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Mexico sees growth slowing to 3.5 pct in 2007

Mexico sees growth slowing to 3.5 pct in 2007 Mexicos economic growth will slow to an insufficient rate of about 3.5 percent next year, the central bank said on Monday, adding that increased productivity and competitiveness were vital to job creation. Guillermo Guemez, the central banks deputy governor and a voting member of its five-man monetary policy board, said a slowdown in the United States and the wider global economy would affect Mexicos growth under President-elect Felipe Calderon, who begins his six-year term on Dec. 1. Mexican gross domestic product expanded 5.1 percent in the first half of this year and is

Mexico halts all oil exports,most output, till Wed

Mexico halts all oil exports,most output, till Wed Mexico's closure of most offshore oil production and ports mean the suspension of 2.95 million barrels per day (bpd) in output until midweek and the grounding of all exports, state oil monopoly Pemex said on Monday. Pemex -- which normally produces 3.4 million bpd of crude -- said it would start restoring production on Wednesday and should be fully operational again on Friday, after shutting down most oil wells in the Campeche Sound, in the southern Gulf of Mexico, due to Hurricane Emily. Pemex said port closures in the Gulf of Mexico meant it was

UPDATE 2-Mexico’s Pemex resumes full production after Emily

UPDATE 2-Mexico's Pemex resumes full production after Emily Mexico resumed its full production of crude oil on Friday by bringing its wells in the Gulf of Mexico back on tap after they were closed by a powerful hurricane, state oil monopoly Pemex said. Pemex slashed output and halted exports as Hurricane Emily pounded the Yucatan Peninsula and then moved into the Gulf of Mexico earlier this week. The storm shut down 2.95 million barrels of day of crude oil as well as 1.87 million bpd of exports, the bulk of them to the United States. Pemex typically produces about 3.4 million bpd of crude,

Mexico T-bill yields seen flat at weekly auction

Mexico T-bill yields seen flat at weekly auction The yield on Mexicos benchmark one-month T-bills, or Cetes, was expected to remain flat on Tuesday as investors expect the central bank to hold interest rates steady at a meeting this week. Yields on three- and six-month Cetes were also expected to be nearly unchanged while the 5-year bond yield was expected to decline at the central banks weekly auction, according to a Reuters poll. Mexicos central bank is seen keeping rates untouched when it meets on Friday, although some analysts believe it will resume cutting rates later in the year. More : today.reuters.com

Reuters Summit-Mexico’s Homex to see free cash flow in 2006

Reuters Summit-Mexico's Homex to see free cash flow in 2006 Homex, one of Mexico's largest homebuilders, expects to see positive free cash flow in 2006 for the first year ever, and may use some of the funds to pay down debt, its chief executive said on Wednesday. Homex (HOMEX.MX: Quote, Profile, Research) (HXM.N: Quote, Profile, Research) and other large, fast-growing players in Mexico's booming housing industry have plowed money into growth in recent years, but some firms are now beginning to produce positive free cash flows. CEO Gerardo de Nicolas said in an interview at the Reuters Latin America Investment Summit

Mexico oil output to decline, analysts say

Mexico oil output to decline, analysts say Mexicos oil output will probably decline in the next two years if the country doesnt allow foreign investment to boost drilling, according to Raymond James & Associates. Production in Mexico may have peaked in 2004, analysts J. Marshall Adkins and Pavel Molchanov wrote in a July 10 report, because the 30-year-old Cantarell field, the worlds second-largest, has reached maximum output, they said. Petróleos Mexicanos, the state oil company, said Aug. 2 that Cantarell production will decline 8 percent this year. The countrys oil production looks like it already might have peaked -- quite possibly for good,

US Gulf of Mexico oil output 100 pct shut-MMS

US Gulf of Mexico oil output 100 pct shut-MMS Offshore U.S. crude oil production in the Gulf of Mexico was totally shut for the second straight day on Sunday with natural gas output also lower, the U.S. Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina. The MMS said the percentage of oil output shut was 100 percent for both Sunday and Saturday, up from 99.125 percent on Friday. The normal daily oil output from Gulf of Mexico operations is 1.5 million barrels per day. For natural gas, 8.047 billion cubic feet

Mexicos economic activity grew 4.4 pct in Feb

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

UPDATE 1-Mexico July industrial output unexpectedly falls

UPDATE 1-Mexico July industrial output unexpectedly falls Mexican industrial output fell an unexpected 1.1 percent in July compared to a year ago, the first decline in four months, as manufacturing output was even weaker than forecasts, the government said on Monday. Key manufacturing output dropped 2.1 percent in July from a year earlier, according to the finance ministry, with weakness evident in the auto industry from declining car and truck demand in the United States. Analysts in a Reuters poll had expected a median year-on-year increase of about 2.6 percent in July industrial production. Industrial activity in July rose 0.22 percent from June. The

Mexico proven oil reserves dip to 16.470 bln bce

Mexico proven oil reserves dip to 16.470 bln bce State oil monopoly Pemex said Thursday that Mexico's proven oil and gas reserves dipped to 16.470 billion barrels of crude oil equivalent (bce) at the end of 2005, down from 17.6 billion bce a year earlier. Earlier this week Pemex, one of the main suppliers of oil to the United States, reported a slip in total oil and gas reserves to 46.418 billion bce at the end of 2005, down from 46.914 at the end of 2004. Within that figure, probable reserves stood at 15.784 billion bce versus 15.8 billion a year earlier and