Economy & Finance
Sentido Comun - Banks in Mexico have added 16 million customers in the last five years, going from 25 million users in 2003 to 41 million in 2008. In addition, credit financing has risen from 16 percent of Mexico's GDP in 2003 to 21 percent last year.
Sentido Comun - The National Association of Manufacturers of Buses, Trucks and Tractors has asked the secretaries of Finance and of Communications and Transportation to extend the modernization program, or cash for clunkers program, for heavy truck transportation.
Sentido Comun - Banco de Mexico said its international reserves increased $898 million last week to reach $80.137 billion. The reserves are likely to rebound higher later this year when the government exercises an option guaranteeing a minimum price of $70 per barrel of crude oil export in 2009.
Reuters - Mexico's biggest copper miner, Grupo Mexico, is expected to post a drop in third-quarter revenues, year over year, but the results will be an improvement over the second-quarter of 2009 as copper prices recover.
Reuters - Compartamos, a Mexican bank that makes small loans to family businesses, posted a 31 percent jump in net profit for the third quarter, thanks to solid lending growth. Compartamos reported net profit of 359 million pesos ($28 million).
Bloomberg - The Mexican Congress’ revenue plan probably won’t satisfy credit-rating agencies and a “one-notch downgrade is likely,” BofA Merrill Lynch Global Research wrote in a report.
Bloomberg - Mexico sold $290 million in catastrophe bonds, becoming the first country to use a World Bank program that passes the cost of natural disasters to investors.
Dow Jones - The World Bank said Tuesday that its board of directors has approved a $1.5 billion loan to help Mexico develop public policies that lower greenhouse gas emissions.
El Semanario - Moody's Investors Service lowered the ratings of Mexico's banks in their national currency transations given the government's inability to support these institutions in a prolonged economic crisis.
Sentido Comun - The Ministry of Communications and Transportation, in consultations with the private sector, is changing the terms of the auction planned for development of the Punta Colonet port development in Baja California. Nov. 3 is the new deadline for companies to register their interest in developing the project.