Sugar low. (New Business).After a World Trade Organization panel ruled June 22 that Mexico was violating global trading rules with its measures to halt imports of U.S. high-fructose corn syrup High-fructose corn syrup (HFCS) is any of a group of corn syrups that have undergone enzymatic processing in order to increase their fructose content and are then mixed with pure corn syrup (100% glucose) to reach their final form. in response to that country's limited purchase of Mexican sugar, allegations of fraud in one of the nation's largest sugar consortiums did nothing to sweeten sweet·en v. sweet·ened, sweet·en·ing, sweet·ens v.tr. 1. To make sweet or sweeter by adding sugar, honey, saccharin, or another sweet substance. 2. To make more pleasant or agreeable. the blow. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. local press, the Finance Secretariat Secretariat, 1970–89, thoroughbred race horse. Trained by Lucien Laurin and ridden by Ron Turcotte, Secretariat won the Kentucky Derby, Preakness, and Belmont Stakes to capture the Triple Crown in 1973. Secretariat (foaled 1970) U.S. (Hacienda hacienda also called estancia (Argentina and Uruguay) or fazenda (Brazil) In Latin America, a large landed estate. The hacienda originated in the colonial period and survived into the 20th century. ) detected fiscal fraud for hundreds of millions of pesos from 1997 to 1999 by leading sugar consortium Consorcio Azucarero Escorpion (Caze), including falsely reporting that it exported approximately 114,000 tons of sugar and obtaining subsidies under fraudulent pretenses. The National Sugar and Alcohol Chamber (CNIAA) accuses Caze of selling part of the supposedly exported product domestically for two or three times international market prices. Meanwhile, thousands of sugar-cane workers marched on the capital in early July demanding the nearly 5 billion pesos they are owed in back pay for sugar cane cut in the 2001/01 harvest. In response, the Fox administration announced the creation of a government fund for the industry, in which the National Foreign Trade Bank (Bancomext) would lend sugar mills close to 2.5 billion pesos to help repay debts. These latest developments are symptoms of an industry in severe crisis. The sector's troubles began when, after privatizing 65 state-controlled sugar mills in 1987, the government decided to import I million tons of sugar to prevent any shortages caused by the privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned . Contrary to government expectations, however. Mexico went from being a sugar deficit nation in 1982-with 2.3 million tons produced-to a sugar surplus nation in 2001 with a production of 4.9 million tons. This translates into a surplus of 450,000 tons, of which only a small percentage can be exported to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Imports of high-fructose corn syrup from the United States are further harming domestic sugar sales According to the CNIAA, the current debt of the sector is approximately 2.5 billion pesos. |
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