Word: peso
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...French (8%) and 350,000 Italians (10%). The only major countries not participating in the upsurge of tourist traffic to the U.S. are Canada and Mexico. The Canadian dollar has not gained nearly as much ground against the U.S. dollar as the European and Japanese currencies have, and the peso has fallen 45% against the greenback in the past year...
...plunged by more than 70%, from $38 billion to $11 billion. Says Salvador Kalifa, an economic consultant from the northern city of Monterrey: "Gossip and rumors take precedence over all else. All people want is to get rid of their portfolios." The market collapse made Mexicans nervous about the peso...
...several weeks the government propped up its currency by using its reserves of dollars to buy pesos. By last week, however, Mexican officials began to fear that they would come close to running out of greenbacks. If that happened, Mexico would be unable to pay interest on its foreign loans and obtain new credit from banks. Result: the government abruptly abandoned its support of the peso, sending the currency into a free fall...
Officials defended the strategy, saying they had acted decisively. But it is a gamble that could destroy what is left of public confidence in the Mexican economy. Even American retailers along the border who rely on Mexican patronage will probably experience reduced sales. Moreover, the falling peso will surely fan the country's raging inflation. Prices are now rising at an annual rate of 141%, the highest level in Mexican history...
...high- tech secrets from West to East, authorities struggle to fortify an export- control system that is overloaded, underfunded and outdated. -- The crusaders against insider trading score an important victory in the Supreme Court. -- CBS sells its records division, making Sony Springsteen' s boss. -- In Mexico, panic pummels the peso...