News From Pakistan And Mexico

From Bloomberg…..

The steepest decline in Mexico’s peso in 13 years blindsided everyone from UBS AG economists to Gustavo Huitron, the local marketing manager for Mercedes-Benz.

After weakening 20 percent last year, the currency fell to a record low of 14.4484 per dollar today. RBS Greenwich Capital Markets in Greenwich, Connecticut, now predicts another 3.8 percent drop by June 30. The peso’s worst performance since 1995’s so-called Tequila Crisis is being driven by the U.S. recession and falling oil prices, which are cutting Mexican exports and government revenue.

And from….

Pakistan Electric Power Company (Pepco) is under enormous miseries, facing a shortage of 10,000 tones a day supply of fuel oil to its power producing units as the consignments of Pakistan State Oil (PSO) remained stuck up at the port.

The situation is accordingly resulting into a power shortage of about 600 MW in the system and no turn around in the situation is possible before Monday, February 2, 2009 when the PSO would get its consignments cleared at the port in Karachi.

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