Mexico City: An Insider’s Guide

Mexico City: An Insider’s Guide
It wouldn't be surprising if Mexico City's bad press was being perpetuated by those who want to keep it to themselves. Because once you get over the high-altitude hangover, learn the city's do's and don'ts, and overcome fears of violence, you will discover one of the most dynamic, mysterious and beautifully chaotic places on the planet.


GLOBAL ECONOMY

Currencies that went to hell
They say you never forget your first million, but that might be easier if you're paid in Zimbabwean dollars. This gallery showcases absurdly high-denomination, but virtually worthless, banknotes from countries that suffered hyper-inflation.

Survey: Cash flow is the No. 1 worry for businesses
Nearly 70% of companies report that cash flow is their top business concern, according to a survey from TD Bank. Many attributed their worries to uncertainties about accounts receivable and sales, while just 5% blamed the economy.

Best Global Cities 2010
A.T. Kearney assembled a study of the world's top cities: While winners were predictable giants New York, London, Paris, Tokyo, and Hong Kong, the study also highlighted the importance of less obvious cities, such as Chicago, Seoul, Brussels, and San Francisco.


FINANCE AND ACCOUNTING

CPA is among top ten jobs in America
Certified Public Accountant took the ninth spot on Money magazine's list of Top 100 careers. The top five careers on the list are software architect, physician assistant, management consultant, physical therapist and environmental engineer.

European Union will propose overhaul of the audit industry
Michel Barnier, internal-market commissioner for the EU, said the financial crisis revealed failings within the auditing sector, and he noted that reform is necessary.

Interview with Joe Kaeser: Siemens CFO
The chief financial officer of Siemens AG explains how implementation of good corporate governance, financial reporting, and auditing practices got his global electrical and engineering company back on track.


MEXICO AND LATIN AMERICA

Something interesting about the Arizona Immigration Law
The state's new law could send hundreds of thousands of illegal immigrants to prison. An analysis of fund-raising documents, lobbying records and corporate reports shows that the private prison industry helped draft and pass the measure.

Mexico’s Maquiladora Syndrome
Mexico's boasts many top-tier manufacturing plants, thanks to the program that encouraged foreign companies to set up export-oriented factories. The result made many Mexicans rich, but led the country to neglect key areas such as R&D, strategic planning and innovation.

Media companies under fire in Latin America
Even as many Latin American democracies enjoy historic levels of press freedom, a pattern of creeping authoritarianism has surfaced, as governments seek to restrict freedom of expression, viewing media conglomerates as a threat to their populist agendas.


“The superior man is modest in his speech, but exceeds in his actions.”
Confucius, Chinese thinker and social philosopher


PROJECT PORTFOLIO

Investment opportunity in Chiapas, Mexico. Ranch and warehouse for sale. Located close to Tapachula. Property deeds in order. Ideal for live stock or coffee business.

British consulting company interested in Latin America. Leader in training for financial companies and central banks. Offers franchise with high ROI potential.

Mining company at the final stage of liquidation process, looking for strategic investors that could benefit from significant tax losses.

Renewable energy company with strong distribution network in Mexico, growing at annual 20% rate, seeking financial investors to strengthen balance sheet.

Development of anti-fraud programs. Audit of preventive and detective internal controls. Identify risks and take corrective actions.

(Contact armando@nuricumbo.com for further information)


KEY MEXICO STATISTICS
Oct-10 / Sep-10 / Aug-10

Exchange Rate: MXN to USD
12.4498 / 12.8281/ 12.7457

Exchange Rate: MXN to EUR
17.1507 / 17.1936 / 16.7386

Exchange Rate: MXN to CAD
12.1252 / 12.2637 / 12.3523

Country Risk (basis points)
128 / 161 / 158

Bolsa (IPC BMV)
35,568 / 33,332 / 31,680

Cetes 28d
4.51% / 4.36% / 4.58%

Inflation
3.70% / 3.68% / 3.64%

UDIs
4.468266 / 4.443196 / 4.427201

International Reserves (M USD)
109,477 / 108,030 / 106,286

(Source: Mexico Central Bank)