Relevant News
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July 2nd. Mexican appliance producer Mabe bought Brazilian subsidiaries from Bosch und Siemens for a total of USD 70 Mio.
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July 4th. BBVA’s Mexican subsidiary, BBVA Bancomer will invest USD 900 Mio. in their new offices buildings. The new buildings will save approximately 25% in energy and from 30% to 50% in water usage.
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July 13th. Mayor pharma wholesalers and distributors broke business relations with AstraZeneca as it intended to standardize prices for all their customers allowing small retailers to buy its products a the same price.
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July 13h. Mexican motor vehicle production fell 48% as of June 2009 vs. same period of 2008.
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July 16th. Kimberly-Clark Mexico, the largest paper producer in the country, informed that its net profit for 2Q09 grew 14% vs. same period of 2008.
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July 16th. Mexican conglomerate Alfa, reported that its net profit fell 22% as of 2Q09 vs. same period of 2008.
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July 16th. Televisa, the largest Latin media company, informed that its net profit fell 0.7% as of 2Q09 vs. same period of 2008.
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July 20th. Daimler Mexico announced that all its Mercedes Benz vehicles will be priced in Mexican Pesos as a strategy to attract new customers. Prices in Mexican Pesos will be revised every month.
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July 22nd. Mexican brewer Grupo Modelo, producer of Corona, informed that its net profit fell 47% in 2Q09 compared to same period of 2008.
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July 22nd. Unemployment rate reached its highest figure in the last 13 years with 5.3% at the end of June.
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July 23rd. The Mexican Central Bank forecasts 5.51% inflation for year end; the lowest in the last five years.
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July 29th. Cemex, the third largest cement manufacturer in the world, adjusted it EBITDA forecast for year end 2009 from US$ 3,300 Mio. to US$ 3,100 Mio.
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July 30th. Pemex’ total debt increased 23% during the second quarter due to the MXN/USD depreciation.
Economic Highlights:
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The Mexican Central Bank lowered its benchmark rate TIIE by 25 bps to 4.5% p.a.
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As of July, 31st the FX rate was 13.21 Pesos per USD (unchanged vs. June 30).
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Inflation in July decreased slightly to 5.75% yoy.
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Mexican oil prices closed July at USD 65.39 per barrel; a 3.27% increase over June.
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International reserves reached USD 73.5 Bn in July, a decrease of USD 0.8 Bn. compared with last month.
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The Country Risk for Mexico at the end of July was 229 bps, a 25 bps decrease vs. last month’s closing.
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The Mexican Stock Market closed June at 27,043 units; a 12.4% increase vs. June’s closing. During the first half of the year the Mexican Stock Market has accumulated a gain of 21% in MXN and 27% in USD.
