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Economists cut inflation forecast

Wire services
El Universal

Viernes 04 de noviembre de 2005

Economists who cover Mexico lowered their forecast for inflation in the next 12 months to 3.79 percent from 3.89 percent, the fifth straight reduction, according a central bank monthly survey taken between Oct. 26 and Nov. 2.

The average forecast for inflation between 2006 and 2009 fell for the fifth straight month too, to 3.58 percent from 3.66 percent a month ago, the central bank said in an e-mail statement.

Inflation has slowed in Mexico as the gains in the currency have driven down the cost of imports and as central bank interest-rate increases in 2004 and the first half of 2005 curbed consumer demand.

Mexico may cut its benchmark overnight rate to 9 percent by year-end in a bid to bolster economic growth, said Gray Newman, chief Latin American economist at Morgan Stanley in New York.

TV AZTECA ANNOUNCES NEW HEAD FOR THE AZTECA AMERICA UNIT

TV Azteca SA, the nation's second-largest broadcaster, named Adrian Steckel chief executive of the company's Azteca America unit, the company said in a statement to the Bolsa.

Steckel, formerly chief executive of Unefon SA, a cellular telephone company also controlled by billionaire Ricardo Salinas Pliego, replaces Luis Echarte. Azteca America targets Spanish-speaking viewers in the United States. TV Azteca shares fell 6 centavos, or 0.9 percent, to 6.34 pesos.