Global Markets and Economic Update : International Business

MEXICAN STOCKS

* Mexican stocks declined for the second straight session. Continuing nervousness about the Mexican election has kept interest rates high, which in turn make credit more expensive and hurt corporate earnings.

* Telmex shares trading in New York fell $1 to $61.25 and local Series L shares fell 0.16 pesos to 10.24. The company’s shares declined in part because executives of Grupo Iusacell, a competitor for Mexico’s phone market, are making a series of presentations to investors. Iusacell, in a joint venture with Bell Atlantic and Grupo Financiero Banamex Accival and partner MCI, are among those who plan to challenge Telmex when the long-distance market opens up in 1997.

Source: Times Wire Services

SPOTLIGHT: COLOMBIA

Colombians will go to the polls June 19 to decide between two presidential candidates whose main differences are economic: whether to continue current free-market programs or make adjustments to protect certain sectors. An economic program to stop poppy production for the illegal drug trade appears to be faltering.

Sources: Bank of America; World Information Services