Economy & Finance

Economy & Finance

Peso weakens as analysts await budget

Reuters - Mexico's peso weakened slightly on Monday despite strong U.S. factory data as ratings agencies said they need to see the country's final budget before deciding if the country gets a downgrade. The peso dipped 0.11 percent to 13.2125 per U.S. dollar.

New business tax credits will cost nearly $1 billion

Reforma - Senate amendments, ratified by the Camara de Diputados, that give deferred tax status to 422 businesses will eliminate collection of about 11.87 billion pesos ($904.22 million), reveals an analysis by Reforma, based on Ministry of Finance figures.

Gomez-Mont calls for responsibility in budget spending

El Economista - Secretary of the Interior Fernando Gomez-Mont said he hopes that consensus, serenity and responsibility will guide expenditures under the budget approved for 2010.

Water system modernization "light years" behind

El Semanario - The modernization of water systems and processes in some municipalities, agricultural areas and industrial systems is lagging "light years" behind what it should be, warns Jose Luis Luege Tamargo, chief of the National Water Commission (Conagua).

Ex-U.S. Amb. Garza says Mexico needs more reforms

Bloomberg - Mexico has a “long way to go” in its effort to strengthen the economy by reining in its budget deficit and boosting investment in the oil industry, said Tony Garza, former U.S. ambassador to Mexico, who advises U.S. companies as counsel for White & Case in Mexico City after ending a seven-year stint as ambassador earlier this year..

HSBC income falls 56.7% from January to September

El Economista - Net income of Grupo Financiero HSBC Mexico fell by 56.7 percent from January to September compared to the same period in 2008, a result of a decline in interest income and commissions and an increase in reserves.

Mexican environmental laws aren't enforced

El Finanaciero - While Mexican environmental law is one of the most comprehensive worldwide, it remains ineffective because authorities are failing to enforce it, said experts at the International Forum on Environmental Law.

CFE to start hiring former Luz y Fuerza workers

El Finanaciero - Labor Secretary Javier Lozano Alarcon said the process of hiring former employees of the defunct Luz y Fuerza del Centro to work at the CFE will begin next week. It's unknown how many people will be hired.

IDB approves $150 million job generation loan

El Finanaciero - The Inter-American Development Bank approved a loan of $150 million to the government of Mexico to support the generation of employment and promote labor mobility and productivity of their workers.

Economic slump might have eased in 3rd quarter

Bloomberg - Mexico’s Finance Ministry said the country’s economic slump might have eased in the third quarter as the U.S., its largest trading partner, emerged from a recession. Gross domestic product probably shrank 6.4 percent in the third quarter.

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