Economy & Finance
El Economista - The Bank of Mexico (Banxico) predicts in a new report that the Mexican economy will begin a turnaround in the third quarter of this year prompted the a gradual recovery in the U.S. economy.
El Economista - Even with the spectrum limitations proposed by the Federal Competition Commission, the planned auction for Internet services and mobile telephony will be extremely attractive to foreign operators, said commission member Gonzalo Martinez Pous.
El Semanario - At the end of this year, Wal-Mart Mexico plans to expand its bank "Wal-Mart Forward" with 150 branches and about 250 ATMs, primarily in the Mexico City metropolitan area, with a relaunch of the financial institution.
Maquila Portal - Foreign direct investment in Mexico's automotive industry increased by 67 percent in annual terms even as production dropped 44 percent. From 2007 to June 2009, automotive investment reached $3.66 billion.
Sentido Comun - The Supreme Court said it was inappropriate to suspend the 10 percent tax collection on used vehicles imports since it could create a problem for the national economy and the automotive industry through "indiscriminate introduction of vehicles to the country.
Sentido Comun - The Ministry of Finance postponed a third auction of permits to import 343,000 tons of sugar after the latest assessment showed domestic producers will not have as big a shortage as was anticipated.
Dow Jones - Mexico had a fiscal deficit of 100.2 billion pesos ($7.4 billion) in the first eight months of the year as the government increased spending to cushion the effects of the recession while oil and tax revenue fell from a year ago.
Reuters - Mexico's Congress is considering a 4 percent tax on mining output as part of a fiscal reform package meant to boost government revenues during a steep recession. But all the major mining companies say the measure will stifle new investment and burden existing projects at a time when metals prices have slumped from record highs.
Dow Jones - Surface trade between the North American Free Trade Agreement partners Canada, Mexico and the United States fell 28 percent in July, continuing a trend of falling trade among the countries during the economic downturn. The latest drop was the seventh consecutive month with a year-over-year decline of more than 27 percent.
El Economista - Luz y Fuerz inefficiencies have made its energy rates the highest in Latin America, said CONCAMIN energy chief James Williams. The company's assets are not sufficient to cover its debts or obligations to retirees and pensioners and the federal government has to provide about $40 million a year for the company to keep operating, he said.