Economy & Finance

Economy & Finance

Mexican beer brewers are bubbling - Mexico's beverage industry continued to fizz beyond expectation in the third quarter despite the economic recession. While all major companies did well, Grupo Modelo, the maker of Corona, was expected to be the winner, analysts said.

PRI coordinator defends budget despite political cost

El Economista - The PRI coordinator in the Chamber of Deputies, Francisco Rojas, defended the tax package despite its  political costs because states would not be able to provide services in 2010 without the tax increases.

PRD senator calls tax package "stupid"

El Economista - PRD Senator Pablo Gomez said that the 2010 tax package approved by the Senate is "the stupidest" of the past 30 years, because far from solving problems, it creates new for the country.

2 ratings agencies want to see final budget

Reuters - Standard & Poor's and Fitch Ratings both told Reuters on Monday that even with a somewhat watered-down Mexican fiscal reform package, they need to see a final budget before making any changes to the country's sovereign rating.

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.

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