Dave's Feed
Oct 23, 2013

Mexico ruling party ready to back higher junk food tax: lawmaker

MEXICO CITY (Reuters) – Mexico’s ruling Institutional Revolutionary Party (PRI) is ready to support an opposition proposal to increase a planned tax on junk food, the party’s leader in the Senate said on Wednesday.

Last week, the lower house of Congress approved a planned fiscal reform containing a measure to impose a 5 percent tax on junk food, and the Senate is expected to approve the reform by the end of the month.

Oct 18, 2013

Mexico lawmakers revise tax plan, oil price to plug shortfall

MEXICO CITY (Reuters) – Mexico’s lower house of Congress on Friday voted to raise the oil revenue estimate in next year’s budget to help close a funding gap created by cutbacks to President Enrique Pena Nieto’s planned tax reform.

Giving general approval to the revenue section of the 2014 budget, the lower house of Congress proposed raising the oil price forecast in the plan to $85 per barrel from $81. Mexico’s crude mix has averaged around $96 a barrel this year, according to Thomson Reuters data, and the Finance Ministry has often opted for conservative price estimates.

Oct 15, 2013

Bad fiscal policy, politics are a threat: central bankers

MEXICO CITY (Reuters) – Fiscal policy and politics risk undermining the efforts of central bankers to revive the global economy, top central bank officials warned on Tuesday, as a potentially devastating debt default loomed in the United States.

Washington is locked in a bitter budget battle that has partially shut down the federal government. The U.S. Federal Reserve has repeatedly warned that the impasse creates serious headwinds for growth and hiring and could inflict another recession if it triggers a U.S. default.

Oct 15, 2013

Poor fiscal policy, politics a hindrance: central bankers

MEXICO CITY, Oct 15 (Reuters) – Fiscal policy and politics
risk undermining central bankers’ efforts to revive the global
economy, top central bank officials warned on Tuesday, as a
potentially devastating debt default loomed in the United
States.

Washington is locked in a bitter budget battle that has
partially shut down the federal government. The U.S. Federal
Reserve has repeatedly warned the impasse creates serious
headwinds for growth and hiring and could inflict another
recession if it triggers a U.S. default.

Oct 15, 2013

Fed’s Dudley: Bad fiscal policy threat to central bank independence

MEXICO CITY (Reuters) – Unconventional monetary policy poses a small risk to central bank independence but a far larger threat comes from fiscal authorities if they insist on policies that harm the economy, a senior U.S. Federal Reserve official said on Tuesday.

Washington is locked in a bitter budget battle that the Fed has repeatedly warned creates serious headwinds for growth and hiring and could inflict another recession if it triggers a U.S. debt default.

Oct 14, 2013

Time for rich nations to act on loose policy: Mexico’s Carstens

MEXICO CITY (Reuters) – Rich countries must urgently take advantage of looser monetary policy to stabilize their economies and stimulate growth, without relying solely on central banks, Mexican central bank governor Agustin Carstens said on Monday.

He was speaking as lawmakers in the United States haggled over the U.S. debt ceiling while the world’s No.1 economy stares down the barrel of a potentially devastating debt default.

Oct 11, 2013

Mexico may raise oil revenue forecast to buttress 2014 budget

MEXICO CITY (Reuters) – Mexican lawmakers are considering trying to make up for a likely shortfall in the planned budget for next year by raising the fiscal plan’s conservative oil price revenue estimates.

Congress is debating changes to President Enrique Pena Nieto’s planned fiscal form, and is poised to strip out or water down part of the plan the government hopes will raise around $35 billion in additional tax revenues over the next five years.

Oct 10, 2013

Mexico telecom law should cut Slim market share below 50 percent: lawmaker

MEXICO CITY (Reuters) – Mexico’s new telecoms reform should be able to reduce tycoon Carlos Slim’s share of the local mobile phone market to less than 50 percent in the next five years, an influential opposition lawmaker said on Wednesday.

Slim, who controls around 80 percent of Mexico’s fixed line business and about 70 percent of the mobile sector, could be forced to divest assets according to a constitutional reform passed earlier this year.

Oct 9, 2013

Mexico government ready to dilute tax overhaul plan

MEXICO CITY (Reuters) – Mexico’s government is primed to water down parts of a proposed tax overhaul that aims to boost the country’s slender tax take, the head of the ruling Institutional Revolutionary Party (PRI) said on Wednesday.

President Enrique Pena Nieto aims to raise Mexico’s anemic tax take by around $35 billion by 2018, but political opposition and intense lobbying by business groups mean sections of his reform will be sacrificed to push it through Congress.

Oct 9, 2013

Mexico gov’t ready to dilute tax overhaul plan

MEXICO CITY, Oct 9 (Reuters) – Mexico’s government is primed
to water down parts of a proposed tax overhaul that aims to
boost the country’s slender tax take, the head of the ruling
Institutional Revolutionary Party (PRI) said on Wednesday.

President Enrique Pena Nieto aims to raise Mexico’s anemic
tax take by around $35 billion by 2018, but political opposition
and intense lobbying by business groups mean sections of his
reform will be sacrificed to push it through Congress.