haul trucks, ending a
15-year project whose goal was to let U.S. and Mexican trucks carry products deeper into each state’s territory. A pilot
program entered into force recently but was strongly opposed by the Teamsters Union. The U.S. House of Representatives
had already passed the bill, which will now be sent to President Barack Obama to be signed into law.
Ferromex To Negotiate Passage Rights With KCSM If It Allows Merger
March 4, 2009
Mexican railroad company Ferromex said that it will negotiate passage rights with the Mexican unit of U.S. peer Kansas
City Southern (KCSM) if the latter agrees to quit opposing the merger of Ferromex and local partner Ferrosur. KCSM and
Ferromex have unsolved issues over passage rights and also over the said merger, for which Ferromex and Ferrosur were
fined MXN 400 million last month by the Federal Competition Commission (CFC), as it found the two Mexican companies
fell into absolute monopolist practices.
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Telecommunications & Technology
America Movil Pays Down USD 500 Million Bond
March 6, 2009
Mexican cell phone operator America Movil (AMX) announced that it paid down a USD 500 million bond and that it has no
more international obligations due until 2014. America Movil, which is controlled by Mexican billionaire Carlos Slim, said
that it has plenty of cash to make its debt payments and weather a steep economic downturn.
Teninver Requests Authorization To Transmit Signals From Star One Satellites
March 4, 2009
Telmex’s subsidiary Teninver has requested authorization from the Mexican government to receive and broadcast signals
provided by Star One satellites Star One C2 and Star One C5, the latter of which is still under construction. The Federal
Telecommunications Commission (Cofetel) has authorized operations but the Communications and Transport Ministry
(SCT) still has to agree as well. The satellites are located in geostationary orbits (GEO) over Brazil. Star One is a subsidiary
of Embratel, a Brazilian telco owned by Telmex Internacional (Telint).
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Farming & Agriculture
Monsanto To Invest USD 200 Million In Mexico
March 9, 2009
U.S. agribusiness company Monsanto announced that it has allocated USD 200 million to invest in biotechnological
research in Mexico but had not been able to employ the funds as a long-awaited Corn Protection Regime had not been
published yet either. However, the federal government just published in the official gazette (DOF) reforms to the Biosecurity
Law for Genetically Modified Organisms that will allow the experimental use of transgenic corn. The rules compel
transgenic corn producers to supply a product that is fit for human and animal consumption, and usable to produce cornbased
foods. Monsanto said it invests an average USD 100 million in this kind of project, which takes between eight and ten
years to be concluded.
Study: Modified Genes Contaminated Mexican Corn
March 5, 2009
Scientists say that an article published in the February edition of Molecular Ecology might prove that genetically modified
material contaminated native corn in the crop’s birthplace in southern Mexico, ending one of the more acrimonious scientific
debates of the decade. The controversy started in 2001 with an article in the journal Nature, which said that biotech genetic
material had been detected in native Mexican corn in the state of Oaxaca, where the crop was first developed thousands of
years ago. Experts say preserving the genetic diversity of corn in Mexico is important, in case those native genes are later
needed to reinforce modern varieties.
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Hospitality & Tourism
Tourism Ministry Official: Tourism To Mexico Strong Despite Violence
March 5, 2009
According to the Mexico Tourism Board’s Houston office, drug cartel violence and a weakening global economy have not
stopped tourists from exploring Mexico’s beaches, Mayan ruins and metropolitan cities. The mentioned office added that
hotel operators have not seen a drop in business during the winter months. However, the U.S. Department of Justice’s
Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) has taken the unusual step of urging college students to avoid
parts of northern Mexico during spring break. ATF’s Los Angeles field division said that it discourages travel to Tijuana and Rosarito Beach, noting that both cities just south of San Diego have witnessed a lot of drug-fueled violence.
Reports: Tourism, Investment, Job Generation And Safety Strong In Nayarit
March 4, 2009
Recent reports and strong investment in the state of Nayarit indicate that it is becoming one of Mexico’s strongest regions in
drawing local and foreign tourists and capital, creating an important amount of jobs. Furthermore, a recent study by the
Center for Research and Development (CIDAC) revealed that the state of Nayarit has one of the lowest crime rates in
Mexico. In addition, reports say the Tourism Ministry (SECTUR) estimated investment in Nayarit in 2008 at USD 778.5
million.
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Economy
SHCP: Mexico Has MXN 205 Billion For Economic Stabilization
March 3, 2009
The Finance and Public Credit Ministry (SHCP) said that Mexico has a MXN 205 billion stabilization fund that would be
used under a low-growth scenario. SHCP said it will be monitoring oil prices during the year, which fell by 25% in January,
but said that although oil revenue dropped during the first month of the year, it was above its estimates.
Foreign Exchange Commission Adjusts Dollar Auctions
March 5, 2009
The foreign exchange commission said it is making adjustments in the central bank’s (Banxico) daily dollar auctions to
better address volatility in the exchange market. As of March 9, Banxico will auction USD 100 million a day with no
minimum rate condition, while reducing to USD 300 million from USD 400 million the amount of dollars it offers at a
minimum rate 2% above the previous day’s "fix" rate. Banxico will also maintain the possibility of making direct interventions
in the exchange market. The peso has lost about 35% of its value against the dollar since August.
INEGI: February Consumer Confidence Falls To Record Low
March 5, 2009
According to the National Statistics Institute (INEGI), Mexico’s consumer confidence index fell to its lowest level on record
in February, as respondents to a survey saw their ability to purchase large-ticket items severely diminished. The index
slipped to 78.9 points from 81.9 points in January. The reading was the lowest ever for the index, which has declined
steadily since early last year. Consumer confidence fell in four out of the five components measured by INEGI.
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Border & Migration
SRE: Number Of Yearly Migrant Deaths Along The Border Falls
March 5, 2009
According to the Foreign Affairs Ministry (SRE), 3,183 Mexicans died while trying to illegally cross the border into the United
States between February 2001 and February 2009, but the annual number of deaths dropped from 443 in 2005 to 346 in
2008. SRE said that as of February 16 this year, 17 Mexicans had perished while trying to enter the United States illegally,
one every three days. SRE added that 11,621 illegal immigrants trying to cross the border have been saved since 2001.
U.S. DOL: Unemployment Among Latinos Surpasses 10%
March 5, 2009
According to a report by the U.S. Department of Labor (DOL), the unemployment rate among U.S. Latinos grew by 1.2%
between January and February and surpassed an overall rate of 10.9%. However, increases in unemployment among the
African-Americans and white population were only 0.8% and 0.4%, respectively, between January and February. DOL’s
report indicated that nearly a million Hispanics lost their jobs in the past year and that 284,000 Latinos living in the United States were laid off last month.
Report: Minority Children Will Be Majority In U.S. Schools By 2023
March 5, 2009
According to census data released recently and based on the U.S. Current Population Survey, roughly one-fourth of the
United States’ kindergartners are Hispanic, evidence of an accelerating trend that will see minority children become the
majority by 2023. Data by the census also indicates that Hispanics make up about one-fifth of all K-12 students. The ethnic
shifts in school enrollment are most evident in the West. States such as Arizona, California and Nevada are seeing an influx
of Hispanics due to immigration and higher birth rates. Minority students in that region exceed non-Hispanic whites at the
precollege grade levels, with about 37% of the students Hispanic.
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Politics
President Calderon Announces Changes In His Cabinet
March 3, 2009
President Calderon announced changes in his cabinet as Communications and Transport Minister Luis Tellez resigned
after he was involved in recent scandals featuring recordings of personal telephone calls. Tellez was replaced by Juan
Molinar Horcasitas, head of the Mexican Social Security Institute (IMSS). Meanwhile, Daniel Karam Toumeh, who was the
national coordinator of health in social protection, will take Molinar Horcasitas’ place. In addition, Sergio Vela – who headed
the National Council for Culture and Arts (CONACULTA) – will be replaced by Consuelo Zaeza, who led the Economic
Culture Fund (FCE). Other changes include Deputy Interior Minister Abraham Gonzalez’s resignation as he seeks to
coordinate the state of Jalisco’s local congress.
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Justice, Safety & Crime
U.S. Admiral Michael Mullen: Mexico Could Use U.S. Help To Fight Drug Cartels
March 6, 2009
According to Admiral Michael Mullen, chairman of the Joint Chiefs of Staff, the United States could help Mexico with
equipment and intelligence techniques. Mullen said Mexico could borrow from U.S. tactics in the fight against terrorism as it
battles a crisis of drug-related violence along the U.S.-Mexico border. Mullen would not be specific about what kind of
intelligence or surveillance help the United States might offer, but said he saw ways to employ experience the United States
has gained in the ongoing hunt for extremists and terrorists.
President Calderon Condemns U.S. Corruption
March 5, 2009
President Calderon has blamed U.S. "corruption" for hampering Mexico’s efforts to combat drug cartels. Calderon said that
the main cause of Mexico’s drug gang problems was "having the world’s biggest consumer of illegal drugs as a neighbor,"
and added that "drug trafficking in the U.S. is fuelled by the phenomenon of corruption on the part of the American
authorities." Calderon acknowledged that some Mexican officials help the cartels but said the United States should ask itself
how many of its own officials were implicated and prosecuted for corruption.
U.S. Senator Compares Drug Cartels To A Small Army
March 6, 2009
U.S. Senator John Cornyn, R-Texas, said that two of Mexico’s largest drug cartels continue to grow in numbers to the
extent that combined they are the size of a "small army." Cornyn said that a report from the U.S. Department of Defense
(DOD) indicates that the cartels have 100,000 foot soldiers. Cornyn said the drug violence is threatening to spread beyond
the United States’ southern border and potentially jeopardizes their own national security. Cornyn sent a letter to President
Obama expressing his concerns about the drug-related violence and invited him to visit the Texas-Mexico border to see the
situation firsthand.
Canadian, U.S. Police: Gang Violence In Canada Linked To Mexico Drug Wars
March 4, 2009
Canadian and U.S. police said that the increase in gang violence on the streets of Vancouver and other Canadian cities has
direct ties to the drug cartel wars that have terrorized Mexico and some American border towns. Canadian police said
recent gang-related violence in British Columbia and elsewhere is "directly related to the drug war and that almost all
cocaine in Canada arrives from Mexico, the hub for South American producers." Canadian-based organized crime groups
buy the drug either directly from the cartels in Mexico, or from middlemen in Los Angeles and other American cities.
U.S. Travel Alert To Mexico Is For Border Cities, Not Entire Country
March 9, 2009
A new U.S. Department of State (DOS) travel alert for Mexico warns travelers to be vigilant because of escalating violence
and drug cartel-related murders. However, it does not urge students on spring break or anyone else to avoid Mexico
entirely, only to avoid the U.S.-Mexico border region, especially Ciudad Juarez, a border town across from El Paso, Texas.
The alert also warns against travel to Tijuana, Nogales, Nuevo Laredo, Monterrey and Matamoros. In addition, other U.S.
officials have acknowledged that drug-related violence is focused mostly in northern cities and that it is not a systematic
issue countrywide.
PGR; Local Attorneys’ Offices Agree To Fight Minor Drug Dealing
March 7, 2009
The Federal Attorney General’s Office (PGR) and Mexico’s 32 states’ local attorneys’ offices have agreed to jointly fight
minor drug dealing through the National Strategy against Minor Drug Distribution. The strategy calls for a total amount of
500,000 local police enforcers to fight street-level drug dealing and for the creation of a Citizens Watch Of Drugs and
Addictions. With the agreement, former Minor Drug Dealing Watch Units (UMAN) will be replaced by Strategic Centers for
Joint Operations.
Marcelo Ebrard: Telmex, Thales Win Mexico City Security Camera Project
March 6, 2009
Mexico City’s Mayor Marcelo Ebrard announced that Telmex and French technology concern Thales won a contract to
install 8,000 security cameras in the city as part of the "Safe City" plan. Ebrard said that that the consortium formed by
Telmex and Thales was chosen over others, including Spain’s Indra and Israel’s Elbit. Annual investment in the project,
which will take three years to be completed, is between MXN 1.2 billion and MXN 1.3 billion until conclusion.
Cofepris: Black Market Medicines Are Acquired Mostly By Middle-Income Buyers
March 2, 2009
According to the Federal Commission Against Sanitary Risks (Cofepris), authorities have found that 80% of the people that
acquire medicines in the black market are middle- and upper-middle-income buyers. Cofepris said risks of acquiring
medicines in the black market are that the products may have expired and be sold as new, and that they may be altered or
manufactured under antihygienic, low-quality and risky circumstances. Laboratories say their medicines are 80% cheaper in
the black market. In addition, authorities said organized crime is now targeting medicines’ shipments and pharmacies to
steal the merchandise and sell it in the black market, leading to losses for the pharmaceutical industry that amount to about
MXN 10 billion per year.
PGR: Soldiers, Policemen Arrested For Links To Hitmen For The Gulf Cartel
March 5, 2009
The Attorney General’s Office (PGR) said that 16 soldiers and four municipal police officers were arrested for allegedly
having links to "Los Zetas," the armed wing of the Gulf drug cartel. Under a court order, the suspects will be held in
preventive detention for 40 days, giving the PGR’s SIEDO organized crime unit time to expand its investigation of the men.
The suspects allegedly took part "in different executions." In a separate operation, authorities arrested 14 presumed
members of Los Zetas in the central state of Hidalgo and freed two hostages.
Prison Riot In Ciudad Juarez Leaves 20 Dead
March 4, 2009
A riot in the Cereso Estatal de Ciudad Juarez prison, in the state of Chihuahua, left 20 inmates dead and approximately 30 injured. Two hundred federal police agents and 50 army troops, along with two helicopters and a plane, were called in to
quell the violence. No police or soldiers were among those killed. Authorities said 35 possible suspects in the brawl,
including inmates and guards, were questioned by investigators the day after the riot.
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Health & Science
SNTSS: New IMSS Director’s Greatest Challenge Is Securing Medicines’ Supply
March 4, 2009
According to the National Union of Social Security Workers (SNTSS), the greatest challenge that faces Daniel Karam
Toumeh, who was recently appointed as head of the Mexican Social Security Institute (IMSS), is securing medicines’
supply. SNTSS added that plans to broaden the country’s hospital infrastructure must be continued despite the change in
the IMSS administration. Daniel Karam Toumeh, who was the national coordinator of health in social protection, replaced
Juan Molinar Horcasitas at IMSS.
Government: Laboratories Seek To Renegotiate Medicines’ Supply Contracts
March 4, 2009
The government said that some laboratories are seeking to renegotiate their medicines’ supply contracts since the MXN/
USD exchange rate changed so abruptly in the past months and they claim they cannot keep selling the medicines at the
prices that were originally set in the contracts. However, the government said that if laboratories insist in doing so, they will
have to announce in advance a breach of contract, to pay the established sanctions and prepare new bids.
Grupo Sanborns To Launch Own Generics Brand
March 5, 2009
Mexican retailer Grupo Sanborns announced that it will enter Mexico’s generics market by launching its own brand this
year. Landsteiner Scientific laboratories said they will be producing the medicines for Grupo Sanborns. Landsteiner
Scientific produces generics for Wal-Mart, which, along with Mexican retailer Comercial Mexicana and other local
drugstores, sells generics under its own brands. Landsteiner Scientific is 25% owned by Grupo Carso, which is also a
shareholder in Grupo Sanborns.
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Arts & Culture
Tamayo Painting At U.N.’s Headquarters To Be Removed For Restoration
March 7, 2009
A painting by Mexican muralist Rufino Tamayo that was donated by himself to the United Nations (U.N.) in the name of the
people of Mexico will be removed from the organization’s headquarters and brought back to Mexico to be restored.
Specialists said the "Fraternidad" painting has been damaged severely by the U.N. building’s natural conditions, heat,
humidity, and also because of a lack of attention.
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