Mexican farmers presented nearly 1,500 lawsuits Jan. 7 for damages resulting from the North American Free Trade Agreement (NAFTA). Meanwhile, leftist agriculture groups announced Jan. 7 their decision to reject an offer of dialogue with the Agriculture Ministry. Mexican President Felipe Calderon defended NAFTA today, saying the accord has had positive effects for Mexico.
National Economic Trends
Mexican peso-denominated bonds rose Jan. 7 due to expectations that the US Federal Reserve will cut interests rates in January.
Mexico's Bolsa fell to the lowest in six weeks on concern the U.S. economy's slowdown will crimp demand for Mexican exports and curtail growth. The Bolsa closed at a loss of 0.58 percent.
Business, Energy or Environmental regulations or discussions
Mexican homebuilder Sare said Jan. 7 that 2008 sales will rise at the slowest pace in five years.
Activity in the Oil and Gas sector (including regulatory)
Mexico’s three chief oil export ports were open Jan. 7 after they were closed last week due to bad weather.
Terrorism and Social Instability
Mexican troops and police fought Jan. 7 with suspected drug hitmen armed with grenades in Rio Bravo – just on the Mexican side of the border from McAllen, Texas – and one police officer was killed.
Pemex has awarded a concession for the maintenance of pipelines in four southern states to Energy Maintenance Services Group, according to Jan. 7 reports.