September 2011

Mexico announces plans to ban shark, stingray fishing

New York Times
Mexico announced plans to ban shark and stingray fishing starting next year, creating what would be the largest initiative by one nation to protect shark species.

The temporary moratorium is part of a burgeoning global movement against the trade of shark fins used as an ingredient in an Asian delicacy. Mexican authorities said they were inspired by the "shark sanctuary" declared two years ago by Pacific nation of Palau.

"Mexico wishes to share with the international community our intention to declare next year a moratorium on shark and stingray fishing," said Yanerit Morgan, Mexico's deputy permanent representative to the United Nations.

"Miss Bala" picked as Mexico Oscar nominee

Variety - Helmer Gerardo Naranjo's narco drama "Miss Bala" is Mexico's choice for entry into the the Oscars' foreign-language film category and the foreign-film-in-the-Spanish-language category for Spain's Goya film awards.

Troops uncover largest-ever drug laboratory

The Telegraph - Mexican troops raided what they called the largest-ever drug laboratory they had discovered in the western state of Jalisco. Located on a ranch near Zapotlanejo, the lab was abandoned by alleged cartel members as troops moved in.

Veracruz "Twitter terrorists" are set free

Global Post - Mexico’s “Twitter terrorists" have been freed after four weeks in jail. The pair, a local journalist and a math teacher, had tweeted about an attack on a primary school —- that turned out to be untrue.

August unemployment rate rises to 5.8 percent

Dow Jones - Mexico's unemployment rate rose in August to 5.8 percent from the 5.4 percent in August 2010 and was also up from July in seasonally adjusted terms. Underemployment rose to 9 percent from 8.7 percent.

Two plead guilty in connection with consulate killings

Reuters - Two Texas gang associates pleaded guilty on Thursday to roles in a racketeering conspiracy involving, among other things, the high-profile murder of a U.S. consulate worker in Ciudad Juarez, Mexico, last year.

Customs seizes 30 assault rifles headed to Mexico

Reuters - U.S. customs agents in Texas seized 30 high-powered assault rifles when they searched a car heading into Mexico in what they said was the largest gun seizure at the state's border this year.

No one is hurt in bomb explosion at CFE office

Fox News Latino - No one was hurt when a homemade bomb exploded in Mexico City early Friday outside an office of Mexico's CFE electric utility. The blast occurred in the capital neighborhood of Iztacalco.

Carstens defends "neutral" monetary policy and says foreign exchange intervention isn't needed

By Pedro da Costa and Rhonda Schaffler

Mexico's "neutral" monetary policy stance is appropriate for now and no foreign exchange intervention is needed despite a recent sharp plunge in the peso, the country's central bank governor said.

In an interview in New York with Reuters Insider, Agustin Carstens said grappling with Europe's troubles was a top priority for the Group of 20 countries meeting in Washington.

He argued that if Greece is given time to implement some of the fiscal adjustment policies it has already agreed to, the country might be able to avoid a default, which most analysts think would have a devastating impact on financial markets and the global economy.

Carstens said the U.S. economy, on which Mexico is greatly dependent, could still bounce back next year. But at the same time, the impact of the European crisis is having a dampening effect on global growth.

Asked about exchange rate volatility that has seen the currencies of Mexico and other emerging countries fall sharply against a rallying dollar, Carstens showed no particular inclination to intervene, as Brazil has recently done.

"As long as the markets continue to work well, I think central bank intervention is not required," Carstens said.

He argued that the peso was currently undervalued and was not reflecting the state of the country's economy.

"If we guide ourselves by fundamentals the peso should appreciate soon," he said.

Meade says foreign market functioning well

Dow Jones - Mexico's foreign exchange markets are functioning well and the country remains committed to a free float in the peso even in the midst of the current turmoil in global markets, Finance Minister Jose Antonio Meade said in an interview Saturday.