Singapore and the United Mexican States have entered into an Investment Guarantee Agreement today at the sidelines of the Asia Pacific Economic Conference (APEC) Ministerial meeting.

This agreement is aimed at strengthening bilateral economic relations between the two countries.

The Minister for Trade and Industry of Singapore, Mr. Lim Hng Kiang and the Secretary of Economy of Mexico, Mr. Gerardo Ruiz Mateos signed the deal on the behalf of the two countries.

According to a deal, which is set to finalized by January 2010, Bank of Nova Scotia has sold its Mexican pension funds business to Profuturo GNP for an unknown amount.

According to the Scotiabank, Profuturo will take over around 87,000 customers and an investment portfolio worth $285.7 million (3.6 billion pesos).

While talking to reporters, Nicole Reich de Polignac, the Chief Executive of Grupo Scotiabank, said that the said deal will allow them to concentrate on their financial services strategic lines.

A higher demand in US helped Mexican auto production to kick-up in October, indicating a recovery from the deep recession.

According to the Mexican Automotive Industry Association, automakers produced 184,769 vehicles in October, which is 26% more from September, and the highest since last year.

Mexico, which is a major car producer, sells 70% percent of its cars in the US markets, has been facing a decrease in its sales due to economic recession.

Profuturo SAB, Mexican financial services giant group, has agreed to acquire the local pension fund business of Canada’s Bank of Nova Scotia (BNS) for an undisclosed amount.

Profuturo, who had 112.28 billion pesos in assets under management and 3.1 million clients at the end of September, has now become the country’s fourth largest pension fund company, where the Bank of Scotia was a late comer to the country’s compulsory retirement savings industry.

Gulf of Mexico oil and natural gas companies were forced to shut their offshore production and a major gas hub as Tropical Storm Ida, which is of category 2 hurricane, churned towards landfall between the states of Mississippi and Florida.

According to the reports, US’s 25% of domestically produced oil and 15% of natural gas are produced in the Gulf. The Gulf Coast constitutes about 40% refining capacity of the US.

The storm threat caused the oil prices to increase by $1.70 to over $79 a barrel in early US trading.

The government of Spain has approved the aid package of 3.4 billion euro for the country’s aeronautical industry to fight with the ongoing economic break-down.

While talking to reporter, the industry minister said, “The aeronautical is strategic for Span because it develops products with high added value and it creates high-skilled jobs.”

The aid will be handed over to aeronautical industry between 2010-2014 for the development of new products and maintaining demand as well as aid work in Spain on the development of Airbus’ next passengers jet, the mid-sized A350.

Mexico’s largest fixed-line phone company, Telefonos de Mexico SAB has announced that it has sold $500 million in bonds.

In a filling with the Mexico Stock Exchange, the company stated that the 10-year bonds mature in 2019 and possess a coupon of 5.5%.

Telmex said that the proceeds of the bond issuance will be used for general corporate purpose. Further, the IFR said, the bond will pay investors 200 basis points over comparable US Treasury notes.

That yield is in line with the initial guidance provided by the managers of the deal -- Bank of America Merrill Lynch and HSBC.

Toronto city has been declared as the host city for the 2015 Pan-American Games.

The Canadian Prime Minister Stephen Harper has accept the decision gladly that the 17th Pan American and Parapan American Games have been presented to Toronto and the Greater Golden Horseshoe region of Ontario.

While talking to reporter, Canadian PM said, “This is an exciting day for all Canadians. We are all looking forward to welcoming the Games in 2015. Canadians love sports and we are known for our hospitality, an unbeatable combination for successful Games.”

Officials reported that the homes of more than 200,000 people have been flooded by the torrential rain, which went on for a week, along Mexico’s Gulf Coast. Residents in some towns have denied of any help till that time.

The persistence of rain and the overflowing of more rivers have worsened the flooding in eastern Tabasco. Three people have been drowned earlier in the week while they were trying to flee a torrent of water in a drainage canal.

An estimated 20,000 people are being housed in shelters, while others have set up makeshift tents near their homes to prevent looting.

After the data revealed that the US unemployment rate surged to 10.2 percent, mexico’s peso MXN=MEX01 lost 0.28 percent to at 13.3225 per dollar.

According to US data, the unemployment rate rose more than expected to hit 10.2 percent, which is the highest in more than 26 years, while 190,000 workers were sacked by non-farm employers from their payroll in October.

Salvador Moreno, an economist at ING in Mexico City, said,” There is no justification to keep expecting a ‘V’ shaped rebound in the North American Economy,”