Category: Mexico

Legislators approved a law allowing Mexicans living abroad to vote in next year’s presidential elections. Congress approved the legislation by 455 votes, with six abstentions. Some 11 million Mexicans live in the US and about 4 million already have voting papers allowing them to vote in the July 2006 election. Nearly all Mexicans living abroad reside the US.

Altos Hornos de Mexico SA (AHMSA) is considering a $100 million investment to build copper mines in Timna, Israel. The company estimates that mines in the region have sufficient reserves to allow production of 50,000 tons of copper a year for 10 years. Mines near Timna have been shut since 1985 but Israel plans to reopen them due to record high copper prices.

Mexican central bankers dropped from their monthly policy statement a sentence saying the country’s interest rates should follow rising US rates, which some interpret as a signal they’re done raising rates after 12 increases in 14 months. The central bank has raised its benchmark lending rate to 9.75 percent to drive inflation down to its 3 percent annual target. Inflation in May was 4.6 percent. Expectations of lower interest rates have increased demand for Mexico’s fixed-rate bonds; the yield on Mexico’s peso-denominated note due in 2014 has been below the overnight lending rate since June 8.

Mexico’s exports rose 13 percent year-on-year in May to $18.31 billion on decelerating demand from the US, which buys 85 percent of Mexico’s exports. Exports were up 18 percent year-on-year in April. Mexico’s GDP grew 2.4 percent in the first quarter, down from 4.9 percent in the fourth quarter of 2004.

is confirmed as a panelist at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana

are confirmed as panelists at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana

Petroleos Mexicanos, Mexico’s state-run oil company, has suspended drilling contracts with private companies at the request of a congressional auditor. Pemex Chief Financial Officer Juan Jose Suarez said the auditor requested the contracts be suspended until Congress can pass legislation specifically allowing such deals.

are confirmed as panelists at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana

Mexican retail sales rose unexpectedly to 8.9 percent year-on-year in April, more than double the 4.4 percent rise in March. Mexico’s central bank has raised its benchmark interest rate 12 of the last 15 months to 9.75 percent. The country’s inflation rate was 3.4 percent in May, the lowest rate since the bank began calculating the index in 1983.

are confirmed as panelists at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana.