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NEWS |
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 Grupo Modelo will invest US$400 million in 2008
Mexico City - Grupo Modelo's business strategy this year includes investing US$400 million to. expand their production capacity and their distribution network; however, they will have to close more than 200 Extra stores, because their location is not good, according to Carlos Fernandez, the Company's President. The largest portion of this investment, Mr. Fernandez said, will be used in building a production plant in Piedras Negras, Coahuila, with an installed annual capacity of 10 million hectoliters, which could be operating in 2010.
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GE generates more employment in Mexico
Mexico City - General Electric Infrastructure Queretaro expanded its engineering center, specialized in the design of airplane turbines and ecologic energy generation turbines. This expansion will generate around 600 jobs for Mexican engineers recently graduated from different colleges, the Company’s officers said. Around 1,050 engineers in aeronautics industry are currently working at this plant in Queretaro.
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Satellite Terminal inaugurated in Vallarta Airport
Puerto Vallarta, Jal- the Ministry of Communications and Transportation, Luis Tellez, inaugurated Puerto Vallarta International Airport’s Satellite Terminal, which will provide service to international flights bound for this beach; increasing the airport's capacity by 141%. These works required a MEP$176 million investment, made by Grupo Aeroportuario del Pacífico (GAP), the airport's operator.
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GPS opens plastic molding plant in Baja California
In a ceremony attended by officers, customers and friends, Global Packaging Solutions(GPS). officially inaugurated its second plant in this City, devoted to plastic molding by injection. Located in Pacifico Industrial Park and having operated for six months now, the Plant has injection machinery with a capacity form 40 up to 2600 tons to mold several plastic pieces.
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GM plant in San Luis Potosi will start operating next April
San Luis Potosi- General Motors will start operations in San Luis Potosi next April. with an initial production of 30 automobiles per hour, announced Governor Marcelo de los Santos and added that the Company could reach a production of 60 units per hour by the end of 2008 or in the summer of 2009. De los Santos pointed-out that to begin with the Company will generate 2 thousand 500 jobs and when the Plant is in full production there will be 7 thousand 500 jobs.
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Chiapas Port registers the first thousand of containers
Mexico City- Chiapas port premises joined the group of. commercial ports handling containers cargo, moving last January one thousand 102 TEUs in deep sea traffic. Juan Luis Hernandez Godoy, Trade Manager for Integral Ports Administration of Puerto Madero (Chiapas Port), pointed-out that the cargo handled was mainly international trade of bananas going from Guatemala to San Diego, California.
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Canadian businessmen interested in investing in Mazatlan
Mazatlan, Sin.- The Chairman of Vancouver Board of Trade, Henry Lee, with 35 more businessmen, will visit Mazatlan to get familiar with opportunities to invest in tourism and trade, the City Council informed. In addition, a press release informs that experts in ports development will also come to Mazatlan, where they will apply specific programs to make of Mazatlan a deep sea port with capacity to load and unload large volumes.
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Bombardier will manufacture airplanes in Queretaro
Queretaro- The Canadian Company Bombardier Aerospace will invest. US$200 million in Mexico to export complex airplanes components from their plant installed in Queretaro, which expansion was started last Thursday. The first stage of Bombardier project started a year ago, manufacturing components for airplanes; the second stage considers manufacturing structures such as airplane fuselages and in the third stage airplanes will be assembled.
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ARTICLE OF THE WEEK
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| Tax Benefit granted on Social Security Contributions for Employers |
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 Due to recent issues in the financial and mortgage sectors in the United States of America, on March 4, 2008, an executive order was published by the Mexican President granting a tax benefit in social security contributions (the "Decree"), by means of which employers are partially exempted of the payment of an amount equal to five percent of employer contributions, generated between March 1 and December 31, 2008, related to Occupational Risks, Illness and Maternity, Life and Disability, and Daycare and Social Benefits.
Employers will be able to apply the Decree, provided that they fulfill the following conditions:
a) To be duly registered before the Mexican Social Security Institute ("IMSS");
b) To have all their employees registered before the IMSS, in terms of the Social Security Law;
c) Not to have outstanding tax liabilities in favor of the IMSS; and
d) Not to be public entities whose labor relations are governed by article 123, section A of the Mexican Constitution, nor to be part of the public administration, whether federal, state or municipal.
Furthermore, the Decree states that should employers not comply with their obligations, or if the IMSS were to detect that they do not fulfill the requirements established to benefit from the Decree, they would lose the applied tax benefit, and the IMSS would be entitled to issue tax credits equal to the illegally obtained benefit, with indexation and interest.
The Decree will render effects on March 5, 2008, and will be applicable in accordance with the guidelines still to be issued by the IMSS.
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All Rights Reserved © Baker & McKenzie Abogados, S.C. Mexico 2008
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MEXICO'S WEEKLY HEADLINES
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» New aeronautical investment lands in Baja California
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» Kansas City Southern invests US$5 million in Michoacan
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» US$139 million will be invested for cooper extraction in Chihuahua
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» Southern Nuevo Leon will have US$3 million for productive projects
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» Chrysler will suspend labors worldwide
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