Mexico hosts global development forum

April 18, 2014

Mexico BricksShanghai Daily, 4/17/14

Mexico’s President Enrique Pena Nieto Tuesday opened the first High-Level Meeting of the Global Partnership for Effective Development Cooperation, attended by some 1,500 international leaders, including United Nations Secretary General Ban Ki-moon.

At the opening of the two-day event in Mexico City, Pena Nieto said, “Mexico, as host country of this first meeting, seeks to promote dialogue and the building of accords between different government and non-governmental agencies to strengthen and promote efficient cooperation for development.”

Ban also addressed the gathering, urging the international community to earmark more national resources and financing to cut poverty and reach the UN-sponsored Millennium Development Goals ( MDGs) by the preset deadline, 2015.

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Governor Herbert: Trade mission bolstered ties to Mexico

April 18, 2014

increase bar chartThe Salt Lake Tribune, 4/17/14

Gov. Gary Herbert proclaimed his recent trade mission to Mexico a success after three Utah-based companies used the tour to release plans to expand operations there.

Space Monkey, doTerra International and Converus all announced new ventures during the governor’s April 7-10 trade mission, which included 39 Utah business leaders and six government officials.

“Utah and Mexico have a rich history of economic trade,” Herbert said, noting that Utah exports to Mexico last year approached $550 million. “We can maximize the expertise and business opportunities we have in common and explore new ones. There is room to deepen that relationship to benefit both economies.”

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US-Mexico bank doles out cash

April 16, 2014

windmillRe News, 4/15/14

The North American Development Bank has begun disbursing two loans totaling $140m to build a pair of 126MW wind farms in Mexico.Ventika 1 and 2 investors include Mexican cement and aggregates giant Cemex and Fisterra Energy, a company controlled by funds managed by Blackstone.

The energy produced will supply facilities belonging to FEMSA, DEACERO, Tecnológico de Monterrey and CEMEX. The Ventika wind farms are located in the municipality of General Bravo, Nuevo Leon, about 100 miles east of Monterrey. Acciona Energía is building the projects under engineering, procurement and construction contracts, as reported by reNews.

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Are U.S. Companies More Willing To Play Along With Mexico’s Corruption Culture?

April 16, 2014

money laundering -- dollar billsReuters, 4/15/14

Citigroup (NYE:C) disclosed Monday that it had found another case of fraud in its accounts-receivable program at Banamex, its Mexican unit, involving a supplier to Mexico’s state oil monopoly Pemex. In a teleconference, the bank’s chief financial officer, John C. Gerspach, did not reveal the identity of the supplier, but citing Pemex sources, the Mexican press identified it as Evya, a Mexican oil service company.

Gerspach reported that the breach involved less than $30 million in costs to Citigroup. He added that the supplier was in the process of paying back Citigroup and the bank expected “full restitution.”

According to its website, Evya,  based in the southeastern state of Campeche, is a “100% Mexican company” that provides engineering and maintenance services. Between 2003 and 2014, Evya signed 84 contracts with Pemex. The Mexican press identified brothers Francisco Javier, Luis y Roberto Camargo Salinas as Evya’s owners.

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Mexico’s maquila boom extends across the border

April 15, 2014

iStock_000008876270MediumAlbuquerque Journal, 4/14/14

Mexico’s maquila industry has become a raging bull that’s busting up the competition in China and other Asian nations for the first time in decades. Rapidly rising costs to produce and ship goods from Asia, especially heavy industrial items such as cars and home appliances, are encouraging the world’s major producers to ditch overseas manufacturing and instead set up operations in Mexico, where proximity to U.S. markets helps to lower costs and increase operating efficiencies.

That’s good news for New Mexico, and for all U.S. border states, because the rapid growth of Mexico’s maquilas, or assembly factories, is creating huge business opportunities up and down the 2,000-mile U.S.-Mexico border. And that, in turn, is creating new industrial hot spots in places such as southern New Mexico, where companies are flocking to set up new facilities to supply goods and services to the maquila industry.

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Mexico pledges own anti-money laundering list

April 14, 2014

money laundering -- dollar billsSeattle pi, 04/14/14

Mexico says it will fight money laundering by using “kingpin” lists like those issued by the United States.

Mexico had long been criticized because businesses designated by the U.S. Treasury Department as laundering conduits often continue to operate in Mexico.

Mexican officials had complained the U.S. lists didn’t include evidence that would convince courts to shut down the companies.

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French firms eye Mexico’s thriving aeronautical sector

April 11, 2014

airplane on runwayFrance 24,  4/11/14

France’s president is wrapping up a two-day visit to Mexico, the first since the end of a five-year diplomatic standoff involving a young French woman jailed for kidnapping in Mexico. But relations are on the upswing, as the French president and his Mexican counterpart Enrique Peña Nieto prepare to sign around 30 contracts and agreements. A large slice of that pie will go to France’s aeronautical industry. Matthieu Comin and Laurence Cuvillier took a closer look.

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Mexico Inflation Slows to Target Range for First Time This Year

April 9, 2014

pesos

Bloomberg News, 4/9/14

Mexico’s annual inflation slowed to within the central bank’s target range in March for the first time this year.

The inflation rate fell to 3.76 percent, below the 4 percent upper limit of the target range, from 4.23 percent in February, the national statistics agency said. Prices climbed 0.27 percent from a month earlier, less than the 0.30 percent median forecast of 23 analysts surveyed by Bloomberg. Core prices, which exclude energy and farm costs, rose 0.21 percent.

Inflation has eased after reaching an eight-month high in January, when new taxes on junk food and soft drinks took effect. Central bank Governor Agustin Carstens said in an April 4 interview with El Financiero Bloomberg TV that he doesn’t see demand-side pressures on prices even as the economy rebounds following less-than-expected growth in the first quarter.

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Mexico Reports Record First-Quarter Auto Production

April 8, 2014

iStock_000008876270MediumThe Wall Street Journal, 4/7/14

Mexico produced a record number of cars and light trucks in the first quarter of the year, with exports rising to an all-time high thanks to a recovery in U.S. demand after a harsh winter, an industry trade group said Monday. The Mexican Auto Industry Association, or AMIA, said Mexico produced 774,731 light vehicles in the first three months of the year, a 6.5% increase from the same period of 2013. March output rose 16% from the year-earlier month.

The unprecedented first-quarter output follows four consecutive years of record production in cars and light trucks, which reached almost three million units in 2013. Auto exports also set a record in the first quarter, rising 8.6% to 606,204 vehicles, with March shipments up 13% from a year before. Exports to the U.S., Canada and Latin America rose, while exports to Europe and Africa fell, according to the industry group.

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Scotiabank Plans To Finance $10 Billion In Oil Energy Projects In Mexico Over Four Years

April 7, 2014

construction cranesFox News Latino, 4/6/14

Canadian banking giant Scotiabank plans to finance oil industry projects worth $10 billion in Mexico over the next four years, a high-level executive said. Oil giants BP and ExxonMobil are among the companies interested in developing projects in the Gulf of Mexico, Scotiabank’s Latin America director, Paul D’Agata, told Efe.

A large number of mid-sized firms will participate in the huge oil projects, D’Agata, who attended the 77th Mexican Bankers Association, or ABM, annual convention in the Pacific resort city of Acapulco, said. Scotiabank has provided financing for some of the world’s largest companies in the mining, infrastructure, automotive and other industries, the banker said.

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