Mexican President Felipe Calderon has inaugurated the Group of Rio Summit in Playa del Carmen, resort town on the Caribbean coast. Presidents from most Latin American nations are attending the meeting.

And heads of state from the 15 member Caribbean Community are taking part for the first time in a Group of Rio Summit.

While talking to reporters, the president said, "The summit would look at forming a new expanded organization, to include all those present."

Also on the agenda will be how to offer shelter for the 1 million Haitians left homeless after the massive earthquake.

Mexican homebuilder Urbi (URBI. MX) has recorded a 6% fall in fourth quarter net profit to 600 million pesos (US$46 million) because sales dropped and as financial costs increased.

According to the statement issued by the Urbi in a stock market filing, its sales in the quarter were 4.306 billion pesos, a fall of 2% as compared to the same period a year ago.

The company said, "We sold 13,988 homes during the quarter, 13 percent more than in the same quarter in 2008 but at lower prices."

Taiwan's Foxconn Technology Group has refused reports that it exploited employees at its Mexico plant.

In a press release, the group said that the riot last week was started due to some troublemakers.

According to the statement issued by the Foxconn, "News reports about Friday's disturbance at its Juarez Santa Teresa plant are misleading."

Further, it said, "To demonstrate our confidence in Mexico government and to honour our investment promise, Foxconn has increased employee number at our Juarez Santa Teresa campus to 7,000 within two years."

Grupo Mexico SAB, the country’s largest mining company, announced that it increased the most in just four months of period after fourth-quarter sales at the United States based unit doubled up on increasing copper costs and output.

The Mexico City-based company has raised 7.1% to 28.39 pesos in Mexico trading, the sharpest gain since September 22.

According to the statement issued by Southern Copper Corp., a Phoenix-based unit of Grupo Mexico, “fourth-quarter sales more than doubled to $1.14 billion.”

Economists following Mexico’s economy are now eyeing higher growth and more benign inflation in 2010, taking pressure off the central bank to increase interest rates.

A monthly poll by the central bank showed economists on average expect the economy will increase 3.3% in 2010, more than an estimated of 3.1% in the previous poll.

According to the survey conducted, in spite of increasing forecast for growth, economists reduce their inflation outlook to 4.93% from 5.04%.

Elavon, the credit card processing arm of the United States Bancorp, has announced that it had entered into an alliance with Banco Santander SA’s Mexican subsidiary to increase in Mexico’s fast growing card market.

However, no further information was disclosed on terms of the transaction.

In the meantime, Elavon already has grouping with Santander in other markets like Britain, the United States and Puerto Rico.

Mexico’s economy is hoping for some hefty signs of recovery, and that’s positive news for the United States exports for both pork as well as beef in the coming time.

In 2009, the economy of the country decreased by 7%, based on global economic positions, but because of some major hits like the Novel H1N1 discovery and outbreak in April 2009.

For the last year, Mexico was place on top in both volume and value for U.S. beef exports.

According to the statement issued by the Treasury Department of Mexico, the country’s economy has fallen by 6.8% in last year, the most terrible figure in the last 30 years.

Moreover, the 2009’s Gross domestic Product (GDP) fall outpaced the 6.2% decrease in country’s currency as well as debt crisis in 1995.

As per the report released by Treasury Department, “A bright spot was a 1.2 percent expansion in the fourth quarter of 2009 from the third quarter, although the level of economic output was 3 percent lower than the same period of 2008.”

ANTAD, Mexican retail group, said that sales of its members' same-store has increased 6 per cent in December 2009, which was the maximum growth for any month last year.

ANTAD, which groups around 17000 stores including 2,815 supermarkets all over the world, said that because of the sales growth in December, complete year’s sales growth has reached to 0.8%.

Mexican Retailer’s net sales in December, which comprised sales of stores opened for less than a year, increased 12 per cent to 105.6 billion pesos, whereas, net sales for full year jumped 7.4 per cent to MXN839.6 billion.

There is good news for the local residents of Barcelona as the country has launched its bid for the 2022 Winter Olympic Games.

Moreover, the city also hopes to recreate the success it enjoyed when it hosted the summer competition back in 1992.

Now, this will be the 30th anniversary of the event in which around 169 countries took part.

If the bid would be finalized, it will become the first city to host both events and could record more number of tourists booking hotels en Barcelona and visiting the city during the occasion.