Global Markets and Economic Update : International Business
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MEXICAN STOCKS
* The market got a late boost Wednesday from news that Canadian brewer John Labatt Ltd. will buy a 22% stake in Mexican brewer FEMSA Cerveza for $510 million. The Bolsa index jumped 33.93 points to 2,309.99 on the report.
* Labatt’s interest in FEMSA, which brews such beers as Tecate and Carta Blanca, helped remind investors of the long-term appeal of many Mexican companies to their American and Canadian counterparts. News of the deal overcame fresh worries about the continuing weakness of the peso; in defense of the peso, the government let yields on 28-day treasury bills rise to 16.50% from 15.84% a week ago.
Source: Times wire services
SPOTLIGHT: NORWAY
Norway is one of the globe’s richest countries, with a per capita income last year of more than $25,000. However, economic growth last year was tepid due, in part, to the recession in Western Europe. Britain accounts for about 25% of Norway exports, followed by Germany with about 13%.
Sources: Bank of America; World Information Services
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