Economy & Finance

Economy & Finance

Narco business model costs ag official his job

El Semanario - The Ministry of Agriculture, Livestock, Rural Development, Fisheries and Food (SAGARPA) announced that Jeffrey Max Jones Jones has "resigned" as undersecretary of agribusiness promotion after making controversial comments holding up narcotraffickers as a business model for peasant farmers.

Special Centennial bill printed with error

El Semanario - The Banco de Mexico revealed that there is a printing error on the 100 peso bill issued to commemorate the centennial of the Revolution and said the error will not affect the monetary, historic or symbolic value of the currency.

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.

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.

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.

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."

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.

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.

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.

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.

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