Economy & Finance
Bloomberg - Raising the tax from 15 percent to 16 percent is “dead,” as is President Felipe Calderon's original proposal of President Felipe Calderon’s to create a 2 percent consumption tax, said Sen. Carlos Lozano de la Torre, vice coordinator of the Institutional Revolutionary Party, or PRI, in the Senate.
CNNExpansion.com - PTI senators are committed to eliminating the proposed tax on telecoms and will seek a better tax payment structure for businesses, PRI Diputado Jorge Juraidini said in an interview with CNNExpansión.com.
El Semanario - The water supply in the metropolitan area of Mexico City is likely to decrease by 40 percent next year, said Obadiah Montoya, manager of the Cutzamala dam system.
Maquila Portal - Canadian Ambassador in Mexico Guillermo E Rishchynski said that due to the economic crisis there has been a decrease in trade flows between the two countires. Mexico is the fifth market for Canadian exports and third for imports.
El Economista - The National Banking and Securities Commission is investigating at least 10 new cases of fraud in investment funds not authorized to raise money from the public, said NBSC president Guillermo Babatz Torres.
El Semanario - The Senate headed by the Partido Revolucionario Institucional (PRI) has warned it will reject the 16 percent VAT tax, the 30 percent ISR tax and the 3 tax for cash deposits and retroactivity on fiscal consolidation.
Reuters - A watered-down version of a government proposal to raise taxes, approved by the Camara de Diputados this week, will be enough to shore up public finances next year, Finance Minister Agustin Carstens said on Thursday.
Reuters - Mexican retail sales fell more than expected in August from a year earlier, sucking some of the air out of a widely expected economic recovery, data showed on Thursday. Retail sales dropped 5.5 percent in August from the same month in 2008.
El Semanario - At a Coparmex forum for shareholders of Bimbo and Alfa, considered the most successful conglomerates in Mexico, stockholders said the country is no longer attractive for investment despite its privileged geographical position and its accumulated trade agreements.
El Semanario - Merrill Lynch believes that growth in Mexico will not happen until 2011, when the economy could expand by 3.5 percent, Its analysis said that inflation will reach 4.1 percent by the end of this year.