ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Leading Mexican Presidential Candidate Faults Country On Growth

--Leading candidate says economic growth insufficient --Ruling party candidate defends recent economic performance --Banks criticized for insufficient lending, high fees By Amy Guthrie Of DOW JONES NEWSWIRES ACAPULCO, Mexico -(Dow Jones)- The leading candidate for the Mexican presidency painted a depressing picture of Mexico in a speech before the country's private sector financial leaders Friday, describing Mexico's economic performance as "mediocre" and its image as tarnished by violence. Enrique Pena Nieto, of the opposition Institutional Revolutionary Party, or PRI, told bankers assembled for their annual convention in Acapulco that the Mexican economy should have grown three times more than it did in recent years. "Mexico is not on the right track," he said, saying the country has had average annual economic growth of around 2% in recent years. The tone of the presentation contrasted sharply with that of Bank of Mexico Governor Agustin Carstens, who on Thursday told the same group that the country's sustained growth in recent years was "notable," given the troubled state of the global economy. Mexico is en route to post its third consecutive year of economic expansion, with the central bank projecting that gross domestic product will grow by nearly 4% after having grown 3.9% in 2011 and 5.5% in 2010, following a 6% contraction in 2009. Josefina Vazquez Mota, the presidential candidate of the ruling conservative National Action Party, or PAN, defended the country's recent economic performance, saying conditions of stability and confidence make it a great moment to invest in Mexico. "We have a robust situation. Mexico has been growing with no end in sight over the last three years, with combined growth of 15%," Vazquez Mota said, also making reference to this week's report that GDP grew 4.6% in the first quarter from a year ago. Andres Manuel Lopez Obrador, of a left-wing coalition led by the Democratic Revolution Party, or PRD, said Mexico is among countries that have had the least growth in recent years. He called on bankers to lower their fees, which he said are four times those charged in other countries. Pena Nieto was critical of lending levels to the private sector, saying that credit extended by Mexican banks represents just 25% of the country's GDP compared with 57% in Brazil and 86% in Chile. He also voiced disapproval over subsidiaries of foreign banks sending capital back to their parent companies outside Mexico; units of Spanish banks Banco Bilbao Vizcaya Argentaria SA (BBVA) and Banco Santander SA (STD), and a subsidiary of U.S.-based Citigroup Inc. (C), make up Mexico's three biggest banks with more than half the country's deposits. Mexicans will vote for their next president on July 1. President Felipe Calderon, of the PAN, is constitutionally barred from re-election. Polling firm Mitofsky said earlier in the week that Pena Nieto remains the front-runner in the race with 46% of voter preferences in an average of six polls, compared with 26% for Vazquez Mota and 25% for Lopez Obrador. Pena Nieto is a former governor of the State of Mexico, which includes a large part of Mexico City, the country's sprawling economic and political capital. A Pena Nieto win in July would return the PRI to power after 12 years of rule by the PAN. Prior to 2000, the PRI held the Mexican presidency uninterrupted for 71 years. -By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177; amy.guthrie@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
10/17/201416:23:38Oil Futures Halt Slide Notch Gain for Second Straight Day...
10/16/201411:00:09Philadelphia Fed October Business Index Slows
10/14/201423:21:08Citigroup Consumer Chief Plans to Leave
10/14/201423:09:23Citigroup Consumer Chief Plans to Leave -- Update
10/14/201421:59:36Global Oil Glut Sends Prices Plunging
10/14/201417:58:52MARKET SNAPSHOT: S&P 500 Snaps 3-day Losing Streak
10/14/201417:54:46Market Swoon Bruises Some Hedge Funds--Update 1
10/14/201417:34:58MARKET SNAPSHOT: U.S. Stocks Rise Amid Upbeat Earnings
10/14/201417:33:08U.S. Hot Stocks: Hot Stocks to Watch
10/14/201417:26:48MARKET SNAPSHOT: U.S. Stocks: Futures Climb As Citi, J&J Earnings...
10/14/201412:36:27MARKET SNAPSHOT: U.S. Stocks: Futures Climb As JPM Reports, Citi...
10/14/201410:23:56MARKET SNAPSHOT: U.S. Stocks: Futures Flat As JPM, Citi Earnings...
10/13/201417:26:25U.S. Stocks Drop Again
10/13/201416:41:12MARKET SNAPSHOT: U.S. Stocks End Monday Sharply Lower On Late...
10/13/201416:04:10MARKET SNAPSHOT: U.S. Stocks Build On Last Week's Losses
10/13/201415:59:37MARKET SNAPSHOT: U.S. Stocks Build On Last Weeks Losses
10/13/201413:47:36MARKET SNAPSHOT: U.S. Stocks Drift Higher Off Day's Lows
10/13/201411:12:37MARKET SNAPSHOT: U.S. Stocks Drop; S&P 500 Falls Below 1,900
10/13/201410:27:05MARKET SNAPSHOT: U.S. Stocks Flip-flop After Brutal Losses
10/13/201409:58:24MARKET SNAPSHOT: U.S. Stocks Inch Higher; CSX Corp Jumps

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad