Mexico’s Gruma planning capital increase
Mexican corn flour and tortilla maker Gruma will ask shareholders to vote next month on issuing new shares in an effort to bolster the liquidity of its stock, the company said on Monday.
Gruma (GRUMAB.MX: Quote, Profile, Research) (GMK.N: Quote, Profile, Research) plans to issue up to 30 million new shares in a public offer if shareholders approve the move at a Dec. 15 in the northern industrial city of Monterrey.
Shares in Gruma closed down 1.78 percent at 27.60 pesos, and the company’s New York stock fell 1.34 percent to $10.34.
Finance Director Raul Pelaez told Reuters in September that Gruma planned to place more shares among minority investors and increase the amount of its stock on the market to 25 percent from about 19.6 percent at present.
More: today.reuters.com
Mexicos Vitro shareholders approve capital hike
Vitro, Mexicos largest glass producer, said on Wednesday its shareholders approved a capital increase for 550 million pesos ($50 million) that will be used to pay down debt.
Vitro (VITROA.MX: Quote, Profile, Research) (VTO.N: Quote, Profile, Research) said it will offer almost 63 million new series A shares to existing shareholders at a price of 8.75 pesos.
Vitros shares dropped 5.6 percent on Wednesday to 12.14 pesos in light volume.
Source : today.reuters.com
Mexico stocks hit record close
Mexico's stock prices rallied Monday after a sluggish start to a third straight record-high close, continuing to benefit from lower domestic interest rates and a spate of positive U.S. economic readings.
The IPC index of 35 leading issues closed up 0.7%, or 120.07 points, to 17271.06. Volume was 124.3 million shares worth 2.25 billion pesos.
IPC heavyweight America Movil L shares rose 1.7% to 15.84 pesos, also a record, and fixed-line company elmex L shares (TMX: , , ) (GMK:, , ) added 1.4% to 12.33 pesos.
Copper mining and railroad company Grupo Mexico B shares
With Family Planning, Mexico Takes Giant Leap Toward Future
With nearly a million Mexicans desperately trying to escape to the United States every year -- and probably 20 million illegal aliens already in America -- most Americans have, not without reason, blamed Mexico's traditionally high birth rate and large families for much of the problem.
But in fact, a "population revolution" has taken place here that is so astonishing, and so ultimately crucial to American immigration patterns and problems, that one wonders how it has been so little noticed.
This week, Mexfam, the respected 40-year-old population planning organization that is a member of
Mexicos president to visit Utah, Washington, California
Mexican President Vicente Fox plans to visit Utah on May 23-24 on a trip that also includes stops in Seattle and Sacramento, Calif.
Fox sent a request Tuesday to Mexicos Congress for permission to visit the three states May 23-27. The arrangements are subject to that bodys approval, but Mike Mower, spokesman for Utah Gov. Jon Huntsman, said Mexican officials indicated approval was imminent and wanted to proceed with planning.
In his seven-page statement, Fox said the relationship between Mexico and Utah is one of the most solid the country has with a state thats not
Mexicos Fox to see migrants
With the United States planning triple-layered fences along its border and thousands of National Guard troops likely heading south, Mexican President Vicente Fox is northbound -- to Washington state.
Wednesday, with debate over immigration reform and border security roiling Congress and cities across America, Fox will tour a fruit orchard in the Yakima Valley and pay homage to the regions growing Latino population and influence. During later stops in Seattle, hell huddle with Latino business and community leaders.
The message behind the visit: Dont underestimate the importance of Mexican immigration -- both legal and illegal.
More: seattlepi.nwsource.com
Earthquake shakes Mexican capital
An earthquake has rocked central Mexico, prompting the evacuation of a number of buildings in the capital.
Hundreds of people are said to have run onto the streets of Mexico City as skyscrapers swayed. No injuries have been reported.
The quake was estimated to have a magnitude of 5.9 and was centred 200km (125 miles) south-west of the capital.
The Mexico City area is often hit by tremors. The last major earthquake, in 1985, killed thousands of people.
Source : news.bbc.co.uk
MEXICO CITY (Reuters) - Volkswagen's Mexican unit reached an agreement with union leaders on Wednesday to increase workers' pay and avoid a strike.
More than 11,000 union workers at Volkswagen's plant near the city of Puebla accepted a 4.2 percent pay raise, preventing a walkout scheduled for Thursday, union leader Jose Luis Rodriguez told reporters.
The Puebla plant, about two hours' drive southeast of the capital, is the only Volkswagen operation in North America and is the sole producer of the popular New Beetle car.
The new salary deal includes minor improvements in benefits, the company and union said.
Workers had originally demanded a
Mexico's Grupo Modelo plans beer price hike
Grupo Modelo, a Mexican brewery half owned by Anheuser-Busch Cos. Inc., plans to raise its beer prices in Mexico Jan. 1, according to published reports.
The increase will be in line with expected inflation, the Mexico City-based brewer reportedly said in a Dec. 23 filing with the Mexican Stock Exchange. Modelo also said the increase takes into account tax law changes favoring recycled containers.
Mexico's annual inflation rate fell to 2.9 percent at the end of November but is expected to climb to 3.5 percent by many fund managers, according to media reports.
Grupo Modelo
Mexicos Peso Falls to Eight-Week Low Amid Inflation Concerns
Mexicos peso dropped to an eight- week low against the dollar and local-currency bonds fell on expectations inflation quickened last month.
The peso fell as much as 0.6 percent today before a report that is expected to show consumer prices rose 0.44 percent last month, the biggest increase in seven months, according to the median forecast of 16 economists in a Bloomberg survey. Accelerating inflation decreases the value of peso-denominated assets.
The inflation number today is going to look pretty bad, said Raul Rodriguez, head of economic analysis at Mexico City- based
Mexicos economic activity grew 4.4 pct in Feb
Mexicos economy expanded a healthy 4.4 percent in February compared with a year earlier, government data showed on Thursday in the latest sign that growth picked up in the first quarter.
But Februarys year-on-year expansion was not as strong as Januarys 5.7 percent leap and economic output fell 0.61 percent in February from January on a seasonally adjusted basis. But it still set the basis for a solid quarterly GDP growth.
The monthly IGAE index measures about 96 percent of Mexican economic output, excluding only fishing and forestry.
Analysts in a Reuters poll had expected a
