Economy & Finance

Economy & Finance

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.

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.

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.

Vitro reduces losses by 54% in third quarter

El Economista - Vitro, one of the world's largest glass producers and distributors, reduced its losses by 54 percent in the third quarter, compared to the same period in 2008.

Number of families needing housing contracts

El Economista - Mexico's housing shortage this year contracted by 7 percent, with 8.9 million families lacking adequate housing as opposed to 9.5 million last year, said Javier Gavito Mohar, director general of the Federal Mortgage Society (SHF).

Carstens tells senators tax increases inevitable

El Economista - Treasury Secretary Agustin Carstens, who met for about four hours with the Senate's Joint Committee on Finance and Legislative Studies, said the current fiscal gap is so great that it is inevitable to resort to tax increases.

PRI senators propose raising VAT for one year

El Semanario - Partido Revolucionario Institucional (PRI) senators are proposing increasing the Value Added Tax, or VAT, for only one year to solve the shortfall in funds in the 2010 budget.

Central bank sits on outlook pending budget approval

Reuters - Mexico's central bank on Wednesday held off giving new forecasts for growth and inflation in 2010 in a quarterly report, but noted growth in coming years will be slower than before the economic crisis. The bank said that it would give its new economic outlook for 2010 within four weeks of Congress approving a federal budget bill.

572,000 workers have lost jobs so far this year

El Economista - In the past year, 572,000 formal jobs have been elimanated as a result of the economic crisis. According to data from the Ministry of Labor and Social Welfare, most of the drop in employment is related to the maquiladora and export manufacturing industry.

Carstens called to appear before Senate panels

El Economista - Treasury Secretary Agustin Carstens will appear on Wednesday before the committees of Finance and Legislative Studies of the Senate to clarify points about proposed taxes that various legislators have regarding the Calderon administration's 2010 fiscal package.

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