Fox ally falls behind in elections
Santiago Creel’s aspirations to represent Mexico’s ruling National Action party (PAN) in presidential elections next year were upset on Sunday, when Felipe Calderon comfortably won the first round of the party’s internal elections to select its candidate.
The surprising result left Mr Creel, who resigned as interior secretary in June to pursue his high-profile candidacy, with just 35.5 per cent of the vote, compared with 45.7 per cent for Mr Calderon. Mr Creel is thought to be President Vicente Fox’s favoured successor.
“Calderon is now the odds-on favourite to easily win,†said Federico Estevez, a political scientist at Mexico City’s ITAM university. Prof Estevez said that Mr Calderon should do even better in the next of the three rounds, which includes areas where he has most political support.
Analysts attribute Mr Creel’s failure to his close ties to the Fox administration, the popularity of which has dwindled amid criticism that it has failed to achieve the reforms that it promised at the beginning of its term.
More: news.ft.com
Brazil Bovespa Falls on Politics; Mexico Falls: Latin Stocks
Brazil's main equity index fell for the first time this week, led by state-controlled oil company Petroleo Brasileiro SA, on concern further revelations from a probe into alleged vote-buying may weaken the government.
The Bovespa index of the most-traded stocks on the Sao Paulo Stock Exchange fell 555.25, or 2.1 percent, to 25,364.70 at 1:22 p.m. New York time. The Bovespa gained 3.9 percent for the week, boosted by a poll Tuesday that showed President Luiz Inacio Lula da Silva's approval rating rose in June, easing concern he would lose support over
Cascada Cola de Caballo (Horsetail Falls): Monterrey
"Horsetail Falls", a 25 meter waterfall, is six km up a road leading west off the national highway at the south end of El Cercado. You can park at either the hotel or continue up the rod a few meters to the main entrance to the falls. After parking and paying admission, you can begin the scenic walk (or ride a donkey cart) to the falls. You can walk until cascades (almost one mile) from the entrance or can rent a cart thrown by a horse or mounting to horse. You can acercarte
Mexico's Femsa 4th-qtr net profit falls 14 pct
Mexico's Femsa, Latin America' largest beverage company, posted a 14 percent drop in fourth-quarter net profit due to the absence of tax benefits it enjoyed a year earlier.
Femsa, which runs the world's No. 2 Coke bottler and also brews Tecate and Sol beers, said on Monday its net for the October-December period was 1.661 billion pesos ($156 million) down from 1.929 billion pesos a year before.
Femsa's shares (FEMSAUBD.MX: Quote, Profile, Research) rose 1.08 percent on Friday to 87.13 pesos. Its American Depositary Receipts (FMX.N: Quote, Profile, Research) moved up 1.32 percent to $83.16.
Mexico's foreign direct investment falls
Foreign direct investment in Mexico was US$7.46 billion (euro6.13 billion) in the first half of this year, the Economy Department said Friday.
The amount was below the US$10.29 billion (euro12.73 billion) reported in the like 2004 period, when the equity buyouts of local bank BBVA-Bancomer and cement company Holcim Apasco by their parent companies boosted investment.
By excluding those inflows from the comparison, FDI was 8.3 percent higher than in the first six months of 2004, the Economy Ministry said in a statement.
Of the US$7.46 billion in first-half FDI, US$2.12 billion (euro1.74 billion) was in new investment, $2.4
Mexico's PRI set to give Madrazo presidential nod
Roberto Madrazo, the leading figure in Mexico's main opposition party, was set to become its presidential candidate on Thursday as his main rival stepped down after a financial scandal.
A party source said Arturo Montiel, a former state governor, was dropping his bid to become the candidate of the Institutional Revolutionary Party, or PRI, which ruled Mexico for 71 years before it was ousted in 2000 elections.
The source, a key member of Montiel's campaign team, said he was withdrawing to preserve party unity after a bruising fight with Madrazo and recent corruption allegations
Oil Falls as Hurricane Concern Eases, Mexico May Resume Output
Crude oil declined for a fourth day in five as concern eased that Hurricane Emily will disrupt U.S. supplies and on expectations that Mexico will resume output from its biggest fields tomorrow.
Emily weakened to Category 1 and is headed for an area on Mexico's northeast coast where there are no oil platforms. Petroleos Mexicanos, Mexico's state-owned oil monopoly, said yesterday it expects production in the Campeche Sound will resume tomorrow after a three-day shutdown of 2.95 million barrels a day, or 86 percent of the country's output.
``I believe
Mexicos Peso Falls to Eight-Week Low Amid Inflation Concerns
Mexicos peso dropped to an eight- week low against the dollar and local-currency bonds fell on expectations inflation quickened last month.
The peso fell as much as 0.6 percent today before a report that is expected to show consumer prices rose 0.44 percent last month, the biggest increase in seven months, according to the median forecast of 16 economists in a Bloomberg survey. Accelerating inflation decreases the value of peso-denominated assets.
The inflation number today is going to look pretty bad, said Raul Rodriguez, head of economic analysis at Mexico City- based
Mexico's Bolsa Falls on Interest Rates Concern: Latin Stocks
Mexico's benchmark stock index fell for a third day after an employment report from Washington spurred concern higher rates will slow the economy in the U.S., the biggest market for Mexican exports.
The Mexican Bolsa fell 186.60, or 1.3 percent, to 14,425.62 as of 2:51 p.m. New York time, reducing the gain in the week to 0.1 percent. Elsewhere in the region, Brazil's Bovespa was little changed, falling 26.54, or 0.1 percent, to 26,443.36.
Employers in the U.S. added 207,000 workers in July, the Labor Department said, exceeding the median economist estimate
UPDATE 1-Mexico 28-day T-bill yield falls to 7.92 pct
The yield on Mexico's benchmark 28-day Cetes, or T-bills, dropped six basis points to 7.92 percent on Tuesday as investors saw the central bank cutting interest rates further despite an uptick in inflation.
The rate on 90-day Cetes fell 12 basis points to 7.84 percent while the yield on six-month paper dropped 11 basis points to 7.77 percent.
An earlier Reuters survey of Cetes dealers had predicted the 28-day Cetes rate would fall eight basis points to 7.90 percent and that longer-term T-bill yields would also fall.
The yield on the 5-year peso-denominated bond
Mexico's Bolsa Falls for Week on Profit Concerns: Latin Stocks
Mexico's Bolsa index fell, heading for a second straight weekly decline, on concern that earnings growth may slow and the government may become less favorable to investors after this year's election.
Mexico's Bolsa fell 319.21, or 1.7 percent, to 18,199.12 at 2 p.m. New York time, and has fallen 3.6 percent for the week. Cemex SA, the world's third-largest cement maker, led today's decline. Brazil's Bovespa rose 92.96, or 0.3 percent, to 36,975.27, paring its decline for the week to 0.8 percent.
``You are starting to see opinions that emerging
