NOVEMBER 2006 EDITION ARCHIVE
Legal Updates
New Rules for Maquiladora and PITEX Companies
On November 1, 2006, the Mexican Department of the Economy published in the Official Journal of the Federation a new Decree for the Development of the Manufacturing, Maquiladora and Exports Services Industry (IMMEX Decree). The IMMEX Decree, which will enter into force on November 13, 2006, is designed to strengthen the competitiveness of the Mexican export sector. The IMMEX Decree is comprised of the rules governing the Program for the Development and Operation of the Maquiladora... [Read More]Obligation to declare cash, checks or money orders upon entry or departure to or from Mexico
It is common for corporations with subsidiaries in Mexico to handle checks, money orders or other negotiable instruments for collection in offices outside of Mexico. In this regard, one must keep in mind that in accordance with Articles 9 and 184 of the Customs Law of Mexico, one is obligated to declare to the international transportation company, courier or messenger service any amounts that enter or leave Mexico that are greater than the equivalent of $10,000 USD. The same... [Read More]Termination of confidential labor agreement for loss of confidence.
The Federal Collegiate Circuit Court of Mexico has determined that, when dealing with confidential or managerial employees, and when an employer loses confidence in such an employee for a good reason, it is not necessary to present a written notice informing the employee of the date and cause of termination of the labor relationship as mentioned in Article 47 of the Federal Labor Law. Notwithstanding this legal decision, it is convenient for employers deciding to terminate a labor relationship... [Read More]Business & Politics Outlook
Calderon Visit and U.S. Elections
With less than one month before his inauguration as President of Mexico, and two days after congressional midterm elections in the United States, President-elect Felipe Calderon visited Washington in order to meet personally with U.S. President George W. Bush and begin a "relaunching" of the relationship between the two countries. According to experts on the bilateral relationship, the new composition of the U.S. Congress will allow the administration of Felipe Calderon to return... [Read More]The Cabinet that Mexicans would like to see
According to a national poll conducted by the Consulta Mitofski firm, a majority of Mexicans want the cabinet of Felipe Calderon to be: i) Broadly composed of individuals from various political parties; ii) Experienced, with officials who will be able to serve efficiently and provide results; iii) Made up of men and women. The age and religious preference of the next members of the cabinet should not be considered as important according to a majority of those polled.Tensions continue in Oaxaca
As the Mexican Federal Preventive Police take control of the city of Oaxaca, social and political tensions continue in the state. While President Vicente Fox has been roundly criticized by the opposition for his apparent lack of interest in finding a solution to the conflict, the controversial governor of the state, Ulises Ruiz, has stood firm in his position not to resign or request assistance. For their part, the members of the self-named People's Assembly for the Communities... [Read More]Economic Indicators
Pesos/Dollar Exchange Rate
The quoted exchange rate as of November 9, 2006 was $10.86 pesos per dollar.Mexican Stock Exchange
The Mexican Stock Exchange (BMV) closed on November 9, 2006 at 23,941.80 points.Interest Rates
On November 9, 2006, the Average Interbank Interest Rate (TIEE) for a 28-day period was at 7.30%.Feature Website
www.inegi.gob.mx
We recommend that our readers visit the web page of the National Institute of Statistics, Geography and Information (INEGI), www.inegi.gob.mx , where they may obtain socio-demographic, environmental, economic and other statistics regarding science and technology in Mexico.