Economy & Finance

Economy & Finance

Carstens says Mexico doesn't want to hurt companies

El Semanario - After President Felipe Calderon's comments blasting companies for avoiding payment of taxes, Finance Minister Agustin Carstens said the government does not want to undermine the financial solvency of companies in Mexico.

www.elsemanario.com.mx/news/news_display.php

Senate panel pushes tax plan to full legislative body

El Semanario - The Senate Finance Committee endorsed a budget plan with tax increases Thursday night and the full Senate is scheduled to discuss and vote on the controversail measure Friday.

www.elsemanario.com.mx/news/news_display.php

Bonds drop most in nine months

Bloomberg - Mexico’s dollar bonds are posting their biggest monthly declines since January on speculation President Felipe Calderon will fail to cut the budget gap enough to avoid a credit-rating downgrade. The debt lost 2 percent this month.

www.bloomberg.com/apps/news

Calderon proposes limiting tax deferments

Boston Globe - Mexican President Felipe Calderon pressed businesses to pay more taxes on Thursday, forwarding a proposal to limit corporate tax deferments to a maximum of five years. He angrily lashed out at large corporations that he says pay only an average of 1.7 percent of revenue in taxes, calling that "unacceptable."

www.boston.com/business/taxes/articles/2009/10/30/mexico_proposes_limiting_corporate_tax_deferments/

Wireless winners to be named in mid-2010

Bloomberg - Mexico’s government will name the winning bidders in an auction of wireless airwaves in mid-2010, almost three years later than regulators first planned. The Federal Telecommunications Commission will publish the auction rules next month and probably begin the sales process this year, said commissioner Gonzalo Martinez Pousin an interview yesterday.

www.bloomberg.com/apps/news

Tax increase would hurt poor, say Ricardo Salinas

Bloomberg - Mexico’s Congress should cut costs instead of considering a tax increase that would hurt the poor, said billionaire Ricardo Salinas, who controls retail and financial services firm Grupo Elektra, broadcaster TV Azteca and wireless carrier Grupo Iusacell.

www.bloomberg.com/apps/news

September remittances total $1.74 billion

Sentido Comun - Mexicans working abroad sent home $1.74 billion in September, 17.6 percent less than the same month last year when workers transferred $2.11 billion, the Bank of Mexico said in a report.

www.sentidocomun.com.mx/

Economic activity contracts in August

Sentido Comun - Mexico's economic activity as measured by the Global Indicator of Economic Activity registered a 1.8 percent decline in August on a seasonally adjusted basis, the first decrease after two consecutive monthly increases.

www.sentidocomun.com.mx/

Ag official says farmers should follow narco strategy

El Economista - Undersecretary of Agribusiness Jeffrey Max Jones said Mexican farmers should follow the strategy of drug traffickers to identify the market and produce more efficiently but "unfortunately" the drug dealers are focused on a crop that is harmful to health.

eleconomista.com.mx/

PAN senators invited to Los Pinos to resolve tax issues

El Economista - Senators from the National Action Party, or PAN, were invited to a dinner at Los Pinos with President Felipe Calderon to encourage them to gain a majority to approve the administration's contested 2010 economic budget.

eleconomista.com.mx/

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