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 expected to end 2006 with growth of at least 4.5 percent.
More : today.reuters.com
Reuters Summit-Mexico's Pemex sees output flat to 2007
Mexican state oil monopoly Pemex sees crude oil production staying roughly flat this year and next, Chief Financial Officer Juan Jose Suarez said Friday.
Suarez said he saw Pemex's 2007 crude oil output averaging 3.45 million barrels per day, up only a whisker from estimated average production of 3.42 million bpd this year.
"It should be around 3.45 million," he told the Reuters Latin America Investment Summit in Mexico City.
Pemex, one of the top three suppliers of crude oil to the United States, saw its oil production dip to 3.33 million bpd in 2005, partly
Mexico's Gil Sees Limited Risks To 2006 Growth Outlook
Mexican Finance Minister Francisco Gil said Wednesday he sees limited risk to government expectations of 3.6% to 3.7% economic growth in 2006, although sustained high growth isn't be likely until structural reforms are carried out.
The main risk is a slowdown in the global economy, particularly the U.S., Gil said at a press conference.
He said that the outlook for the U.S. economy this year remains rigorous, including the manufacturing sector that most influences Mexican industrial output.
On the domestic front, public infrastructure projects and housing construction are expected to remain
Official sees growth in Mexico economy
Mexico's economy could grow by 4 to 4.5 percent in the fourth quarter and 3.2 to 3.3 percent for the year, and the government will be able to offer pensions for the elderly poor in 2006, a government official said Wednesday.
Government institutions "have begun to give other services ... in ways that you are going to see soon," Eduardo Sojo, head of the presidential office of public policy, told a news conference.
"Pensions for elderly people who are in extreme poverty -- you'll see that next year," he said.
Outlining new anti-poverty initiatives, Sojo stressed that the
UPDATE 1-Mexico central bank sees 2006 growth near 3.5 pct
Mexico's central bank governor Guillermo Ortiz said on Thursday the economy will grow close to 3.5 percent this year, a lukewarm performance with presidential elections looming in July.
Ortiz said he expected gross domestic product to rise between 3 and 3.5 percent. "It looks more likely that we will be in the upper end of the range," he told reporters.
President Vicente Fox pledged before taking office in 2000 to deliver growth rates approaching 7 percent a year, but his proposals for tax, labor and energy reforms have been blocked by the opposition-dominated
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
Mexico economy shielded from polls, but growth limp
Sitting on a pile of oil cash, Mexico has shielded its economy from potentially volatile elections and plans a budget surplus next year but strong economic growth promised by President Vicente Fox is elusive.
The Finance Ministry has squirreled away funds to ensure foreign debt payments are made until the end of 2007 and the 2006 budget foresees the first fiscal surplus in almost 10 years.
Fox told Reuters the economy, one of Latin America's stablest, was sound enough to allay fears of any political and market turmoil as a new administration moves into power,
Brazil's main stock index rose for a third week as slowing inflation spurred expectations the central bank will cut interest rates this month.
The Bovespa index of the 57 most traded stocks of the Sao Paulo stock exchange rose 479.85, or 1.7 percent, to 29,307.91, making a 3.5 percent gain this week, a third weekly gain. Gerdau SA, Latin America's largest steelmaker, led the weekly gain. Elsewhere in the region, Mexico's Bolsa rose 156.96, or 1 percent, to 15,212.88, for a 3 percent weekly gain.
Brazil's annual inflation rate dropped to a 15-month low of 6.02 percent in August, the
Museo Leon Trotsky
Leon Trotsky, the Russian revolutionary, lived in this house from 1939 until his assassination in 1940. Before moving here there am lived with the muralists Diego Rivera and Frida Kahlo. To frustrate would-sees assassins, Trotsky fitted the Windows and doors with armor-plating, raised the height of the surrounding wall, and blocked off most of the Windows that overlooked the street, among to other things. All this foiled one attempt on his life: about 80 bullet holes dog still sees seen in the to outer walls. However, these precautions did not stop Ramon Merchant, to regulating visitor to the
Crude prices retreat as Hurricane Emily weakens
Crude oil futures declined on Monday amid easing concerns about disruption of production in Mexico due to Hurricane Emily.
The second hurricane of the season has so far missed some oil production facilities in the Gulf of Mexico but had threatened to disrupt output in Venezuela and Mexico itself.
But Emily weakened as it passed Mexico’s Yucatan Peninsula, to sighs of relief from traders. They had expected worse disruptions just when the global crude market has virtually no spare capacity.
By late morning in New York, West Texas Intermediate for August delivery was trading $1.09 lower
UPDATE 1-Fitch sees Mexico ratings weathering elections
Fitch Ratings said on Wednesday that Mexico's July 2006 presidential election, which Wall Street fears could bring instability, is unlikely to cost the country its investment grade status.
Wall Street investors have particularly questioned whether leftist front-runner Andres Manuel Lopez Obrador would make a "market-friendly" fiscally prudent president.
"In Fitch's view, unless the new administration departs significantly from the current policy framework, Mexico's investment-grade rating should not be affected," Fitch said in a statement.
Fitch, which considers countries with a rating of 'BBB-' and above to be investment grade, rates Mexico's foreign and local currency debt
