November 2011

Mexico's first 3D movie to be shown in 50 U.S. cities

Hispanically Speaking News - El Gran Milagro, Mexico’s first 3D animated feature film will appear in theaters in 50 U.S. cities on Fri., Dec. 9. The Greatest Miracle explores the lives of three strangers at Catholic Mass one morning.

Lucky Louisianans hit jackpot with Mexican casinos

McClatchy Newspapers - Speaking from a Louisiana country club, Leandrus J. Young is one of a group of Louisiana investors who did well taking bets on the nascent Mexico casino industry. He made money, a lot of money.

Vitro shareholders approve controversial restructuring

Dow Jones - Mexican glass maker Vitro shareholders approved a controversial $1.5 billion debt-restructuring, moving another step toward completing a prepackaged plan that is opposed by a number of U.S. bondholders.

Clooney, Keibler to spend Thanksgiving in Cabo

SFGate - George Clooney and his girlfriend Stacy Keibler will spend Thanksgiving holiday together soaking up the sun in Cabo San Lucas, Mexico with their friends and family.

Queretaro sets record for largest carnitas taco

Fox News Latino - The Mexican city of Querétaro set a new record with the world’s largest carnitas taco, measuring 73 meters and using 150 thousand kilos of pork.



Michigan tribe loses in Mexico casino venture

McClatchy Newspapers -If any Indian tribe could ill afford to lose money in a Mexico casino scam, it is the disadvantaged Lac Vieux Desert Band of Lake Superior Chippewa. The loss of a $6.5 million Mexico casino investment has kept the tribe in crisis.

Stocks close slower on weakness in U.S., Europe

Dow Jones - Mexican stocks closed lower Tuesday after a downward revision of U.S. GDP for the third quarter and as Europe's debt crisis continued to keep investors wary of risky investments. The IPC index lost 0.9 percent to 35,970 points.

Mexico to offer housing credits to 20,000 informal workers

By Nacha Cattan

Mexico’s government will guarantee up to 20,000 mortgage loans next year for untaxed or informal workers, President Felipe Calderon said Tuesday.

Workers in Mexico’s informal sector, including some taxi drivers, waiters, farmers and others will have access to government-backed credit for the first time, Calderon said. The new program will also offer up to 200,000 guarantees for loans for home renovation and remodeling, he said.

“From now on they will be able to have property that will give them stability in the present and confidence in the future,” he said.

Mexico's economy withstands the impact of the country's costly drug war

By David Luhnow
Wall Street Journal

The body count from Mexico's war on organized crime keeps growing, but so too does the country's economy.

The economy grew 1.34% during the third quarter, an annual pace of 5.5% growth, according to data released by the national statistics institute on Tuesday. The figure, fueled by domestic demand and a jump in agricultural production, beat expectations and suggests Mexico's economy will grow roughly 4 percent for the year as a whole.

Drug-related violence in Mexico has killed an estimated 46,000 people since President Felipe Calderón took power in December 2006, according to government and newspaper estimates.

The carnage costs Mexico roughly one percentage point of annual economic growth, say estimates from BBVA Bancomer, the country's largest bank.

Surveys show two-thirds of Mexicans say they haven't made a trip or bought a big-ticket item due to fears of drawing the attention of criminals. In much of northern Mexico, businesses pay extortion taxes to drug gangs —- a tax that hurts profits. Crime also raises transport costs and other security-related expenses.

The bloodletting has also badly damaged the country's brand, leaving Mexico conspicuously absent from the fast-growing BRIC group of emerging market nations that comprises China, Brazil, Russia and India.

But fears that the violence would sink the broader economy have proved ungrounded, at least for now. Job creation has picked up steadily, consumer credit is expanding, and domestic sales of items such as cars and flat-screen television sets have grown at a double-digit clip this year.

Manlio Fabio Beltrones drops out of presidential race

AP - Mexican Sen. Manlio Fabio Beltrones says he won't seek the presidential nomination for the Institutional Revolutionary Party, leaving former Mexico State Gov. Enrique Pena Nieto effectively unopposed.