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NEWS
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 Employment in maquiladoras up 3.5%
Mexico City - The labor force in export maquiladora industry had a year-to-year growth of 3.5% last July, according to National Statistics, Geography and Informatics Institute (Instituto Nacional de Estadística, Geografía e Informática -INEGI). The report states that hour-man worked were reduced by 0.2% in July and actual compensation paid per person was increased by 0.2%
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Visteon completes transaction with Ford
Van Buren Township, MI - Visteon Corporation (NYSE: VC) has completed a transaction with Ford Motor Company that establishes a more competitive structure for Visteon's North American manufacturing operations and allows the global automotive supplier to focus resources on core products. The two companies closed the transaction early today after announcing definitive agreements on Sept. 13
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DaimlerChrysler accelerates production
Monterrey, Mexico - Daimler Chrysler Vehículos Comerciales de Mexico is expecting to raise production by 36% in 3 years, which means increasing production form 4,900 to more than 6,600 chassis for buses, Alfredo Valencia, Sales and Marketing Director, announced. The Company celebrated yesterday the fabrication of chassis number 30 thousand and within the next few days bus number 10 thousand will be assembled. The
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Flextronics takes 1,700 jobs to Ciudad Juarez
Ciudad Juarez, Chihuahua - Flextronics, a world class company in electronics and manufacturing services, announced the construction of an industrial building to be started next week in a 30 hectares surface, with an investment over US$20 million and that will generate 1,740 jobs. Gabriel Macías, in charge of this new Flextronics' investment project, said that this new plant will provide a strategic
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Sanyo grows in Nuevo Leon
Monterrey, Mexico - The transnational company Sanyo will accelerate its global jobs cutback program, cutting 10 thousand jobs in the next four months. However, the Company will grow in Monterrey, ending the year with the creation of 800 more jobs. The Japanese company employs 96 thousand people in the world, of which 4 thousand are in Mexico distributed in three factories located in Tijuana that manufacture
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Ford will reduce suppliers
Detroit, United States - Ford Motor Co. said today that its suppliers network will be reduced by half and larger contracts with a longer term will be entered key parts' manufacturers in order to reduce costs due to the fact that the Company is fighting against a drop in profits. Ford already chose seven companies as initial suppliers; namely, the Swedish company Autoliv Inc.; the American companies Delphi Corp.,
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Chinese to invest in ethanol plant
Mexico City - Considered by many as one of the alternate fuels that could substitute gasoline, a group of Chinese businessmen is planning to invest around US$12 million in an ethanol factory in Mexico. Ethanol is the most widely produced biocarbon in the world, with 18.3 million tons in 2003 and more than 30 million last year, produced almost exclusively by Brazil and the United States, countries that
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ARTICLE OF THE WEEK
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Foreign Exchange Policy and Banking Reform in China (Part II)
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By Dong Fu
Federal Reserve Bank of Dallas
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What If China Removed Capital Controls Completely?
China has recently adopted measures to permit more flexible capital flows in response to increasing pressures on its currency. But there is much evidence that China continues to be concerned not only about capital inflows but also about capital outflows. Creating opportunities for Chinese citizens to invest abroad could lead to outflows of deposits from China's already troubled commercial banks.
A few days before China's central bank announced its new exchange rate regime, the government announced that Chinese multinationals would be permitted to acquire more foreign currency and lend the foreign currency to their subsidiaries. The new rules still limit the ability of Chinese to place their money abroad. However, if large outflows were to take place, Chinese banks that now rely on the government to preserve their captive deposit markets would have much more difficulty in stanching fund outflows that would erode the balance between assets and liabilities.
China's Policy Priority Lies in Bank Recapitalization and Privatization
On Dec. 31, 2003, the Chinese government conducted the third large-scale bank bailout in six years. The two previous bailouts had involved procedures that are standard across the world-the injection of domestic-currency-denominated capital and an exchange with the government of bad assets (impaired loans) for good assets (government securities).3
As part of the third bailout, however, the government injected $45 billion of foreign-currency-denominated reserve assets (dollar- and other currencydenominated bonds) to two SCBs-the Bank of China and China Construction Bank.4 The two banks have since been restructured into joint-stock companies, and they are planning an initial public offering both domestically and overseas in an effort to diversify ownership and privatize, at least partially.
Even though Chinese banks' nonperforming loan ratios have fallen as a result of government intervention and the two newly restructured state-owned banks' financial footings have strengthened significantly, China's domestic banks have far to go before they are viable. Thus, the government's motivations to use capital controls to preserve a captive domestic deposit base remain strong.
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MEXICO'S WEEKLY HEADLINES
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| » Mexico stopped merchandise exports to the USA by USD$30 billions this year |
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| » Remittances to Mexico grow 18% |
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» Bayer will inject USD$ 120 million in Mexico
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» Deacero invests USD$ 500 million
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| » USD$ 7.2 billion are invested in Cuenca de Burgos |
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EVENTS
2005
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October
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BUSINESS TECHNOLOGY EXPO
El Paso, TX, USA
13 October
MEXITRONICA
Guadalajara, Jal., MX
18 - 20 October
11th ANNUAL MANUFACTURING IN MEXICO SUMMIT
San Carlos, Son., MX
20 - 23 October
NATIONAL CONVENTION OF THE EXPORTING MAQUILADORA INDUSTRY
Acapulco, Gro., MX
26 - 30 October
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