economy-featured
Remittances rising after years of stagnation
LAT - Mexico saw remittances from abroad rise last year by nearly 7 percent, the biggest annual increase in money transfers by migrants in five years, the central bank reported Wednesday. The country took in $22.7 billion.
Economy likely expanded 3.7% in 4th Q
Dow Jones - The Mexican economy likely expanded 3.7 percent in the fourth quarter of 2011 compared with the same period in 2010, the Finance Ministry said Monday. The projected growth is below the 4.5 percent rate registered in the third quarter.
Carstens says drought might impact inflation
Bloomberg - Mexico’s worst drought on record is pushing up food costs and might hamper the country’s efforts to keep inflation expectations in check, central bank Governor Agustin Carstens said.
Banxico keeps rate unchanged as economy slows
Bloomberg - Mexico’s central bank kept its benchmark lending rate unchanged at 4.5 percent for the 24th consecutive meeting as slower economic growth failed to head off a pick-up in inflation.
Mexico might issue $10 billion in public debt in 2012
Dow Jones - Mexico could issue as much as $10 billion in public debt this year, Mexico's director of debt issuance said. While Mexico's funding needs don't total $10 billion, it does "have a lot to fund" this year, said Juan Pablo Newman.
Financial execs predict growth of 3.3 percent
El Universal - The Mexican economy will grow 3.3 percent this year, an estimate revised upwards if the U.S. Gross Domestic Product maintains its positive performance, said the Mexican Institute of Finance Executives (IMEF).
S&P says Mexico could be headed to recovery
Reuters - Mexico's securitization market could be headed toward a recovery in 2012, so long as inflation, unemployment, and interest rates remain stable or improve, according to a recently published report by Standard & Poor's Ratings Services.
Mony de Swaan under fire for giving contracts to friends
Fierce Telecom - Mony de Swaan, the president of Mexico's telecom regulator Cofetel, is being criticized for awarding two contracts worth about $200,000 for businesses run by two of his friends, including a telecom lobbyist.
www.fiercetelecom.com/story/mexicos-telecom-regulator-president-under-fire-awarding-contracts-friends/2011-12-19
More than 46% of Mexicans live in poverty
UPI - More than 46 percent of Mexican people are poor, and people 18 and under account for 41 percent of those living in poverty. The largest poverty concentrations are in Chiapas, Guerrero, Oaxaca, Puebla, Veracruz and Mexico City.
www.upi.com/Top_News/World-News/2011/12/13/Study-52M-live-in-poverty-in-Mexico/UPI-94131323756021/
Minimum wage 2012 increase set at 4.2%
Wall Street Journal - Mexico's minimum wage commission set the increase for 2012 at 4.2 percent for all three of the country's geographic zones, slightly above the rate of inflation expected for this year and next.
online.wsj.com/article/SB10001424052970203413304577091050495760194.html
