International Business : Global Markets and Economic Update
MEXICAN STOCKS
* The market staged a modest rally Wednesday as kidnapers released banker Alfredo Harp Helu. The Bolsa index gained 38.20 points to 2,270.93. Harp, head of Banamex-Accival, was freed for a $30-million ransom. For now, investors are happier about his release than they are worried about the huge ransom, which could encourage more abductions.
* Given the market’s sharp decline last week, bargain hunters also may have been encouraged Wednesday as yields on one-month T-bills fell to 15.84%, the lowest since April 13. Many analysts see a strong chance that Mexican interest rates will plunge after the Aug. 21 election.
Source: Times wire services
FOCUS: DOMINICAN REPUBLIC
The Dominican economy has had little growth in recent years, in part because of a slowdown in mining and agriculture. The nation, which shares the island of Hispaniola with Haiti, has been plagued by double-digit unemployment and a huge foreign debt.
Sources: Bank of America; World Information Services
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