Aug. 19 (Bloomberg) – A partnership of Bombardier Inc., Siemens AG and Grupo Garza Ponce SA won a $244 million contract to equip an expanded Monterrey, Mexico, light rail mass transit system.
Bombardier, the world’s biggest maker of railway equipment, valued its share at about $43 million in a statement distributed by Business Wire today. Bombardier said it will provide 14 light rail vehicles to the Monterrey Mass Transit Authority, Metrorrey, with deliveries expected in the second half of 2007.
The Monterrey transit system, Mexico’s second-largest, is being lengthened by 8.7 kilometers, including 1.5 kilometers underground, Bombardier said.
Source: Bloomberg.com
Shorts' Mexico plan slammed
A trade union leader today described plans by Bombardier Aerospace to develop a new plant in Mexico as a "veiled threat" to the workforce at Shorts, Belfast.
Peter Williamson, regional secretary of Amicus, said they were concerned that the project could ultimately lead to the outsourcing of work from Northern Ireland.
The issue is to be raised at a meeting in Belfast this week between Shorts and the Confederation of Shipbuilding and Engineering Unions.
Mr Williamson said: "We are concerned about this move by Bombardier and are monitoring the situation closely.
"While we accept that the factory in Mexico is at
Statoil, ExxonMobil form Gulf of Mexico pact
Statoil ASA and ExxonMobil Corp. have entered a Gulf of Mexico exploration agreement and plan to drill, with partners, one or more exploratory wells in the Alaminos Canyon area.
Separately, the companies are jointly evaluating acreage in the Walker Ridge area, on trend with the Jack and St. Malo discoveries in which Statoil holds equity interests (OGJ Online, Apr. 28, 2005).
More: ogj.pennnet.com
U.S., Mexico sign pact ending 16-year cement dispute
The United States and Mexico Monday formally ended a 16-year-old cement trade dispute, allowing increased imports of Mexican cement to help in the reconstruction of the U.S. Gulf Coast.
Top U.S. and Mexican officials signed an agreement allowing Mexico to export 3 million tons of cement annually to southern tier U.S. states over the next three years with an import duty of $3 per ton, down from more than $26 now.
The pact, which was reached in principle in January, also ends various legal challenges brought by Mexico. The dispute dates back
Mexico Exports Rise 16% in June to $21.2 Bln on Autos (Correct)
Mexicos exports surged for a second month in June as sales of automobiles helped regain U.S. market share lost to China.
Exports climbed to $21.2 billion from $18.3 billion a year earlier, after reaching a record $22.71 billion in May, according to a Finance Ministry report. Mexico posted a trade deficit of $417 million in June, the report said. Imports rose 17.9 percent from a year earlier to $21.7 billion.
Source : bloomberg.com
U.S.-Mexico pact limits lagoon development
They have already passed San Diego: thousands of gray whales making their annual 10,000-mile voyage from feeding grounds in the Arctic circle to the warm winter waters of Baja California.
By now, many of them, the males ahead, the females straggling behind, are arriving in Laguna San Ignacio, one of the world's last underdeveloped lagoons. Here, they will give birth to their young, rear them, and prepare for the long trip back to Alaska in the spring.
The lagoon has been a home to the whales, as well as 221 species of birds, green sea turtles, osprey
JPMorgan, CSFB, Santander, ING Cut Mexico GDP Outlook (Correct)
JPMorgan Chase & Co., Credit Suisse First Boston, Santander Central Hispano SA and ING Groep NV cut their forecasts for Mexican growth this year after a government report showed the economy expanded less than expected in the second quarter.
JPMorgan reduced its growth forecast to 2.4 percent from 3.2 percent while Credit Suisse First Boston cut its forecast to 3 percent from 4 percent and Santander lowered its estimate to 3.2 percent from 3.5 percent. ING cut its estimate to 2.8 percent from 3.6 percent.
Latin America's largest economy expanded 3.1 percent
Mexico confuses its traffic violators
A nonprofit group promoting civic-minded behavior in this tumultuous metropolis is channeling bin Laden, former Iraqi president Saddam Hussein, Mother Teresa and US President George W. Bush to convince unruly drivers to change their ways.
The campaign by Muevete por Tu Ciudad -- roughly translated as "Do Something for Your City" -- was designed to improve everyday behavior on the streets of Mexico City, where cars drift through red lights and some police can be paid to look the other way.
Founders say their billboards and radio spots are designed to jolt the city's jaded commuters, police and
Mexicos vote recount uncovers irregularities
With a partial recount of the July 2 election winding down Friday, AndrŽs Manuel L—pez Obradors supporters said the recount was uncovering enough irregularities to challenge official results that had scored the election for Felipe Calder—n of the conservative National Action Party. And the trend, leaders of L—pez Obradors coalition said, favored their candidate.
If the tendency holds, even if it is one or two votes per precinct, then put in a national context ... it would change the count, Horacio Duarte said at a news conference at L—pez Obradors main protest camp in central
Australia, Mexico to explore FTA
Australia and Mexico will explore the viability of a free trade agreement between the two countries.
Foreign ministers Alexander Downer met Mexican counterpart Luis Ernesto Derbez in Mexico City, who said both countries would have to study whether such an accord would benefit their bilateral trade.
"In March we will have a meeting here of the bilateral economic committee, where we can talk about ... starting a strategy for considering a free trade agreement," Derbez told a news conference following the meeting.
He said that toward the end of 2006, government officials should have a better idea of the
The Washington Posts trouble with numbers Mexico after NAFTA
On April 17, the Washington Post ran an article about Mexicos economy and the North American Free Trade Agreement, which took effect on January 1, 1994. Part of the focus was on market forces and the flight of some Mexicans to the U.S.
Still, the past 13 years havent been all bad economic news for Mexico, wrote Manuel Roig-Franzia of the Posts Foreign Service. Spurred by NAFTA, Mexicos gross domestic product has ballooned, multiplying nearly seven-fold, from $108 billion in 1993, the year before NAFTA implementation, to $748 billion in 2005.
If
