Mexico posts 3.3 bln pesos public surplus in Oct
Mexico posted a public-sector surplus of 3.3 billion pesos ($310 million) in October thanks to higher tax and oil income, the government said on Wednesday.
The October surplus brought the accumulated January-October surplus to 104.9 billion pesos, it said.
Mexico, among the world’s top 10 crude oil exporters, has seen its public finances boosted this year by the gains in oil prices.
Budget income for the month rose 10.9 percent year-on-year in real terms.
The government has a fiscal deficit target of 0.2 percent of gross domestic product for 2005.
President Vicente Fox presented a 2006 budget bill to Congress aiming for a slight fiscal surplus in Mexico for the first time in years.
But Congress slapped down the plan, instead passing a bill allowing for a balanced budget.
More: today.reuters.com
Mexico's Fox Seeks to Use Oil Revenue to Cut International Debt
Mexican President Vicente Fox's proposed spending plan for 2006 seeks to use revenue from record high oil prices to reduce the nation's international debt to its lowest in more than three decades.
``High oil revenue has a non-recurring nature, so we must use it to strengthen our infrastructure or save it to mitigate the impact of a possible decline in oil prices on public finances and the national economy,'' Fox, 63, said in a message to legislators in the budget.
Fox's plan would allow Mexico, the world's sixth-largest oil
Mexico, Venezuela, Chile: Latin America Local Bond Preview
The following events and economic reports may influence trading in Latin American local-currency bonds today. Bond yields are from the previous session.
Chile {BCPCL }: Chile's jobless rate fell to a nine-month low of 7.6 percent in November, the government reported yesterday, on increased industrial production and seasonal agricultural employment. Industrial production expanded at a faster-than-expected 6.2 percent.
The yield on Chile's 8 percent bond maturing in June 2014 fell 4 basis points to 6.35 percent, according to JPMorgan Chase Chile. {CL0000000605 DES }
Mexico {MBONO }: Mexico's government releases
The Washington Posts trouble with numbers Mexico after NAFTA
On April 17, the Washington Post ran an article about Mexicos economy and the North American Free Trade Agreement, which took effect on January 1, 1994. Part of the focus was on market forces and the flight of some Mexicans to the U.S.
Still, the past 13 years havent been all bad economic news for Mexico, wrote Manuel Roig-Franzia of the Posts Foreign Service. Spurred by NAFTA, Mexicos gross domestic product has ballooned, multiplying nearly seven-fold, from $108 billion in 1993, the year before NAFTA implementation, to $748 billion in 2005.
If
UPDATE 1-Mexico Congress OKs $184 bln balanced 2006 budget
Mexico's Congress on Tuesday approved a $184 billion balanced budget, the first spending plan in a decade with no deficit, but lawmakers rejected President Vicente Fox's more ambitious proposal to end his last year in office with a budget surplus.
The lower house of deputies passed the budget, adding about $8 billion in additional funds to Fox's original proposals for education, infrastructure and reconstruction after Hurricanes Stan and Wilma devastated parts of southern Mexico and its Caribbean coast resorts.
Fox initially proposed a budget surplus of 0.2 percent of gross domestic product in 2006,
UPDATE 1-Mexico posts $650 mln 3Q current account deficit
Mexico posted a $650 million current account deficit in the third quarter of this year following a $19 million deficit in the second quarter, the country's central bank said on Tuesday.
The accumulated current account deficit in the first nine months of the year was equivalent to 0.7 percent of gross domestic product.
Analysts in a Reuters poll had predicted Mexico would post a third-quarter current account deficit of $1.226 billion.
"It's clearly far better than expected, and another sign that exports are doing much better than had been feared," said Christian Stracke, lead
Mexico braced for battle over budget surplus
The Mexican government is preparing for what could be a stiff fight over the 2005 federal budget after it proposed to Congress that the country should have a budget surplus for the first time in more than a decade.
The treasury department’s proposal, submitted to Congress this week, calls for a surplus equivalent to 0.2 per cent of gross domestic product – a dramatic conclusion to a succession of smaller deficits under the government of President Vicente Fox.
However, the government’s proposal is also based on a sharp fall in the oil price. As oil revenues
Mexico's TV Azteca to prepay 1.4 bln pesos of debt
Mexico's No. 2 broadcaster TV Azteca said on Friday that this month it will prepay 1.406 billion pesos ($131 million) of debt with local bank Banco Inbursa that is due to expire in 2008.
Azteca (TVAZTCACPO.MX: Quote, Profile, Research)(TZA.N: Quote, Profile, Research), owned by media and retail magnate Ricardo Salinas, said it was funding the debt prepayment with the proceeds of a bond issue in Mexico. ($1 = 10.694 pesos)
More: today.reuters.com
Mexico reports trade gains
Mexico posted an unexpected trade surplus in April as exports climbed, buoyed by near-record high oil prices and growing U.S. demand for Mexican-made automobiles, a report said Wednesday.
Exports rose 13.9 percent in April from the same month a year ago, a Finance Ministry report showed. Imports rose 7.3 percent. The country posted a trade surplus of $464 million after a $147 million deficit in March.
Economists had expected a trade deficit of $330 million, according to a Bloomberg survey.
Were still seeing very strong growth compared to previous years, David Franco, an economist for JPMorgan Chase & Co. in
Stocks Rally in Mexico
Mexican stocks staged a rally of more than 200 points Wednesday, led by shares of home construction companies.
The market's key IPC index rose 234.99 points, or 1.7 percent, to 14,243.19. Volume totaled 153.8 million shares worth 3.18 billion pesos.
The index closed just above the key 14,000 mark on Tuesday, its lowest level since mid-July, in a sell-off of more than 300 points.
Homebuilder Homex was the top performer in Wednesday's session, with its shares jumping 9.9 percent to 53.81 pesos.
Others included Consorcio Hogar, whose B shares finished up 6.4 percent to 3.14 pesos, Urbi
Sihoplaya & Seybaplaya
Highways 180 and 261 are combined for 17 km until the latter darts off east on its way to Edzna and Hopclchen (bypassing Campeche, should this be desired). A 66-km toll autopista, paralleling Highway 180, just inland from the southern outskirts of Champotdn to Campeche, is much quicker than the old highway. Champoton and Seybaplaya are bypassed. But from the old Highwav 180, narrow and slow with speed bumps you can reach the resort of Sihoplaya. Here is the widely known C Hotel Siho Playa, T62989. A former sugar hacienda with a beautiful setting and beach facilities,
