Economy & Finance

Economy & Finance

S&P says Mexico has scope for further reforms

Reuters - Mexico has room for further fiscal reform to improve its tax base because a bill passed by Congress last week still leaves it well behind countries with stronger revenues, credit ratings agency Standard & Poor's said on Thursday.

2013 growth forecast cut by half due to export lag

Bloomberg - Mexican policymakers cut their growth forecast for this year in half after stagnant exports and a flagging construction industry led them to reduce interest rates by the most since the 2009 recession.

October inflation rises to 3.36 percent

CNNExpansión - Consumer prices in Mexico rose 0.48 percent in October to stand at 3.36 percent annual rate, given the increase in electricity tariffs by the end of the warm season allowance in some cities.

Carstens says inflation to remain above target in 2014

Bloomberg - Mexico central bank Governor Agustin Carstens said 2014 inflation will remain above target next year after Congress approved higher taxes on junk food and soda. Mexico’s inflation rate will accelerate to about 3.5 percent next year, he said.

Maquiladora industry cries foul on new taxes

AP — Industry groups say President Enrique Pena Nieto's proposed tax overhaul, expected to pass the Senate late Tuesday or early Wednesday, could strangle one of Mexico's economic success stories, the border factories known as maquiladoras.

Canadian lobby says Mexico firm on mining tax

Reuters - Canada's top mining lobby said that Mexican lawmakers remain "firm" on approving a system of mining royalty payments, despite the industry's best efforts to lower a levy that companies say will deter investment.

Retail sales dip by 2.2 percent in August

El Seminario - Retail sales returned to negative territory after the an increase in July. Reductions were experienced in the subsectors of stationery, for recreation and other personal uses.

Plan to raise border states taxes faces oppostion

Reuters - A key part of Mexico's planned tax overhaul could come under pressure as it goes through the Senate, with a top lawmaker on Monday saying plans to raise sales tax in border states should be rejected.

Peso rally could spur bigger interest rate cut

Reuters - Mexico's central bank could lower borrowing costs by more than expected next week if the country's currency keeps gaining ground and undercuts the stimulus policymakers delivered to a weak economy with last month's cut.

Bernanke touts strides in Mexico's monetary policy

Reuters - Federal Reserve Chairman Ben Bernanke on Monday praised Mexico's central bank for reining in inflation and keeping financial crises at bay. He said transparency and independence had been key to increasing stability in the Mexican economy.

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