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Mexico’s Fox Seeks to Use Oil Revenue to Cut International Debt

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

Strong retail sales raise hopes for Mexico economy

Strong retail sales raise hopes for Mexico economy Mexican retail sales rose 5.2 percent in September as consumer spending gave a boost to an otherwise tepid economy dragged down by a weak manufacturing sector, the government said on Monday. The gain matched economists' median forecast. "Things are turning around," said Christian Stracke, lead emerging markets analyst at Wall Street research firm CreditSights. "We've seen a few months of pretty solid indicators coming out across the board." Wholesale sales rose 1.1 percent in September compared with the same month last year, and seasonally adjusted data showed retail sales rose 1.73 percent month-on month. Mexican shoppers alone

Mexico’s Walmex quarterly net rises 28 percent

Mexican retail powerhouse Wal-Mart de Mexico, or Walmex, posted 28 percent growth in net profit for the second quarter on Thursday as expansion and cost savings fueled growth. Walmex (WALMEXV.MX: Quote, Profile, Research), a unit of No. 1 global retailer Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research), reported a net profit of 1.95 billion pesos ($181 million) for the period, compared with 1.52 billion pesos a year earlier. Net profit for the first half of the year reached 3.801 billion pesos. Walmex has used aggressive expansion and low prices to become the dominant retailer in Mexico's fragmented market. More: today.reuters.com

Kansas City Southern tries to halt Mexico rail deal

Kansas City Southern tries to halt Mexico rail deal U.S. rail operator Kansas City Southern (KSU.N: Quote, Profile, Research) asked Mexico's anti-trust body on Friday to stop Grupo Mexico (GMEXICOB.MX: Quote, Profile, Research) merging its Ferromex rail operations with those of recently purchased Ferrosur. In a statement, Kansas City Southern's Mexican unit said the merger of Ferromex and Ferrosur, which was bought from Mexican tycoon Carlos Slim's Grupo Carso last month, would limit competition. More: today.reuters.com

Mexico Border Retail the Highlight of Conference

Mexico Border Retail the Highlight of Conference An inside look at current and future trends in cross-border retailing, including the impacts of peso swings and increased border security, is the focus of a January conference in San Antonio. "Cross-Border Shopping Activity" will be Friday, January 13, 2006, at the Holiday Inn Select, 77 N. E. Loop 410, San Antonio. The conference is sponsored by the Federal Reserve Bank of Dallas, San Antonio and El Paso Branches; the Federal Reserve Bank of Chicago, Detroit Branch; and the International Council of Shopping Centers. Participants can register to attend at http://www.dallasfed.org . Speakers will address

Mexico’s Congress seeks support against US wall

Mexico's Congress seeks support against US wall The Mexican Congress is asking legislatures in Spain, Portugal and Latin American countries to join a coalition against a proposal by U.S. lawmakers to build some 700 miles of barriers along their nation's southern border as part of efforts to stop illegal immigration. The request is contained in a letter drafted by the speaker of the Mexican lower house, Heliodoro Diaz. "I hereby ask you, in an act of unity among Ibero-American Congresses, that you share our concern about and condemnation of (the U.S. wall), and that you express the deepest solidarity with the

UPDATE 1-Mexico July same-store sales rose 3.1 pct - group

UPDATE 1-Mexico July same-store sales rose 3.1 pct - group Mexico's top retailers' group ANTAD said on Monday its members' same-store sales rose 3.1 percent in July year-on-year, falling further behind powerhouse Wal-Mart's Mexico unit. Wal-Mart de Mexico (Walmex) (WALMEXV.MX: Quote, Profile, Research), which is not in the association, said last week its same-store sales in July were up 7.5 percent. The National Association of Supermarkets and Department Stores, or ANTAD, which includes about 100 of the country's main retailers, said members' total sales for July rose 10.8 percent from July 2004. Same-store sales at outlets open 12 months or longer are considered

Mexico’s Congress seeks support against US wall

Mexico's Congress seeks support against US wall The Mexican Congress is asking legislatures in Spain, Portugal and Latin American countries to join a coalition against a proposal by U.S. lawmakers to build some 700 miles of barriers along their nation's southern border as part of efforts to stop illegal immigration. The request is contained in a letter drafted by the speaker of the Mexican lower house, Heliodoro Diaz. "I hereby ask you, in an act of unity among Ibero-American Congresses, that you share our concern about and condemnation of (the U.S. wall), and that you express the deepest solidarity with the

Grupo Mexico, Axtel, Gol, Tractebel: Latin Equity Preview

Grupo Mexico, Axtel, Gol, Tractebel: Latin Equity Preview The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session. Mexico Grupo Mexico (GMEXICOB MM): Mexico's antitrust agency may block Grupo Carso SA, the Mexican industrial group controlled by billionaire Carlos Slim, from selling its railroad to copper producer Grupo Mexico SA, said Eduardo Perez Motta, president of Mexico's Federal Competition Commission yesterday. Grupo Mexico, which operates the Mexican railroad Ferromex, announced on Nov. 25 it agreed to buy Ferrosur SA in exchange

GE Unit Wins Contract From Mexico Utility

GE Unit Wins Contract From Mexico Utility GE Energy said Thursday it was awarded a contract by Mexico's state-owned electric utility to expand output capacity at the country's only nuclear power plant. In a news release, the unit of General Electric Co. said the contract from the Federal Electricity Commission, or CFE, is to initially provide safety and licensing evaluations for plans to increase output by 20 percent at the Laguna Verde plant in the Gulf coast state of Veracruz. Soure: news.moneycentral.msn.com