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 Business News
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US-Cuba: Business Support for Dismantling Embargo
 Jim Lobe
If U.S. President-elect Barack Obama wants to begin dismantling Washington’s nearly 50-year-old trade embargo against Cuba, it appears he will have widespread support for doing so.
Chinese Property Hunters to Raid US
 Geoff Dyer
Chinese bargain hunters are preparing to descend on American cities such as Los Angeles and San Francisco, where homeowners have suffered some of the steepest price falls in the US.
Mexico Will Speed Up Projects to Help Jobs, Ruiz Says
 Jens Erik Gould & Carlos M. Rodriguez
Mexico Economy Minister Gerardo Ruiz Mateos said the government will accelerate infrastructure projects in a bid to allay job losses caused by a global economic slump that has reduced demand for exports.
Best Buy Opens First Store in Mexico
 Associated Press
Best Buy Co. arrived in Mexico on Friday with the opening of its second-largest store worldwide. The event came weeks after Best Buy cut its 2009 revenue outlook, following a sharp drop in global sales.
ConfiCasa Opens a Division in Manzanillo
 Business Wire
ConfiCasa Mortgage International, LLC continues to aggressively expand its on-the-ground office presence throughout the resort areas of Mexico with the recently announced opening of a division in Manzanillo, Mexico.
Mexico Senate Approves Tougher Consumer Credit Rules
 Noel Randewich
Mexico's Senate passed a bill on Thursday prohibiting banks from sending clients pre-approved credit cards, extending credit limits without clients' consent, and other practices that can get people into debt over their heads.
Mexican Stocks Dive After Weak U.S. Job Data
 Michael O'Boyle
Mexican stocks fell sharply on Friday after a bleak U.S. jobs report added to worries about the local impact of a recession in the United States, Mexico's top trading partner.
Mexico Exchange Sees ‘Austere’ Cuts as Trading Slumps
 William Freebairn & Aura Campa
Mexico’s Stock Exchange is implementing “austere” cost cuts to offset a slump in trading that may last until the second quarter of 2009, exchange Chairman Guillermo Prieto said.
Amero to Become USA’s New Currency When Dollar Collapses
 Pravda.Ru
Pictures of the new currency that will supposedly replace the US dollar have appeared on the Russian Internet. The United States is reportedly working on the new currency, the amero, which will be common for the USA, Mexico and Canada.
Mexico Bond Buyback Fails as Officials Reject Offers
 Valerie Rota
Mexico’s bid to buyback as much as 15 billion pesos ($1.1 billion) of bonds flopped as the Finance Ministry refused to buy at the above-market prices investors offered.
Dow Plunges 680 Points as Recession Is Declared
 Michael M. Grynbaum
The evidence of a recession has been widespread for months: slower production, stagnant wages and hundreds of thousands of lost jobs.
Mexico Sells Off Foreign Reserves to Help Peso
 Associated Press
Mexico's central bank has sold off $400 million in foreign reserves to stabilize the peso as it continues to weaken against the U.S. dollar.
AMPI Holds 37th Annual Conference in Mayan Riviera
 John K. Glaab
The 37th annual AMPI Conference and Meeting was held recently at the Xcaret Resort in the Mayan Riviera. Among the highlights were welcoming words from President Felipe Calderon delivered by Carlos Gutierrez, Director Nacional de la Vivienda.
 US Prime Mortgage Delinquencies Soaring
 Ben Tracy
There's a new wave of foreclosure sweeping across the country, and the people who are getting swept up are not greedy investors, or people who got in over their heads with bad loans. Rather, the crisis is hitting home for those who never expected to be in trouble until the slumping economy put them out of work.
Mexico May Report Remittances Declined in October
 Jens Erik Gould
Mexico’s central bank may report today that money transfers from workers abroad fell in October as the plunging U.S. economy puts Mexican laborers out of work.
Mexico Central Bank Holds Interest Rates Steady
 Associated Press
Mexico's central bank is keeping interest rates steady at 8.25 percent. Banco de Mexico says it will fix rates to re-establish confidence in Mexican financial institutions and to reactivate restricted credit markets.
Federal Government to Provide More Support for Tourism
 Presidencia de la República
At the closure of the 8th International Tourism Congress, President Calderón declared that given the current worldwide economic downturn, tourism must become one of the key engines for maintaining the country's economic growth.
Agents Pick Up Extra Business from Foreign Buyers
 Tom Kelly
While housing analysts continue to paint a rather anxious and uncertain picture for residential property in the near future, one emerging source of business for agents has been foreign buyers investing in the U.S., and another is Americans buying abroad.
Raintree Resorts Announces Positive Sales Results
 Hospitality-1st
At a time when the national real estate industry is feeling the results of an economic downturn and fallout from a credit crunch, one Houston, Texas-based developer with 10 of its 20 vacation ownership resorts located in Mexico has good news to share.
Mexico’s Inflation Accelerates More Than Forecast
 Jens Erik Gould
Mexico’s consumer prices rose more than forecast in the first half of November, pushing the annual inflation rate above the central bank’s target for the quarter, on higher costs for electricity, meat and vegetables.
Mexico Weighs Foreign Investment in Telephones
 Associated Press
A Mexican congressional commission has approved a proposal to loosen the current 49-percent limit on foreign investment in the fixed-line telephone industry. The bill, however, must still be debated by the full house.
Foreclosures Looming for US Businesses
 Matt Apuzzo
Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market.
Mexico Sees Larger Role for Emerging Economies
 Maya Kaneko
Mexico foresees emerging economies playing a more important role in tackling global challenges and hopes the United States takes a more multilateral approach under the incoming administration of Barack Obama, according to Mexico's deputy foreign minister.
Mexico Aims to Shrink Coins
 TVNZ
Mexico wants to shrink the size of some of its coins and use stainless steel to make them instead of copper, zinc and nickel alloys, which have hit record prices in recent months.
The US Deficit Turns $1 Trillion
 David Serchuk
With the deficit forecast at over $1 trillion for 2009, the Forbes.com Investor Team wonders how we're going to pay for bailouts. Now it appears that a projected $1 trillion deficit may have been a conservative estimate.
Mexico: CTM Leaders Call For Shared Sacrifice in Face of Global Crisis
 World Socialist Web Site
Last week, Joaquin Gamboa Pascoe, national leader of the Mexican Labor Confederation (CTM), called on government, corporations and workers to "share the sacrifice" in response to the effects on Mexico of the current global financial crisis.
Mexico's Resilient Banking Industry - Local Baja Bank Offering Great CD Rates
 PW Web
A unique niche in the San Diego/Tijuana cross-border metro area allows a local bank to offer depositors CD rates from 12-18% annually.
Pacific Rim Leaders Pledge Cooperation and Renounce Protectionism
 International Herald Tribune
Leaders of nations around the Pacific Rim promised to work together to combat the global economic crisis and pledged to refrain from forming new barriers to trade and investment.
Stewart National Title Services Creates a New Multinational Title Services Unit
 Business Wire
Stewart National Title Services announced the addition of two of the title industry's most experienced international business development professionals, Mitch Creekmore and David Wiesley, and the formation of a new title services unit, the Multinational Title Services Group.
Fear Stalks the World’s Economies
 Financial Times
Fears of a severe recession gripped financial markets last week as dire US unemployment figures helped drive long-term interest rates to record lows.
Chile, Mexico Leaders Oppose Protectionism
 Associated Press
The presidents of Chile and Mexico say protectionism won't solve this global financial crisis. Mexican President Felipe Calderon calls it "the wrong way to face our problems."
Bank Eat Bank: Bailout Encourages Mergers
 The Real Network
ANP: Banks are reportedly using their bailout money to buy up smaller banks instead of helping homeowners.
PepsiCo Investing Up To $3B In Mexico
 Manufacturing.Net
PepsiCo Inc. said Thursday it plans to invest up to $3 billion in Mexico in the next five years to grow its beverages and food brands Sabritas and Gamesa there.
Taheima Wellness Resort & Spa Expands Purchase Options for Condo Hotel Investors
 PRNewswire
Whole In One Nuevo Vallarta, S.A. de C.V., today announced that it has expanded investment options at the Taheima Wellness Resort & Spa, a condo-hotel development currently under construction in Nuevo Vallarta, Mexico.
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