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 Business News
Venezuela Plans to Export Oil to China
 Gillian Wong
Venezuela plans to export 500,000 barrels of oil a day to China within five years, Venezuela President Hugo Chavez said Wednesday. Chavez arrived in Beijing earlier in the day at the start of a trip aimed at forging stronger energy ties between the two countries.more »»»
Volkswagen, Mexico Workers Reach Deal to End Strike
 Chad Thomas & Adriana Arai
Volkswagen AG, Europe's largest carmaker, and its Mexican union reached an agreement to raise pay and benefits by 5.5 percent, ending a strike that began Aug. 18. The 9,600 workers will receive a 4 percent pay increase and an additional food allowance of 150 pesos ($13.50) a month.more »»»
Retailer Pushes North
 Jenalia Moreno
A sign outside the Famsa store on Hillcroft Avenue reads in Spanish: "Your store without borders." For good reason. Famsa crossed the U.S.-Mexico border in late 2000 to open its first U.S. store in Los Angeles. Today the chain operates 25 U.S. stores where customers can order deliveries of goods in both the United States and Mexicomore »»»
Bankruptcy Fraud Charge Admitted
 Onell R. Soto - SD Union-Tribune
A former San Diego couple who authorities said stashed more than $1 million in an offshore bank account, filed for bankruptcy and sailed off to Puerto Vallarta, pleaded guilty to bankruptcy fraud in San Diego federal court yesterday.more »»»
Mexico's Tourism Industry Nets $11.6B in Six Years
 Jorge Sidron
Private investors have pumped about $11.6 billion into Mexico's tourism industry in the last six years, exceeding goals set by the federal government for the same period by almost 30%, according to Sectur, Mexico's ministry of tourism.more »»»
Politics Could Undercut Mexico's Gains
 Marla Dickerson
As President Vicente Fox prepares to leave office amid political uncertainty here, he is handing his successor one of the healthiest economies in the last six years.more »»»
Fox Speaks on Mexican Petroleum
 Presidency of the Republic
President Vicente Fox stressed that his administration’s commitment to the petroleum sector is reflected in the investments made over the past six years which means that, after 30 years, the next administration will have a strong industry with a future.more »»»
Mexico's Currency Holds Near Five-Month High After Vote Recount
 Bloomberg
Mexico's peso held near a five-month high after political parties said former Energy Minister Felipe Calderon won a court-ordered recount of votes from the July 2 presidential election, confirming earlier tallies.more »»»
Mexican Beers Flow North of the Border
 Ana Campoy
Millions of Americans seeking an alternative to domestic brews are increasingly drinking beer imported from Mexico. This trend, combined with new ways of distributing and marketing products, is boosting results for Mexican brewers and helping them to slowly but consistently swallow more of domestic companies' market share.more »»»
Politics of Corn Loom for a Divided Mexico
 Sara Miller Llana
US-Mexican trade is huge and getting bigger and more significant to producers and consumers. And yet for the same reason the sensitivities are getting potentially more complicated. ... It's a bit of a tinderbox.more »»»
Activists Shut Foreign Banks in Protest
 Lorraine Orlandi
Supporters of Andres Manuel Lopez Obrador surrounded main offices in Mexico City of the U.S.-based Citigroup's Mexican unit Banamex, Bancomer bank owned by Spain's BBVA and the British giant HSBC. They closed them down for several hours, unfurling banners and chanting slogans.more »»»
Mexico Oil Output to Decline, Analysts Say
 Amy Strahan
Mexico's oil output will probably decline in the next two years if the country doesn't allow foreign investment to boost drilling, according to Raymond James & Associates. Production in Mexico may have peaked in 2004.more »»»
The Re-Balancing of Global Growth
 Pierre-Antoine Delhommais
As though nothing were going on, as though gas weren't more expensive and interest rates higher, the global economy continues to grow rapidly, at a rate of about 4%, demonstrating an unsuspected resilience, to use the word in vogue at the moment. But the geographic distribution of this wealth creation is in the process of changing.more »»»
Wal-Mart's Mexico Unit Eyes Banking
 Associated Press
The Mexican unit of Wal-Mart Stores Inc. has filed for a banking license with local regulators, the latest retailer to enter the realm of financial services in Mexico in recent years.more »»»
Calderon Faces Pressure to Roll Back NAFTA
 Kevin G. Hall, Janet Schwartz & Jay Root
Felipe Calderon's contested, razor-thin victory in Mexico's presidential election last month is likely to force his attention toward the underdeveloped south, where poor farmers want to renegotiate the North American Free Trade Agreement.more »»»
Cuba: Open for Business?
 Charles Herman
Cuban-Americans celebrated in the streets of Miami Monday night after learning that Fidel Castro had undergone abdominal surgery and turned over the presidency of Cuba to his brother Raul. And eager businesses eyeing the Cuban market cheered right alongside them.more »»»
Mexico's Stock Exchange Blockaded
 Bloomberg
Supporters of Mexican presidential candidate Andres Manuel Lopez Obrador escalated protests to demand a recount of the July 2 election, with hundreds of demonstrators blocking the nation's stock exchange.more »»»
Mexico's Largest Oil Field Output Falls to 4-Year Low
 Bloomberg
Mexican crude oil output at Cantarell, the world's second-largest field, fell faster than expected in June to a four-year low, signaling the government will miss production targets.more »»»
Mexico Vote Protests Cripple Capital, Hurt Markets
 Greg Brosnan
The mass demonstrations called by Andres Manuel Lopez Obrador to protest alleged vote-rigging in his close election defeat to conservative rival Felipe Calderon on July 2 have turned Mexico City's swanky business district into a sprawling campsite.more »»»
Process to Develop Megaport May Start
 Diane Lindquist
Baja California Gov. Eugenio Elorduy Walther has announced that a competition to develop a port and rail line near Ensenada will begin in three weeks, but a continuing disagreement over mineral rights at the proposed Punta Colonet port site could make that unlikely.more »»»
Tiny Loans Seen as Big Way to Invest in Developing Nations' Poor
 Evelyn Iritani
Microcredit programs that deliver money to poor people have been one of the fastest-growing tools in the anti-poverty arsenal, spurred by a generation of high-tech entrepreneurs attracted to its "hand-up, not a handout" philosophy.more »»»
Gov’t Moves to Open Up Market
 Marla Dickerson
Federal regulators have taken the boldest step yet to pry open the nation’s fixed-line telephone market to competition and loosen the grip of telecom giant Telmex, which has long enjoyed a near monopoly here.more »»»
Mexico Exports Probably Rose for Second Month in June on Autos
 Patrick Harrington
Mexico's exports may have surged for a second month in June as sales of automobiles helped regain U.S. market share lost to China. Exports climbed to $22.7 billion after reaching a record $22.71 billion in May.more »»»
Will Mexico Soon Be Tapped Out?
 Marla Dickerson
Output at Mexico's most important oil field has fallen steeply this year, raising fears that wells there that generate 60% of the country's petroleum are in the throes of a major decline.more »»»
World Trade Talks Collapse
 Richard Waddington & William Schomberg
Global free trade talks, billed as a once in a generation chance to boost growth and ease poverty, collapsed on Monday after nearly five years of haggling and resuming them could take years.more »»»
Grupo Salinas Inaugurates Employee Housing for Hurricane Stan Victims in Chiapas
 PRNewswire
Mexican entrepreneur Ricardo Salinas Pliego, founding chairman of Mexican conglomerate, Grupo Salinas, last week presented housing to employees of retailer Grupo Elektra affected by Hurricane Stan in Tapachula, Chiapas.more »»»
Univision Music Unit Sued by Mexico's Disa Label
 Reuters
Latin music label Disa Records said on Tuesday it has filed a breach of contract lawsuit against the music unit of Hispanic media company Univision Communications Inc.more »»»
Mexican Peso Advances to Two-Month High; Local Bonds Gain
 Bloomberg
Mexico's currency rose to a two- month high on expectations Felipe Calderon will be confirmed the winner of presidential elections and form alliances needed to pass legislation that will spur faster economic growth.more »»»
Televisa Says Could Still Make Offer for Univision
 Cyntia Barrera Diaz
Mexican media giant Televisa on Tuesday said it does not rule out a new takeover offer for U.S. broadcaster Univision after losing a bidding war over the company last month.more »»»
Carriers' Interest in México Rising
 Martin Zimmerman
Lured by a growing tourist trade and hopes of generous profits, U.S. airlines are taking a new look at an old destination - Mexico. Mexico has long been a popular market for both U.S. and Mexican carriers. The nation is by far the most common international destination from Los Angeles, with almost twice as many passengers last year than Number Two, Canada.more »»»
A Free Market Man for Mexico
 Marla Dickerson
Conservative candidate Felipe Calderon may have bested his leftist rival in the closest presidential race in Mexico's history. But getting the economy moving will be no easy task for the man who billed himself as the "jobs president."more »»»
Mexican Workers Want a Recount
 David Bacon
Huge national demonstrations in Mexico are now demanding a recount of the votes cast in the presidential election, tainted by allegations of vote fraud. Mexico's wealthiest families have a lot to lose.more »»»
Grupo Aeroportuario Reports Passenger Traffic Increase
 PRNewswire
Grupo Aeroportuario del Pacifico, S.A. de C.V. today announced terminal passenger traffic figures for the month of June 2006 compared to traffic figures for June 2005. During the month of June 2006, terminal passenger traffic increased 2.3% compared to the previous year, driven by international passenger traffic, which grew 8.4%.more »»»
Victor Gonzalez Shakes Off Failed Campaign
 Will Weissert
There was no way he could have won the presidency - even if he had received the largest number of votes. But that didn't stop Mexican pharmaceutical magnate Victor Gonzalez from carrying out a $10 million dollar campaign, complete with scantily clad dancers and offers of cash to any party that would support him.more »»»
Mexico, Brazil Shares Continue Slide
 AP
Latin America's major markets opened lower Friday on international concerns over hostilities in the Middle East and the resulting pressure on international oil prices. Mexico's key IPC index was 1.8 percent lower early Friday, at 18,390.85.more »»»
Brazilian President Wants Trade Talks Progress at G8 Summit
 AFP
Brazilian President Luiz Inacio Lula da Silva will push for progress on the ailing Doha round of world trade talks at this weekend's G8 summit. Trade is not on the formal agenda at the Group of Eight industrial powers' gathering in Saint Petersburg, but Lula insisted the issue was unavoidable, in an interview with the British business daily.more »»»
Mexican Stocks Slip Amid Political Uncertainty
 Reuters
Mexican stocks on Wednedsay fell for second straight day amid lingering concerns over political stability as leftists pressed their challenge to the wafer-thin victory of a conservative in the July 2 presidential election.more »»»
SECTUR - The Private Capital Goal is Surpassed
 Roberto Jimenez
The amount of private investment in Mexico's tourism sector during this administration may surpass a total of 12 billion dollars, 30 percent more than the goal set at the beginning of the administration, according to estimates by the Ministry of Tourism (SECTUR).more »»»
Mexican Stocks Down Amid Election Results
 Reuters
Mexican stocks closed down more than 1 percent Friday, ending a rally after conservative Felipe Calderon won the most votes in the presidential election. The slide tracked a general trend across Latin America, as markets fell along with Wall Street on a disappointing U.S. payroll report for June.more »»»
Central American Tourism Boom
 LatinBusinessChronicle.com
Latin America is setting a new record in international arrivals, led by Central America. But major markets like Mexico, Brazil and Argentina are also seeing healthy growth.more »»»
Mexico Stock Markets End Up 4.8 Percent
 Associated Press
Markets rose broadly across Latin America on Monday, a day that saw Mexican stocks close up 4.8 percent as investors reacted to a thin lead in presidential election returns by the conservative candidate.more »»»
Mexican Peso Has Biggest Gain Since 2000 as Calderon Takes Lead
 Bloomberg
Mexico's peso gained against the dollar on the prospect that Felipe Calderon, a former energy minister and member of President Vicente Fox's National Action Party, win the country's presidential election.more »»»
Money Traders Betting on López Obrador
 Manuel Roig-Franzia
Investors are betting that Andrés Manuel López Obrador will be the next president of Mexico. As Sunday's election approaches, the price of Mexican bonds has been going down because of fears that López Obrador will win the race and then mismanage the national economy.more »»»
No Free Hand for Mexican Economy
 Robert Plummer
Mexico's economy has proved to be a key battleground in the final stages of the country's bitterly-fought presidential election campaign. Voters will have to decide which of the frontrunners, Andres Manuel Lopez Obrador or Felipe Calderon, is better placed to promote growth and generate jobs.more »»»
Peso to Rise by Five Percent After Election, Says Barclays
 Wire services
The peso may strengthen as much as 5 percent against the dollar six months after the July 2 presidential election as economic policy probably won´t change regardless of who wins, Barclays Capital said in a report today.more »»»
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