Mexico states want Fox to veto Pemex tax reform
Mexican President Vicente Fox is under pressure to veto a much-vaunted law to ease taxes on state oil monopoly Pemex, as state governors complain their fiscal revenues will plummet as a result.
State governors want to meet Fox before he approves the law, passed by Congress in June and set to save Pemex billions of dollars in future taxes. A top government official said Tuesday it was possible Fox could block the measure.
“The executive branch has until Sept. 1 to decide whether this law could be vetoed or remain the way it is,” said Deputy Finance Minister Alonso Garcia.
“We are still analyzing the impact the fiscal reform would have on public finances. We have not made any decision on how we will proceed,” he told analysts during a conference call.
Pemex, which for years has paid 61 percent of its revenues in tax, says it needs the reform to shore up finances so it can invest in exploration before existing oil fields start to dry up.
More: signonsandiego.com
Mexico Oil Bill May Be Revised
Mexican President Vicente Fox has sent a tax-reform proposal for state oil monopoly Petroleos Mexicanos, or Pemex, back to Congress for revisions.
Fox shares the objectives of the reform, which was designed to help Pemex direct more funds to invest in exploration, production and other operational activities, a news release from the Interior Department said.
Source: news.moneycentral.msn.com
Leader of largest Mexican labor union coalition dies
Leonardo Rodriguez Alcaine, the leader of Mexico's largest and most politically influential labor organization, died today at a hospital in Mexico City from a heart illness, union officials said. He was 86.
Rodriguez Alcaine served as secretary-general of the Mexican Workers' Confederation since the death in 1997 of Fidel Vazquez, the iron-fisted boss who dominated Mexico's union movement since the late 1930s.
Under Rodriguez Alcaine, the confederation maintained close ties to Mexico's former ruling Institutional Revolutionary Party, or PRI, which held the presidency from 1929 until President Vicente Fox's election in 2000.
When Fox addressed
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,
ASK any leading candidate in next year's presidential vote what he would seek to achieve if elected and the list tends to be much the same. More foreign investment to boost Mexico's flagging energy output; cuts in over-generous public pensions; a more efficient, “adversarial†judicial system modelled on America's; and of course, better education.
This is a contest not of ideas, then, but of personalities and party machines. Whoever wins, he is unlikely to enjoy a congressional majority. So one of the most important qualities in a candidate, besides the strength of the party apparatus backing him, is his perceived
MEXICO CITY (AP) -- Mexico's government congratulated U.S. authorities on Friday for action against Mexican companies and individuals alleged to be involved in laundering illegal drug profits.
President Vicente Fox's spokesman, Ruben Aguilar, told a news conference the U.S. declaration was based on investigations within the United States -- implying it did not violate Mexican sovereignty.
The U.S. Treasury Department on Thursday added 30 companies and individuals to a list of alleged drug trafficking organizations. It allows U.S. authorities to seize their U.S. assets and blocks any U.S. citizen and resident from dealing with them.
"The government of Mexico congratulates the U.S. government
Three dead in acid vapor leak at Mexico Pemex plant
Three workers died on Sunday when condensed sulphydric vapor escaped at a natural gas processing plant in northern Mexico owned by state energy monopoly Pemex, the civil protection agency said.
Two others were hospitalized after the accident at the plant in Ciudad Madero in Tamaulipas state, across the border from Texas, said Salvador Trevino, director of the state civil protection arm.
"A leak of sulphydric acid began in the battery area. There were three Pemex maintenance workers in the area who lost their lives," he said.
Pemex said in a statement that a hose
Mexico calls Bush's position on immigration reform 'significant'
Mexico described as "significant" the immigration-reform positions laid out by the administration of President George W. Bush on Tuesday, but said any U.S. plan would have to "recognize the contributions of migrants" and take into consideration those already living north of the border.
Bush on Tuesday argued for his temporary worker plan for foreigners, hoping to win over skeptical conservatives with get-tough promises about illegal immigration.
"The Mexican government considers it significant that the administration of President Bush has a solid and unified position on immigration reform that allows safe, legal and orderly migration,
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
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 CITY - Five years after a historic election triumph, Mexican President Vicente Fox remains popular despite a slow economy and his failure to beat violent drug gangs on the U.S. border.
A poll by the Reforma newspaper released on Thursday gave Fox a 61 percent approval rating, his highest in more than two years.
Fox has fallen short of promises to create millions more jobs and spur economic growth since he ended 71 years of one-party rule in 2000.
And while Fox claims to be winning the war on narcotics traffickers, drug-related killings have blighted northern Mexican cities.
But the former Coca-Cola executive
