February 2010
Mexico extends condolences for Chile earthquake
El Financiero - The government of Mexico expressed its condolences to the government and people of Chile for the 8.8 Richter scale quake that struck early Saturday morning. A brief statement from the Foreign Ministry did not mention Mexicans living in Chile or if any are among the victims.
www.elfinanciero.com.mx/ElFinanciero/Portal/cfpages/contentmgr.cfm
Oracle to invest $20 million in Jalisco plant
Maquila Portal - U.S. software development company Oracle will soon announce a $20 million investment in the state of Jalisco that will generate 150 to 200 jobs, said Ricardo Gomez, chairman of the Mexican Chamber of Electronic, Telecommunications and Informatics Industry.
Megacable eyes Cablemas and Grupo Hevi
Sentido Comun - Megacable, the largest cable television company in Latin America, announced that it has the funds and sufficient financial flexibility to acquire the Mexican companies Cablecom and Grupo Hevi, said Megacable director Enrique Yamamuni.
Turmoil lies behind Zedillo Citibank appointment
Submitted by mexbiznews on Sat, 02/27/2010 - 7:33am
By Eric Dash
New York Times
Bracing for more criticism over its enormous bailouts, Citigroup shook up its board on Friday and is preparing a marketing campaign to revamp its image with Washington and Wall Street.
The embattled bank said that three former members of its audit committee would step aside and that a former president of Mexico, Ernesto Zedillo, would join the board, reducing it to 15 members ahead of what could be a contentious annual shareholder meeting on April 20.
Citi, battered during the financial crisis, is trying to regain its stride and resume making money. The turmoil and sometimes fractious relations among directors have complicated turnaround plans for the lumbering financial giant, in which U.S. taxpayers hold a 27 percent stake.
www.nytimes.com/2010/02/27/business/27citi.html
In its National Energy Strategy, Mexico sets new goal of boosting oil production 27 percent to 3.3 million bpd by 2024
Submitted by mexbiznews on Sat, 02/27/2010 - 7:18amBloomberg
and El Economista
Mexico aims to boost oil production to 3.3 million barrels a day by 2024, 27 percent more than Petroleos Mexicanos is currently producing, Energy Secretary Georgina Kessel reported.
The new goal was first revealed at a private event Friday as part of the release of the National Energy Strategy to be presented last evening by President Felipe Calderón to Congress.
To reach the goal, Pemex would have to return to the level of production achieved in 2004.
In reversing its declining production, Mexico also will seek to replenish and boost oil reserves to 15 percent above the national demand. The document also said the country will try to sustain its natural gas production.
Also among the objectives, said Kessel, is reducing the country's dependence on fossil fuels. Currently, 90 percent of Mexico's energy consumption is depends on oil while 80 percent of electricity consumption depends on fossil fuels.
"We need to diversify energy sources and take action to encourage energy efficiency, environmental sustainability by strengthening investment and technological development," she said.
Mexico invested a total of 224.8 billion pesos ($17.6 billion) in exploration and production of oil in 2009, the ministry said in the document.
EchoStar agrees to acquire Mexico's Satmex
Dow Jones - U.S. Communications company EchoStar Corporation said Friday it has reached an agreement to acquire Mexican satellite operator Satelites Mexicanos, or Satmex, in a deal worth as much as $374 million. Mexico's MVS Comunicaciones, which has partnered with EchoStar to offer satellite TV service in Mexico, will also participate in the acquisition through a joint venture with EchoStar.
Stocks close flat, peso ends stronger
Dow Jones - Mexican stocks closed nearly unchanged Friday as investors reshuffled their portfolios at month's end and better-than-expected earnings reports were offset by continuing emerging-market jitters. The IPC index was lower by 14.56 points, or 0.05 percent, to 31,634.54. The peso strenthened against the dollar, closing at 12.7775, compared with 12.7940 at the close Thursday.
Mexico aims to produce 3.3 million mbd by 2024
Bloomberg - Mexico’s government aims to boost oil production to 3.3 million barrels a day by 2024, the Energy Ministry said. Mexico, which invested $17.6 billion in exploration and production in 2009, will also seek to replenish oil reserves, reverse declining oil production and sustain production of natural gas.
TV Azteca expects 2010 similar to 2009
Dow Jones - Mexico's No. 2 television broadcaster, TV Azteca, expects earnings before interest, taxes, depreciation and amortization as a percentage of revenue this year to be similar to the 41 percent posted in 2009. Net profit in 2009 rose 33 percent to 1.4 billion pesos ($109.55 million).
Wireless subscribers increase 6.7 percent in 2009
Dow Jones - Mexico's wireless industry defied last year's deep recession to expand its combined wireless subscriber base 6.7 percent to 83.2 million at the end of December, according to data from the country's four mobile operators. The industry added 1.8 million new subscribers during the fourth quarter.
