Relevant News
- Nissan Mexicana, announced that starting 2011 they will be producing the new “V” platform in Mexico; the new platform will be the base for three different models including a 3 cylinder hatchback, first model of this type produced in Mexico.
- Mexican sixth largest airline Aviacsa, was declared in bankruptcy. Aviacsa’s liabilities are MXN 4,760 Mio.
- Nestle announced an investment of USD 175 Mio. in order to built the world’s largest Coffee production facility in Mexico.
- Oxxo started operations in Colombia, Oxxo is a subsidiary of FEMSA (one of the largest Mexican brewers and the largest non Coca-Cola owned bottler in the wolrd) and the largest convenience stores chain in Mexico; the company announced that this is the first step for their Latin American expansion.
- Ford started operations in its new production facility in Chihuahua, Mexico; the new facility represents an investment of close to USD 1 billion.
- Seat increased its exports to Mexico by 60% as of October, 2009; compared with the same period last year.
- Rating agency Fitch, downgraded the Mexican sovereign rating from BBB+ to BBB due to the recently approved tax reform; which they consider not to be sufficient to cover the deficit derived form a lower oil production. Fitch improved the outlook to stable, immediately triggering investor confidence.
- Televisa, the largest media company in the Spanish speaking countries, placed Senior Bonds for USD 600 Mio. at a 6.62% rate and maturity in 2040.
- Cemex completed the installation of 167 wind turbines in the wind park
“Eurus” in Juchitan, Oaxaca, which is the result of an alliance between Cemex and the Spanish Acciona. The park will have the capacity to generate 250 MW. The project required an investment for USD 550 Mio. and generated more than 850 direct jobs in the area during the construction phase.
Economic Highlights:
- The Mexican Central Bank increased its benchmark rate to 4.62% compared to 4.51% at last month’s closing.
As of November, 27th the Mexican Peso appreciated vs. the USD to 12.91 Pesos per USD. - Inflation in first half of November increased slightly to 5.18% yoy.
- Mexican oil prices closed November in USD 71.83 per barrel; a 1.38% decrease over October.
- International reserves reached USD 80.8 Bn. In November, an increase of USD 0.8 Bn. compared with last month.
- The Country Risk for Mexico at the end of September was 179 bps, a 14 bps decrease vs. last month’s closing.
- The unemployment rate as of October was 5.94%, representing a 4.11% increase vs. the same period last year.
- The Mexican Stock Market closed June at 30,775 units; a 7.43% increase vs. October’s closing. During the first 11 months of the year the Mexican Stock Market has accumulated a gain of 37.5% in MXN and 47.3% in USD.
