BANXICO: Central bank reports US$4.8bln in remittances in Q110, -12% y/y v. US$5.5bln Q109; statement says rate of 1yr decline is slowing
Mexico Watch Intelligence Service
The leading intelligence blog for analysis on business, politics, finance, and the economy for Mexico. Thousands of diplomats, analysts, investors, government officials and top executives with responsibilities - direct or otherwise - relied upon the Mexico Watch Intelligence Service for nearly 20 years. Publication of that service was suspended in 2009, but this blog remains in publication and free to read. Contact us for information on our research and consulting services.
30 April 2010
INEGI: Value of construction put in place in Feb -0.38% from Jan on seasonally adjusted, m/m basis; 4th straight monthly decline
Top Story Universal: 20mln Children In Poverty - UNICEF reports that at least 20mln Mexican children live in poverty
Top Story Jornada: Narcos Melting Into Social Bases - Narcotrafficking gangs transforming relationship with society; could raise new threats
Top Story Reforma: Espionage Scandal Grips SCT - Federal Communications Commission confirms that former SCT head Tellez's phone was tapped
Top Biz Story Reforma: Maquila Awaits Boost - Aerospace firms and maquiladoras see Mexican Space Agency (AEXA) sparking new demand thrusters
Top Story Economista: Competition Courts Approved - Congress on verge of approving antitrust reform to stiffen penalties and procedures
Top Story Financiero: A Lost Decade; Go To Plan B - Mexico lost ground to other global economies in past 10yrs; govt eyes new growth model
Top Story Milenio: Half Of US Support Migrant-Hunting Law: Gallup - 51% of US in favor of criminalization of undocumented aliens in Arizona
Top Story Cronica: Nightclubs To Stay Open Till 5am - Federal District Assembly votes to permit nightclubs operate until 5am, with caveats
BANXICO: Bank financing (inc credit cards) to the private sector fell 5.1% y/y in real terms in Mar; consumer credit led decline, off 18.1%
29 April 2010
INEGI: Manufacturing: Seasonally adj. factory headcount index 81.12 in Dec v. 82.18 in Nov; -14.5% on annualized basis; -9.0% annual trend
INEGI: Manufacturing: Seasonally adjusted work-hours index 81.08 in Dec v. 83.10 in Nov; -25.6% on annualized basis; -5.5% annual trend
Top Story Universal: Rectors To FCH: Bullets Not Enough - University rectors call on President Calderon to amend counternarcotics strategy
Top Story Jornada: More Deaths Feared After Paramilitary Attack In Oaxaca - Aid convoy attacked by commando; Mexican, Fin dead; more missing
Top Story Reforma: PGR Investigates Oaxaca Espionage - Fed Attorney Gen Office probes state spying on political foes, local business
Top Biz Story Reforma: Reform Slow Pemex Actions - Operational changes under financial reforms have made decision-making slower: CEO Suarez
Top Story Financiero: Domestic Demand The Challenge - With global recovery threatened in Europe Mexico should seek internal growth sources
Top Story Milenio: Narco-Judges Cannot Be Ruled Out: Calderon - President says "some" judges may have been infiltrated by organized crime
Top Story Cronica: Tec Student To FCH: How Many Must Die? - Tec de Monterrey students question Pres. Calderon on civilian narco-war deaths
28 April 2010
MAPI: Mexico factory sector highly reliant on strength of US and Canadian industry; not seen as global growth leader for world recovery
MAPI: Mexico manufacturing growth seen having modest rebound in 2010 from -10.2% in 2009; forecast +5.4% during 2010 and 4.3% during 2011
Top Story Universal: Senate Halts Accord With US - Riled by Arizona immigration law, Senate shelves bilateral natural disaster response plan
Top Story Jornada: Law To Endorse Army Role In Drug War Advances - Senate passed bill to regulate army participation in counternarcotics war
Top Story Reforma: Narcoviolence Kills More Kids - Number of minors killed in so-called war on drugs rising: 97 YTD v. 63 in like period 09
Top Story Reforma: Stronger Peso Seen - Experts see more appreciation of currency; FX levels could break 12-to-1/US$ and beyond
Top Story Economista: Industrial Activity Restores Economy - 3 major investment banks say Mexican recovery has legs, cite manufacturing
Top Story Financiero: Markets Tank On Moratorium Fears - S&P downgrade of Greek, Portuguese debt knocks global markets; Bolsa down 3.23%
Top Story Milenio: 105 Votes For Army, 1 Against - Senate approved 105-1 bill to regulate participation of armed forces in civil policing
27 April 2010
INEGI: Seasonally adjusted Global Economic Activity Index (IGAE) @ 113.20 in Feb v. 112.69 in Jan; annualized var. +5.7%; annual trend 0.0%
INEGI: Seasonally adjusted IGAE agricultural sub-index at 111.67 in Feb v. 108.23 in Jan; annualized variation of +47.5%; annual trend +1.9%
INEGI: Seasonally adjusted IGAE industrial sub-index at 110.31 in Feb v. 109.66 in Jan; annualized variation of +7.3%; annual trend +4.6%
Top Story Universal: Army Of Lawyers Against Arizona: Calderon - President vows to deploy all resources to defend Mexicans against new law
Top Story Jornada: OAS Repudiates Arizona's "Racist" Law - Organization of American States blasts new immigration law as discrimination
Top Story Reforma: Work Punted To Private Sector; Citizens Pay - Congress mulls law to grant more concessions for infrastructure work
Top Biz Story Reforma: DF Falls In Competitiveness - Federal District falls on Urban Competitiveness Index due to crime, informal economy
Top Story Economista: Development Bank Oversight - FinMin warns Senate proposal for new board conflicts with federal regulatory authority
Top Story Financiero: Robust Economy Would Impel Stocks - Robust, sustained growth would lift Bolsa, says Mexican Stock Market head Tellez
Top Story Milenio: Mexico Powerless Against Immigration Laws - Nafta does not provide dispute mechanism for non-trade bilateral conflicts
Top Story Cronica: Calderon, Gomez Mont Differ Over Arizona - President attacks Arizona immigration law as racist; praises Obama's criticism
26 April 2010
TECH: Computer chip manufacturer Intel Corporation will spend roughly US$190mln in Guadalajara; over 3yrs engineers to grow from 400 to 550
Top Story Universal: Commando Executes Labor Party Leader In Guerrero - State political leader Rey Hernandez gunned down by squad with AK47s
Top Story Jornada: In Narco Struggle, Gomez Mont Feels Safe - Asked if citizens should worry about collateral violence, Interior Min says no
Top Story Reforma: Sales Up On Insecurity! - Private security sales -- bodyguards, armoring, bulletproof vests -- see unprecedented growth
Top Biz Story Reforma: Regulation Slows Credit - State development banks hampered by rules governing both private banks and public entities
Top Story Economista: Exports Set Records - Overseas sales of US$25bln in Mar represents y-y gain of 39%, highest in 15yrs; autos motor rise
Top Story Financiero: Peso Undervalued: Werner - Dep FinMin Werner says appreciating currency has further to go to regain pre-crisis levels
Top Story Milenio: Violence In Mexico, US Shame: Gomez - Interior min shames US for supplying arms, money, demand for Mexican narco-violence
Top Story Cronica: Mexico Issues Narco SOS To World - Interior Min Gomez calls for international support and solidarity; blames US for arms
15 April 2010
14 April 2010
Top Story Universal: Deputies Expel Junk - Lower house passes bill to ban junk food sales from schools, require daily exercise
Top Story Jornada: Army Not Resisting Narco-War: SG: Interior Min Gomez Mont denied that some generals object to continued army role
Top Story Reforma: Telcel Lands Blow Against Renaut - Largest mobile carrier Telcel (71%) wins injunction against cutting unregistered users
Top Biz Story Reforma: Exports To Non-Nafta Mkts Grows - So far this century, dependence on US-bound exports has reduced 9pts; now at 80%
Top Story Economista: Personal Data Protection Law Passed - Congress approves bill to safeguard privacy of identity information
Top Story Financiero: Financial System In Need Of Rebuild - Mexico's financial system needs to address foreign bank dominance, low credit
Top Story Milenio: Pederasty Fault Of Society - In apology to victims, Mexican bishops say pederasty result of excess sexual freedom, sex ed
Top Story Cronica: Junk Food Banned From Schools - Lower house votes 372-0 to reform General Health Law to bar pop, fried snacks, sweets
13 April 2010
Top Story Universal: Unions Stymie Universal Health Care - Fox's low-income Popular Seguro plan was the alternative amid union opposition
Top Story Jornada: Generals Resist Drug War: Galvan - Defense Min Galvan says army brass wary of lack of protection against civilian deaths
Top Story Reforma: Sedena Wants SuperJet - Defense Ministry asks Los Pinos for funding for US$41mln jet from Bombadier for official travel
Top Biz Story Reforma: Infrastructure Projects Stall - Financial crisis, legal woes, poor management has held up spending under Calderon
Top Story Economista: Automotive Sector Racing Again - Auto exports +87% in Q110 v Q109 to 430,982 units; sales still down -3.3% to 188,994
Top Story Financiero: Peso Rally Raising Concern - Mexican currency could break 12-dollar mark soon, but analysts see speculative money
Top Story Milenio: We Can Handle Chihuahua Gangs: Federal Police - Govt can control crime in state, capture narco bosses, says top cop Rosas
Top Story Cronica: US Travel Warning On Mexico - US State Department emits new advisory, citing rising violence, and extends consular relief
12 April 2010
INEGI: Industrial Activity: Total IP index +7.3% in Feb v -1.7% in Jan on seas adj, annualized basis; trend rate at +4.6% annual in Feb
INEGI: Industrial Activity: Manufacturing index +2.8% in Feb v -16.0% in Jan on seas adj annualized basis; trend rate at +4.5% annual in Feb
INEGI: Industrial Activity: Electricity, water, gas index +0.7% in Feb v +4.3% in Jan on seas adj, annualized basis; trend at +1.2% in Feb
INEGI: Industrial Activity: Construction index +1.1% in Feb v +0.9% in Jan on seas adj, annualized basis; trend rate at +1.2% annual in Feb
INEGI: Industrial Activity: Mining index +5.7% in Feb v +1.3% in Jan on seas adj, annualized basis; trend rate at -0.8% annual in Feb
INEGI: Gross Fixed Investment: Total GFI index +7.7% in Jan v +4.9% in Dec on seas adj, annualized basis; annual trend rate +0.6% in Jan
INEGI: Gross Fixed Investment: Total machinery & equip spend +29.5% in Jan v +36.5% in Dec on seas adj, annualized basis; Jan trend +28.3%
INEGI: Gross Fixed Investment: Domestic machinery & equip spend -0.1% in Jan v +188.5% in Dec on seas adj, annualized basis; Jan trend +7.2%
INEGI: Gross Fixed Investment: Imported machinery & equip spend +21.7% in Jan v +13.7% in Dec on seas adj, annualized basis; trend +8.6%
INEGI: Gross Fixed Investment: Construction GFI +5.5% in Jan v -11.2% in Dec on seas adj, annual basis; annualized trend soft at +0.4%
Top Story Universal: Seguro Popular Costly And Without Benefits - Expensive low-income health insurance plan fails to meet promises
Top Story Jornada: 25.2mln Cell Phones w/o Registry: Cofetel - Mobile phone registration plan now moves to 2nd phase of confirming owners
Top Story Reforma: Education Ministry Ignores Law In Huge Buy - MXN2.2bln spent for laptops for teachers to skirt public bidding rules
Top Biz Story Reforma: ISSSTE Wins In Pensions - Federal bureaucrats in ISSSTE system have better retirements than private sector Afores
Top Story Financiero: Banxico Transparency Viable - Central bank Gov. Carstens defends mandate, says anti-inflation mandate not anti-growth
Top Story Milenio: Nine Juarez Gangs In Peace Pact - City security officials broker ceasefire among warring tribes in violence-plagued city
Top Story Cronica: Federal District Plans Bridge Tolls - New elevated highways to require tolls fees of 1 to 2 pesos per kilometer
08 April 2010
BANXICO: Consumer inflation high at +0.71% in Mar; headline index rises to annualized 4.97% v. 4.83% in Feb; core index at 4.40% v. 4.20%
INEGI: Leading Index +0.7% Dec to Jan on seasonally adjusted basis, 11th straight rise in forward-looking indicator; but Current Index -1.9%
Top Story Universal: School Nutrition, Sport Obligatory - Congress will pass school reform to require 30min of exercise and healthier diets
Top Story Jornada: Army In Streets 5-10 More Years: Galvan - Defense Min says drug war will require up to 10yrs of urban military presence
Top Story Reforma: Private Sector Paying Union Fees - Independent electrician contractors forced to pay fees to national electrician union
Top Biz Story Reforma: Stores Copy Suppliers - Lawsuits rising as retailer own-brand labels alleged to trespass supplier trademarks
Top Story Economista: PAN, PRD Topple Renaut Extension - Cell phone registry requirement upheld; one-in-three users have yet to sign up
Top Story Financiero: Mexico Did Not Learn From Crisis: Barclays - Unlike 1995 focus on internal demand, this recovery pinned on exports
Top Story Milenio: 10 More Years Of Counternarcotics War: Sedena - Defense Min Galvan says army to patrol streets for up to 10 more years
Top Story Cronica: Senators Deny Extension Of Cell Phone Registration - Sen. Communications Committee refuses to extend deadline past Sat
07 April 2010
Mexico Watch Intelligence Service wins first round of court battles against plaintiff Intel Corp.: #http://ping.fm/cnH9N
06 April 2010
INEGI: Consumer Confidence Index fell 0.79% from Mar v. Feb on seasonally adjusted basis; pessimism continues at record levels
INEGI: Manufacturing Orders Index (IPM) falls 0.24% in Mar v. Feb on seasonally adjusted basis; index still above 50-point growth threshold
Top Story Universal: Calderon Takes Aim At Monopolies - New teeth for CFC agency to combat monopolies, oligopolies, anticompetitive activity
Top Story Jornada: Calderon Launches Against Monopolies - Reform bill would toughen punishments with higher fines, prison for directors
Top Story Reforma: Calderon Takes Aim At Monopolies - President tables bill to overhaul antitrust CFC with greater inquiry, sanction powers
Top Biz Story Reforma: Labeling Rules Changed - Foods, bevs limited on words such as 'healthy' and must provide a clearer nutrition table
Top Story Economista: FCH Proposes Jail For Monopolists - President Calderon's competition reform would punish with higher fines, even jail
Top Story Financiero: Parallel Agenda Vital For Growth - Experts call for economic reforms that do not require congressional approval
Top Story Milenio: Calderon, Against Monopolies - President reform would strengthen antitrust agency CFC with greater powers
Top Story Cronica: FCH Declares War On Monopolies - Calderon submits bill to Congress to give antitrust agency CFC enforcement teeth
05 April 2010
BANXICO: Monthly survey of economists yields consensus peso forecast of 12.70/US$ year-end 2010 v. 13.04 previous mo.; 12.93 in 2011
BANXICO: Monthly survey of private sector economists yields consensus inflation forecast of 5.28% in 2010 v. 5.21% previous mo; 3.97% in '11
BANXICO: Monthly survey of private sector economists yields forecast of 5.2% year-end rate on 28-day Cete v. 5.3% previous mo.; 6.1% in 2011
BANXICO: Monthly survey of private sector economists yields forecast of +4.08% GDP growth in 2010 v. 3.87% previous mo.; +3.63% in 2011
MARKETS: FX: Super-Peso maintains rally, firms nearly 1% in midday trade to 12.2685 pesos/US$ at benchmark 48hr interbank sell-rate
MARKETS: STOCKS: Mexico Bolsa IPC index opens up on good US data, moves lateral to 33,631.11 by midday, gain of 1.1%
Top Story Universal: US To Pursue Border Oil - On US side, oil companies to exploit contested crossborder deposits in Gulf of Mexico
Top Story Jornada: Sordano Urges Pope To Ignore Gossipers - Cardinal declares church hierarchy in solidarity with Benedict XVI
Top Story Reforma: Microbuses Flatten Law - 8 of 10 microbus drivers in Mexico City violate law, driving with doors open and tinted glass
Top Biz Story Reforma: Airport Investment Lags - National Infrastructure Program reaches 40% of spending target in 2009, for airports 15%
Top Story Financiero: Economy Tied To US, Oil For 2010 - FinMin says economic activity remains subject to US demand, oil revenue this year
Top Story Milenio: Zetas Expelled From Tamaulipas - Gulf Cartel has slowly but surely run the Zetas gang out of their territory in the state
Top Story Cronica: Paulette Murder Suspect Free - Mexico State Attorney General Office releases mother Lisette Farah, father Mauricio Gebara
02 April 2010
Top Story Universal: Deputies Spend MXN100mln On Travel - In first 6 mos of 61st Legislature, lawmakers burned through MXN100mln travel cash
Top Story Jornada: Rivera Finally Rails Against Pedophile - Cardinal Norberto Rivera Carrera accuses 'criminal clerics' of dirtying church
Top Story Reforma: Narco Charges Evangelicals - Drug gangs extorting protestant churches a monthly 'protection' rent
Top Biz Story Reforma: US Car Sales Improve - Toyota, Ford, GM registered sales increases on buying incentives, higher consumer confidence