Fox May Veto Pemex Bill

Mexican President Vicente Fox may veto a bill approved by congress to reduce taxes on state-owned oil monopoly Petroleos Mexicanos, said a presidential spokesman. Fox is concerned the bill, which Mexico´s finance ministry has estimated will lower Pemex’s annual taxes by $2.4 billion, will reduce tax revenue too much. In the first six months of this year taxes on Pemex accounted for 35 percent of the government’s $88 billion in revenue.