Mexicos Economy Hits 6-Year High Note
Mexicos economy expanded at the fastest clip in six years in the first three months of 2006, a performance that analysts say could help boost the electoral chances of the ruling conservative party.
The nations economic output grew 5.5% from the January-March period last year, the Treasury Ministry said Wednesday. Construction activity grew at a blistering 8.3% pace, thanks to a government-led housing push, and the factory sector accelerated 7.1% on revved-up auto production. Those are the two main drivers of industrial activity, which expanded 7%. Mexicos service sector also extended its solid run with 5.4% growth.
The results were the best showing under the waning six-year term of President Vicente Fox, who hasnt made good on campaign promises to deliver millions of new jobs and robust economic growth.
More: latimes.com
Mexico stock index hits all-time high
The heady growth of Mexico's stock market over the last three years continued unabated on Thursday as the benchmark IPC index broke through the key psychological 17,000 level for the first time ever.
After rising by 1.8 per cent in Thursday's trading, the IPC has now risen by 41 per cent in dollar terms in the first eleven months of this year, after growth of 46.9 per cent in 2004 and 43.5 per cent in 2003.
Soure: msnbc.msn.com
Budget travellers should note that there is a definite tourist economy, with high prices and, on occasion, unhelpful service. This can be avoided by seeking out those places used by locals; an understanding of Spanish is useful. In hotels there are sometimes no single rooms, or they cost 80% of the price of doubles. As accommodation will probably be your main expense this should be built into your budget if travelling singly. You are advised to check all local prices before booking. VAT (IVA) is charged on all but some basic goods; it is generally 15% on almost all consumer
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
Mexicos economy grew over 5 pct in first quarter
Mexicos economy grew more than 5 percent in the first quarter on a sharp rise in industrial output, the Finance Ministry said on Tuesday.
Its forecast was in line with a central bank estimate last week of 5.2 percent growth in the first three months of the year.
The Finance Ministry also said Mexicos fiscal surplus stood at 51.553 billion pesos in the first quarter, boosted by oil exports, tax collection and the sale of government assets, including its majority stake in airport operator GAP (GAPB.MX: Quote, Profile, Research) (PAC.N: Quote, Profile, Research).
Mexico, Latin
Mexico tops Canada, 7-2, in Olympic event
Former major league pitcher Rigo Beltran scattered six hits in six innings Friday and Mexico stayed alive for the final Olympic baseball qualifying spot with a 7-2 victory over Canada.
Beltran, a left-hander who pitched for St. Louis, the New York Mets, Colorado and Montreal from 1997-2004, gave up just one run. Pablo Ortega worked the final three innings to earn the save for Mexico (2-2).
Luis Garcia had four hits, and Leo Arauz went 3-for-5 with a triple and two RBIs for Mexico, which had 17 hits off five Canadian pitchers.
Joey Votto hit a
Mexico's Peso Declines to 2-Week Low on Rate Cut Expectations
Mexico's peso fell to a two-week low on expectations that the coutnry's central bank this week will cut interest rates for a third time in three months.
The peso has declined 1.6 percent in five days ahead of the Bank of Mexico's Oct. 14 policy meeting. The bank has cut the overnight lending rate twice since August to 9.25 percent, a half percentage point from a 29-month high of 9.75 percent. Rising yields in the U.S. are also contributing to the peso's weakness, said Suhas Ketkar at RBS Greenwich Capital
Hurricane Stan hits Mexico
Hurricane Stan slammed Mexico's Gulf coast Tuesday with high winds and heavy rain that closed Mexico's main oil ports before returning to a tropical storm.
Stan unleashed high waves, floods and mudslides, prompting Mexico to consider evacuating several thousand people from the state of Veracruz, The Australian newspaper reported.
State oil monopoly Pemex evacuated 270 workers at five oil exploration platforms in advance of Stan, which killed 35 people in El Salvador, Nicaragua, Guatemala and Honduras during the weekend as a tropical storm.
It was unclear whether the Mexican oil port closures at Dos Bocas, Cayo Arcos and Coatzacoalcos
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
Diary Note Mexico: Amnesty International Secretary General to visit the country
Amnesty International Secretary General Irene Khan will lead a High Level Mission to Mexico between 8th and 10th August 2005.
Amnesty International’s delegation will include Susan Lee, Director of the Americas programme; Rupert Knox, Researcher on Mexico; Monica Costa, Campaigner on Mexico and Judit Arenas, Head of the Office of the Secretary General.
The delegation will visit the city of Chihuahua and Mexico City and will meet state and federal authorities and members of civil society. Amnesty International has invited representatives of the main political parties to a public discussion ahead
Mexico's Central Bank Reduces Rates to Boost Economy (Update1)
Mexico's central bank reduced its benchmark lending rate for a second time in as many months to help jumpstart a slowing economy, taking advantage of slowing inflation.
The Bank of Mexico said in a statement it will allow the overnight rate to decline to 9.25 percent from 9.50 percent following a reduction of 0.25 percentage point at its Aug. 26 meeting, which marked the first time ever the central bank set a rate for the market.
``The Mexican economy reduced its expansion rate during the first half of the year, showing lower
