Dave's Feed
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.

Oct 2, 2013

Mexican conservatives show openness on reform tied to energy bill

MEXICO CITY (Reuters) – Mexico’s main opposition party has signaled it is ready to compromise over demands for electoral reform that risk impeding a government bill to liberalize the oil industry.

Last month, the conservative National Action Party (PAN) proposed an electoral reform that seeks to curb the power of the ruling Institutional Revolutionary Party, or PRI, which has dominated Mexican politics for most of the past century.

Oct 1, 2013

Maersk bullish on Latin America, eyes Mexico’s deep water oil

MEXICO CITY (Reuters) – Danish oil and shipping group A.P. Moller-Maersk (MAERSKb.CO: Quote, Profile, Research, Stock Buzz) sees big investment potential in Latin America, including deep water oil projects and ports in Mexico, its chief executive said on Tuesday.

In an interview with Reuters, Maersk’s Chief Executive Nils Andersen said the company was closely monitoring Mexico’s efforts to enact a bill to open up the oil industry to more private investment submitted to Congress last month.

Sep 25, 2013

Mexico to escape recession after floods, but risks to growth rise: Reuters poll

MEXICO CITY (Reuters) – Mexico is unlikely to be dragged into recession by severe flooding that has laid waste to large areas of farmland, destroyed homes and killed dozens of people, but the flooding has increased risk, a Reuters poll showed on Wednesday.

Mexican gross domestic product (GDP) suffered a surprise contraction of 0.7 percent in the second quarter compared with the previous three month period after eking out growth of less than one tenth of a point in the January-March period.

Sep 25, 2013

Prominent Mexicans urge government to decriminalize marijuana

MEXICO CITY (Reuters) – A broad spectrum of prominent Mexicans, including former ministers, businessmen, artists and a Nobel Prize-winning scientist, on Wednesday urged the government to decriminalize marijuana in a bid to curb gang violence and corruption.

Since 2007, about 80,000 people have been killed in turf wars between drug cartels and their clashes with security forces, leading to calls for a change in policy in Mexico and elsewhere in the U.S.-led war on drugs.

Sep 8, 2013

Mexico dilutes fiscal reform as plan dodges sales tax

MEXICO CITY (Reuters) – Mexico aims to increase taxes on higher earners, levy a charge on stock market gains and scrap loopholes, according to a draft of the government’s fiscal reform, but it has retreated from widening sales tax amid an economic slowdown.

Applying sales tax to food and medicine is a political hot potato in Mexico, and its omission will dilute the impact of the President Enrique Pena Nieto’s reform because it was seen as one of the most effective ways of raising more revenue.