November 2010
Theft of cargo trucks climbs 50% since 2008
Milenio.com - Since 2008, the rate at which cargo trucks are stolen on Mexico's highways has increased 50 percent, said the president of the National House Trucking (Canacar), Juan Carlos Muñoz, announcing the creation of the Consejo Mexicano del Transporte.
New carry-on luggage rules begin tomorrow
Milenio.com - Starting tomorrow, Wednesday, new rules for carry-on luggage at Mexico's airports go into effect. The rules restrict the amount of liquids, aerosols and gels that can be transported inside the aircraft cabins on international and domestic flights.
U.S. court denies request to freeze Vitro assets
Milenio.com - Vitro reported that a U.S. Bankruptcy Court in Texas denied a request submitted by dissenting minority stock holders to freeze the assets of Vitro subsidiaries. The court also denied the parties the right to participate in the restructuring process.
Manufacturing employment rises, wages dip
El Financiero - Manufacturing employment increased 3.7 percent in the first nine months of the year but growth in the sector still lags behind that before the economic crisis. Real average wages showed a decrease of 0.6 percent over the same period.
www.elfinanciero.com.mx/index.php/economia/4155-aumenta-el-empleo-manufacturero-en-mexico
SCT upgrades bandwith for National e-Mexico
El Universal - The Ministry of Communications and Transport (SCT) has launched a new technological platform for the website National e-Mexico, which was established more than 10 years. The new system will have greater bandwidth, but how much was not revealed.
www.eluniversal.com.mx/finanzas/83338.html
Bolsa continues downward trend on Europe woes
El Universal - Although the Bolsa Mexicana de Valores cut its losses, it failed to reverse its downward trend and ended with a marginal decline of 0.04 percent, due to growing concerns over the debt crisis in European countries.
AXA sues ING, claims deception in $1.5 billion purchase of Mexican insurance company
Submitted by mexbiznews on Tue, 11/30/2010 - 6:17amBy Karen Freifeld
Bloomberg
A unit of French insurer Axa has sued an ING Group subsidiary over alleged misrepresentations in ING’s $1.5 billion sale of a Mexican insurance company to Axa SA.
Axa Mediterranean Holding discovered after the 2008 deal closed that ING Insurance International had made false representations and warranties about the financial statements and condition of the Mexican company and its subsidiaries, according to the complaint in New York state Supreme Court.
Axa said it has suffered “tens (if not hundreds) of millions of dollars in damages.”
The suit focuses on a bond company, ING Fianzas SA, that was included in the sale. That company, renamed Axa Fianzas SA, was a unit of the Mexican insurance company, Seguros ING, acquired by Axa.
“ING falsely represented and warranted that the bond company had sufficient collateral and/or reserves (as required under Mexican law) for the bonds it had issued,” Axa said in the complaint.
Four years on, drug war bleeds Mexican hearland
Reuters - A four-year army crackdown in Mexico's methamphetamine-producing heartland has provoked a dizzying increase in violence, fueling fears that the country is losing its battle against organized crime. Mexicans in the western state of Michoacan are terrified.
Wikileaks to target cables on Mexico, narcotics
El Paso Times - WikiLeaks, the whistleblowing online site, has obtained 2,836 U.S. documents related to Mexico and 8,324 documents related to narcotics. However, the public will have to wait to learn what most of those cables contain.
Reality producer Beresford-Redman denied bail
CNN - Reality TV producer Bruce Beresford-Redman must stay in jail while his lawyers fight his extradition to Mexico on a charge that he murdered his wife at a Cancun resort, a federal judge ruled Monday, saying that there was a risk he would flee.
edition.cnn.com/2010/CRIME/11/29/california.survivor.producer.case/
