August 2009
Dangerous hurricane headed toward Baja
Reuters - Hurricane Jimena, a Category 4 storm off Mexico's Pacific Coast, was on track to buffet resorts on the Baja California peninsula on Tuesday, the U.S. National Hurricane Center said. Category 4 hurricanes are "extremely dangerous" and can cause devastating damage if they hit land.
CEESP says Mexico needs profound economic reforms
El Economista - The Center for Private Sector Economic Studies (CEESP) says in an Executive Economic Analysis that the crisis has shown that Mexico needs profound reforms, not interim arrangements or incomplete measures.
eleconomista.com.mx/notas-online/negocios/2009/08/30/ejecutivo-debe-poner-ejemplo-recorte-ceesp
Public finances continue in negative territory
El Economista - Public finances continue to show a negative balance because oil revenue and tax collection are less than the increased amount the government is spending to confront the economic crisis.
eleconomista.com.mx/notas-online/finanzas/2009/08/28/siguen-finanzas-publicas-deficit
Crisis measures have had positive impact, says ECLAC
El Economista - The measures taken by the Mexican government to reduce the impact of the international economic crisis have had a positive effect, said Alicia Barcena, the executive secretary of the Economic Commission for Latin America and the Caribbean (ECLAC).
Concamin says industry leaving "intensive care"
El Economista - Mexican industry will soon leave "intensive care" because its vital signs have stabilized, predicts the Confederation of Industrial Chambers (Concamin), adding that it will be in early 2010 before the sector begins to consistently show positive figures.
eleconomista.com.mx/notas-online/negocios/2009/08/30/recuperacion-industrial-hasta-2010-concamin
Decrease in electricity subsidies projected in 2010
El Economista - Among the projected adjustments in the 2010 energy budget is a contraction in electricity subsidies, said economist David Maldonado, the former chairman of the Energy Committee of the Chamber of Deputies.
eleconomista.com.mx/notas-online/finanzas/2009/08/30/recorte-contraera-subsidios-sector-electrico
Mexico recuperates some growth in global trade, says World Trade Organization report
Submitted by mexbiznews on Mon, 08/31/2009 - 3:43am
El Economista
Mexico's trade with the world has recovered in recent months, after shrinking an average of 2.2 percent from January to May of 2009, said the Ministry of Finance and Public Credit (SHCP).
According to the World Trade Organization's "Annual Report on World Trade 2009," Mexico's trade contracted this year after increasing 8.6 percent in 2008 and 9.7 percent in 2007.
Last year Mexico's trade activity represented 2.0 percent of global trade, ranking in sixteenth place globally as an exporter and fourteenth place as an importer.
Despite the downturn this year, however, "in recent months, total trade between Mexico and the world has been recovering," said the WTO.
In June, Mexico's trade increased by 5.2 percent over the previous month after shrinking 2.2 percent on average during the first five months of the year.
After falling an average of 1.5 percent from January to May, total exports grew 3.9 percent, with oil increaseing 10.7 percent.
Meanwhile, imports increased 6.4 percent in June after shrinking an average 2.8 percent per month during the first five months of 2009.
Overall, predicted the WTO report, the volume of world trade will shrink by 10 percent this year.
eleconomista.com.mx/notas-online/finanzas/2009/08/30/mexico-recupera-terreno-comercio-global-shcp
Televisa, Genomma unveil product sales alliance
Reuters - Mexican broadcaster Televisa and Genomma Lab Internacional unveiled a strategic alliance on Sunday to sell personal care and over-the-counter medicines in the United States and Puerto Rica. The alliance is due to be operating by the end of the year via a company called Televisa Consumer Products USA.
Employment contracts at country's beach resorts
Reforma - During the last week of the summer season, from Aug. 17 to 23, hotel occupancy in beach destinations fell 4 percentage points from the same week the previous year, recording an average level of 46.2 percent compared to 50.7 percent last year.
Finance Ministry proposes tax increases in 2010
Reforma - The Treasury Ministry is proposing, as part of the 2010 fiscal package, increasing the income tax (ISR) from 28 to 32 percent and raisig the Single Rate Business Tax (IETU) and the VAT.
