Economy & Finance

Economy & Finance

Remittances decline 7.2%, 12th consecutive drop

Sentido Comun - Mexicans working abroad sent home U.S. $1.945 billion in June, 7.2 percent less than the same month last year. It was the 12th consecutive decline and a symptom that some immigrants, although they have found jobs, are sending less than before.

www.sentidocomun.com.mx/breves.phtml

Economic activity has slowed in eleven states

El Economista - Eleven states have recorded economic contractions during the first half of 2013. They are Zacatecas, Colima, Chiapas, Tabasco, Guerrero, Coahuila, Morelos, Sinaloa, Yucatán, Durango and Tamaulipas.

eleconomista.com.mx/industrias/2013/07/30/actividad-economica-se-desacelero-11-estados

Mexico poverty eased to 45.5 percent

Reuters - Mexico's poverty rate fell slightly between 2010 and 2012, dropping 0.6 percent to 53.3 million people, although half a million more people entered the ranks of the poor, the government's social development agency Coneval said on Monday.

www.reuters.com/article/2013/07/29/mexico-poverty-idUSL1N0FV1FM20130729

Breaking taboo, Mexico aims to tax medicine, food

Reuters - Mexico plans to boost its tax coffers by an extra $50 billion a year with an overhaul that aims to extend sales tax coverage, close tax loopholes and could impose charges on capital gains.

www.reuters.com/article/2013/07/27/mexico-reforms-idUSL1N0FW20Q20130727

Reserves reach new record of $166.994 billion

Sentido Comun - Banco de Mexico said that the reserves last week reached a new record of $166,994 billion after a $243 million dollar increase over the previous week, partly due to dollar puchases by the federal government.

www.sentidocomun.com.mx/breves.phtml

How much are Mexico's brutal drug cartels worth?

CBC - Drug production and trafficking have gone on in Mexico for decades, but the country's role as a supplier has grown considerably in the 2000s. Mexican drug trafficking is estimated by analysts to be worth $13 billion a year.

www.cbc.ca/news/world/story/2013/07/16/f-mexico-drug-cartels.html

Mexicans work the most of any industrialized nation

CNN - In Mexico, workers average 45 hours a week, the most of any industrialized nation. They work about 519 hours more than the typical American worker each year, only to earn less than a fifth of the pay. Annual wages average $9,885.

money.cnn.com/gallery/news/economy/2013/07/16/10-hardest-working-countries/index.html

Mexico forecasts record direct foreign investment in 2013

International Business Times - Mexico’s Finance Secretariat expects the country to attract a record amount of foreign direct investment in 2013, and that in the first quarter of the year it had already attracted 40 percent of last year’s total sum.

www.ibtimes.com/mexico-forecasts-record-foreign-direct-investment-2013-35b-40b-way-2012-1336409#

Remittances to Mexico fall over 13% in May

Latin American Herald Tribune - Remittances sent by Mexicans living abroad fell 13.2 percent to $2.03 billion in May, compared to the same month in 2012, the Bank of Mexico said Monday. May marked the 11th consecutive month that remittances have fallen.

www.laht.com/article.asp

Central banker says peso defenses might fall short

Reuters - Mexico's defenses against fluctuations in capital flows might fall short given the recent shift in global market sentiment, Banco de Mexico board member Manuel Sanchez said. The peso has lost more than 10 percent since May.

www.reuters.com/article/2013/06/26/mexico-economy-sanchez-idUSL2N0F20V120130626

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