Business Insider: Carlos Slim is the richest man in Mexico, with a reported fortune of nearly $70 billion.
Slim's wealth is so immense that it equals 6.3% of Mexico's gross domestic product, a percentage greater than the combined income of the poorest 20% of Mexicans — nearly 25 million people — who account for just 4.9% of the country’s GDP, according to a report from El Daily Post. Read more.
The MexicoBlog of the Americas Program, a fiscally sponsored program of the Center for Economic and Policy Research (CEPR), is written by Laura Carlsen. I monitor and analyze international press on Mexico, with a focus on security, immigration, human rights and social movements for peace and justice, from a feminist perspective. And sometimes I simply muse.
Showing posts with label Carlos Slim. Show all posts
Showing posts with label Carlos Slim. Show all posts
Jul 3, 2015
Mexican billionaire Carlos Slim dumps Trump deal
Vallarta Daily: A television company controlled by Mexican billionaire Carlos Slim has canceled a project with real estate developer and TV personality Donald Trump after his comments insulting Mexicans, Slim’s spokesman said on Monday.
This is the third company to cut ties with Trump, who is seeking the Republican nomination for the November 2016 presidential election. NBC said earlier on Monday that it would no longer air the “Miss USA” and “Miss Universe” pageants due to his comments. Spanish-language broadcaster Univision [UVN.UL] also said on Thursday it would not air the “Miss USA” pageant. Read more.
This is the third company to cut ties with Trump, who is seeking the Republican nomination for the November 2016 presidential election. NBC said earlier on Monday that it would no longer air the “Miss USA” and “Miss Universe” pageants due to his comments. Spanish-language broadcaster Univision [UVN.UL] also said on Thursday it would not air the “Miss USA” pageant. Read more.
Jan 24, 2015
The 5 Wealthiest People in Mexico
Yahoo: You probably already know that Carlos Slim is the wealthiest person in Mexico, and by a wide margin. However, you likely don’t know the other four people on this list and how they managed to get there. Some of them made wise business decisions. Others were in the right place in the right time. Currently, four of them are suffering declines in their net worth. Why is this happening? And why is one of these moguls seeing their net worth consistently increase? Let’s find out. Read more.
Jul 11, 2014
Mexico telecom overhaul passes, billionaire Carlos Slim loses -- maybe
LA Times: Mexican legislators on Wednesday passed a sweeping overhaul of the telecommunications industry that officials maintain will help break up monopolies and provide better service and more competition in the TV and telephone market.
Anticipating the approval, Mexican telephone tycoon Carlos Slim -- listed by Forbes magazine as the second-richest man in the world thanks to the near-monopoly he and his family hold -- announced he would sell off part of his empire to avoid a series of regulatory restrictions the new laws impose on any company with more than a 50% market share. Read more.
Anticipating the approval, Mexican telephone tycoon Carlos Slim -- listed by Forbes magazine as the second-richest man in the world thanks to the near-monopoly he and his family hold -- announced he would sell off part of his empire to avoid a series of regulatory restrictions the new laws impose on any company with more than a 50% market share. Read more.
Mar 29, 2013
Mexico Telecommunications Reform: Too Good to Be True?
HuffPost Blog
Irene Mia
March 28, 2013
A long-awaited telecommunications reform, presented to Congress on March 11 by Enrique Peña Nieto, was passed swiftly by the lower house with relative few modifications to its ambitious scope and is now set to be approved by the upper house in an unthinkable development just a few months ago when, in the run up to the presidential election (in July 2012), social protests, loosely coordinated by the #YoSoy132 student movement, erupted against media bias in favor of the now ruling Partido Revolucionario Institucional (PRI). More in general, the telecommunications reform, coupled with other significant steps made by Peña Nieto's administration to advance its reform agenda in just a few months may reassure those who were skeptical of the president's willingness and ability to challenge powerful interest groups (including unions, state government and business lobbies) which had historically been part of the PRI support base. The president has proven a master in pragmatic politics, as many other PRI leaders in the past, reaching out to the opposition and brokering deals outside and before presenting bills in Congress. Read more.
Irene Mia
March 28, 2013
A long-awaited telecommunications reform, presented to Congress on March 11 by Enrique Peña Nieto, was passed swiftly by the lower house with relative few modifications to its ambitious scope and is now set to be approved by the upper house in an unthinkable development just a few months ago when, in the run up to the presidential election (in July 2012), social protests, loosely coordinated by the #YoSoy132 student movement, erupted against media bias in favor of the now ruling Partido Revolucionario Institucional (PRI). More in general, the telecommunications reform, coupled with other significant steps made by Peña Nieto's administration to advance its reform agenda in just a few months may reassure those who were skeptical of the president's willingness and ability to challenge powerful interest groups (including unions, state government and business lobbies) which had historically been part of the PRI support base. The president has proven a master in pragmatic politics, as many other PRI leaders in the past, reaching out to the opposition and brokering deals outside and before presenting bills in Congress. Read more.
Mar 22, 2013
Mexico's lower house gives general approval for telecoms bill
Reuters
By Dave Graham and Miguel Gutierrez
Mexico City, Mar 22, 2013
Mexico's lower house of Congress gave broad approval Thursday night to a telecommunications reform that threatens to loosen tycoon Carlos Slim's grip on the phone market and broadcaster Televisa's dominance of the airwaves.
The proposal attracted overwhelming support, with 414 lawmakers in favor of the reform and only 50 opposed.
Lawmakers must still vote on amendments to the bill, which has dampened confidence in Slim's prospects, though investors are hopeful the Mexican tycoon can at least partly offset curbs to his phone empire by entering the television market.
The bill, presented by the government on March 11, aims to boost competition in the telecoms sector by increasing foreign investment and giving regulators the power to force companies with a market share above 50 percent to sell assets.
"In our country there is just one territory and it is not the territory or property of any one telephone company," said Julio Cesar Moreno, a congressman and member of the leftist Party of the Democratic Revolution, or PRD, during the debate. Read more.
By Dave Graham and Miguel Gutierrez
Mexico City, Mar 22, 2013
Mexico's lower house of Congress gave broad approval Thursday night to a telecommunications reform that threatens to loosen tycoon Carlos Slim's grip on the phone market and broadcaster Televisa's dominance of the airwaves.
The proposal attracted overwhelming support, with 414 lawmakers in favor of the reform and only 50 opposed.
Lawmakers must still vote on amendments to the bill, which has dampened confidence in Slim's prospects, though investors are hopeful the Mexican tycoon can at least partly offset curbs to his phone empire by entering the television market.
The bill, presented by the government on March 11, aims to boost competition in the telecoms sector by increasing foreign investment and giving regulators the power to force companies with a market share above 50 percent to sell assets.
"In our country there is just one territory and it is not the territory or property of any one telephone company," said Julio Cesar Moreno, a congressman and member of the leftist Party of the Democratic Revolution, or PRD, during the debate. Read more.
Mar 19, 2013
Enrique Pena Nieto Reforms: Mexico's President Pushes Sweeping Changes To Telecom, Oil Industry
The Huffington Post
By Michael Wissenstein
March 19 2013
Mexico City -- New President Enrique Pena Nieto has been fast out of the blocks in attacking some of Mexico's toughest issues in a country often stymied by monopolies and corruption.
He arrested the most powerful woman in Mexico, leader of the largest union in Latin America, on allegations of corruption that previous presidents saw but were too compromised to tackle. He is taking on the richest man in the world, Carlos Slim, and pledges to bring diversity to a television industry dominated by the head of the largest network in Latin America, a scion of one of Mexico's leading families.
At one time all three were key allies of Pena Nieto's Institutional Revolutionary Party, or PRI, which ruled for 71 years with a combination of coercion and corruption before being voted out of office in 2000. Now, Pena Nieto is declaring that there are no more sacred cows.
The moves have built momentum behind what could be his most dramatic and difficult reform – modernizing and drawing foreign and private capital to the behemoth state oil company, a long sacrosanct but increasingly inefficient pillar of the Mexican economy. On Sunday, at a celebration of the 75th anniversary of the nationalization of the Mexican oil business, Pena Nieto said again that he will transform Petroleos Mexicanos. The longtime head of the Pemex union, who had been expected by many to fight any changes but has been the subject of questions about unexplained family wealth, pledged his support.
Pena Nieto says his plan will make Mexico more democratic and competitive in the world economy, and his drive for reform is fueling international confidence about Mexico. Rating company Standard and Poor's raised the country's long-term sovereign credit rating from "stable" to "positive" last week, citing optimism about the government's ability to carry out structural changes. The Mexican peso is stronger against the dollar than it's been in a year and a half.
But some analysts warn against mistaking style for substance and making early declarations of victory against entrenched powers built up by the very party that now says it's trying to bring them to heel. It will take many months, in some cases years, before Pena Nieto's reform agenda becomes law and produces its first results, plenty of time for big promises to be derailed by special interests, institutional inertia and the PRI's old guard. Read more.
By Michael Wissenstein
March 19 2013
He arrested the most powerful woman in Mexico, leader of the largest union in Latin America, on allegations of corruption that previous presidents saw but were too compromised to tackle. He is taking on the richest man in the world, Carlos Slim, and pledges to bring diversity to a television industry dominated by the head of the largest network in Latin America, a scion of one of Mexico's leading families.
At one time all three were key allies of Pena Nieto's Institutional Revolutionary Party, or PRI, which ruled for 71 years with a combination of coercion and corruption before being voted out of office in 2000. Now, Pena Nieto is declaring that there are no more sacred cows.
The moves have built momentum behind what could be his most dramatic and difficult reform – modernizing and drawing foreign and private capital to the behemoth state oil company, a long sacrosanct but increasingly inefficient pillar of the Mexican economy. On Sunday, at a celebration of the 75th anniversary of the nationalization of the Mexican oil business, Pena Nieto said again that he will transform Petroleos Mexicanos. The longtime head of the Pemex union, who had been expected by many to fight any changes but has been the subject of questions about unexplained family wealth, pledged his support.
Pena Nieto says his plan will make Mexico more democratic and competitive in the world economy, and his drive for reform is fueling international confidence about Mexico. Rating company Standard and Poor's raised the country's long-term sovereign credit rating from "stable" to "positive" last week, citing optimism about the government's ability to carry out structural changes. The Mexican peso is stronger against the dollar than it's been in a year and a half.
But some analysts warn against mistaking style for substance and making early declarations of victory against entrenched powers built up by the very party that now says it's trying to bring them to heel. It will take many months, in some cases years, before Pena Nieto's reform agenda becomes law and produces its first results, plenty of time for big promises to be derailed by special interests, institutional inertia and the PRI's old guard. Read more.
Mar 18, 2013
Mexico's Slim welcomes planned telecoms reform
Chicago Tribune
March 17, 2013
MEXICO CITY (Reuters) - Mexican telecoms tycoon Carlos Slim, whose wealth has taken a knock since the government on Monday unveiled a reform bill to overhaul the industry he dominates, said on Sunday he welcomed the plan as a boon for competition.
Hailed as the biggest shake-up of Mexico's phone and television market in decades, the bill aims to boost foreign competition and give regulators the power to force firms to sell assets if they have more than 50 percent of the market.
Slim, the world's richest man, controls about 80 percent of Mexico's fixed line business and 70 percent of the mobile market through his phone company America Movil. He declined to discuss the impact of the reform on his firm at an event in Mexico City. Read more.
March 17, 2013
MEXICO CITY (Reuters) - Mexican telecoms tycoon Carlos Slim, whose wealth has taken a knock since the government on Monday unveiled a reform bill to overhaul the industry he dominates, said on Sunday he welcomed the plan as a boon for competition.
Hailed as the biggest shake-up of Mexico's phone and television market in decades, the bill aims to boost foreign competition and give regulators the power to force firms to sell assets if they have more than 50 percent of the market.
Slim, the world's richest man, controls about 80 percent of Mexico's fixed line business and 70 percent of the mobile market through his phone company America Movil. He declined to discuss the impact of the reform on his firm at an event in Mexico City. Read more.
Mar 11, 2013
Mexico Seeks Telecommunication Reform To Open Foreign Investment In Telephone, TV Markets
Huffington Post
By Michael Weissenstein
Mexico City - President Enrique Pena Nieto moved Monday to overhaul and strengthen the weak and chaotic regulations that have allowed the world's richest man and its largest Spanish-language media empire to exert near-total control of Mexico's lucrative telephone and television markets.
The reforms would give the Mexican government tools to take on multibillionaire telephone tycoon Carlos Slim and Televisa CEO Emilio Azcarraga, independent observers said. The two rivals' holds on their respective markets have been widely seen as emblems of regulatory dysfunction in a country aspiring to join the ranks of the world's economic superpowers.
Their companies' pervasive influence has repelled a series of attempts to break their dominance over the years. The tycoons' power could thwart fresh efforts despite Pena Nieto's push to put teeth into Mexico's deeply flawed regulatory system, experts said.
The reforms would create two new national television channels and form a new independent regulatory commission along the lines of the U.S. Federal Communications Commission, with the power to unilaterally punish non-competitive practices, including withdrawing corporations' licenses. A second independent commission would be able to order firms to sell off assets in order to reduce their market dominance. Read more.
By Michael Weissenstein
Mexico City - President Enrique Pena Nieto moved Monday to overhaul and strengthen the weak and chaotic regulations that have allowed the world's richest man and its largest Spanish-language media empire to exert near-total control of Mexico's lucrative telephone and television markets.
The reforms would give the Mexican government tools to take on multibillionaire telephone tycoon Carlos Slim and Televisa CEO Emilio Azcarraga, independent observers said. The two rivals' holds on their respective markets have been widely seen as emblems of regulatory dysfunction in a country aspiring to join the ranks of the world's economic superpowers.
Their companies' pervasive influence has repelled a series of attempts to break their dominance over the years. The tycoons' power could thwart fresh efforts despite Pena Nieto's push to put teeth into Mexico's deeply flawed regulatory system, experts said.
The reforms would create two new national television channels and form a new independent regulatory commission along the lines of the U.S. Federal Communications Commission, with the power to unilaterally punish non-competitive practices, including withdrawing corporations' licenses. A second independent commission would be able to order firms to sell off assets in order to reduce their market dominance. Read more.
Feb 26, 2013
Mexico Reverses Foreign Investment Flows
The New York Times
February 25, 2013
MEXICO CITY (AP) — After decades of depending on inflows of foreign capital to develop its economy, Mexico turned a corner and become a net exporter of direct investment capital in 2012, according to a report released Monday.
Mexico's central bank said that Mexican corporations invested about $25.6 billion last year in buying up foreign plants and companies, more than twice the $12.6 foreigners invested directly in Mexican firms. An official confirmed that was the first time in recent memory that outflows exceeded inflows.
For a country that still has one foot planted firmly in the developing world, that news worried some analysts and delighted others. Read more.
February 25, 2013
MEXICO CITY (AP) — After decades of depending on inflows of foreign capital to develop its economy, Mexico turned a corner and become a net exporter of direct investment capital in 2012, according to a report released Monday.
Mexico's central bank said that Mexican corporations invested about $25.6 billion last year in buying up foreign plants and companies, more than twice the $12.6 foreigners invested directly in Mexican firms. An official confirmed that was the first time in recent memory that outflows exceeded inflows.
For a country that still has one foot planted firmly in the developing world, that news worried some analysts and delighted others. Read more.
Jul 23, 2012
Mexican town takes on world's richest man
Fox News Latino: A peasant town in central Mexico has declared war on the world's richest man, Carlos Slim, to prevent him from operating a gold and silver mine that threatens the environment.
The precious metals are in La Espejera mountain in Tetela de Ocampo, a town in the mountains of Puebla state, where the Mexican billionaire's Minera Frisco obtained a 50-year mining license.
"We are waging war, but if Slim wants to listen to us, we will look for his good side to convince him not to affect or kill my community," the president of the grassroots organization Tetela Hacia el Futuro, German Romero, told Efe. Read more.
The precious metals are in La Espejera mountain in Tetela de Ocampo, a town in the mountains of Puebla state, where the Mexican billionaire's Minera Frisco obtained a 50-year mining license.
"We are waging war, but if Slim wants to listen to us, we will look for his good side to convince him not to affect or kill my community," the president of the grassroots organization Tetela Hacia el Futuro, German Romero, told Efe. Read more.
Jun 18, 2012
Monopolies hold back Mexico's economy with high prices, poor service
The Miami Herald: MEXICO CITY -- Enter a store in Mexico, and you're likely to find only two brands of fresh milk, Lala and Alpura. The two companies control the market. The same goes for beer. Two conglomerates have a lock.
In fresh bread, most brands belong to Bimbo, a massive company.
Pick up the cellphone on the way home, and you'll probably be enriching the world's wealthiest man, Carlos Slim Helu, who controls Telcel, Mexico's biggest cellular network. Another company Slim owns, Telmex, operates nearly all of Mexico's fixed-line telephones. Read more.
In fresh bread, most brands belong to Bimbo, a massive company.
Pick up the cellphone on the way home, and you'll probably be enriching the world's wealthiest man, Carlos Slim Helu, who controls Telcel, Mexico's biggest cellular network. Another company Slim owns, Telmex, operates nearly all of Mexico's fixed-line telephones. Read more.
May 4, 2012
Mexico Antitrust Agency Drops Telcel’s $925 Million Fine
NYTimes.com: " Mexico’s antitrust commission said on Thursday that it was dropping a fine of nearly $1 billion against the local unit of the wireless carrier América Móvil in return for a promise by the company to change its pricing practices.
The deal requires the company, Telcel, which controls about 70 percent of Mexico’s wireless market, to stop giving its customers discounted rates for calls to other Telcel users, a policy that competitors say has made it hard to compete.
Telcel also agreed to accept lower interconnection fees for calls placed into its network by mobile users from other companies. Mexico’s telecommunications regulator lowered the fees last year, but Telcel has been fighting them in court. The company said it would drop its lawsuits and accept the fees through 2014. read more
The deal requires the company, Telcel, which controls about 70 percent of Mexico’s wireless market, to stop giving its customers discounted rates for calls to other Telcel users, a policy that competitors say has made it hard to compete.
Telcel also agreed to accept lower interconnection fees for calls placed into its network by mobile users from other companies. Mexico’s telecommunications regulator lowered the fees last year, but Telcel has been fighting them in court. The company said it would drop its lawsuits and accept the fees through 2014. read more
Feb 1, 2011
Globalization: Mexico’s Slim to invest $8.3-bln in Latin America
Mexico’s Slim to invest $8.3-bln in Latin America - International Business Times: "Mexican tycoon Carlos Slim, who is considered by some to be the world’s richest person, said he will invest $8.3-billion in nineteen countries, primarily in Latin America.
Mexico, including its telecommunications, mining and road-building sectors, will receive a large portion of that money, about $3.6-billion.
Slim may be doing this in order to restore some investor confidence in Mexico, which has been wracked by drug-related violence. "Whoever doesn't invest, be it out of fear or caution, will be left behind," he said at a press conference."
Mexico, including its telecommunications, mining and road-building sectors, will receive a large portion of that money, about $3.6-billion.
Slim may be doing this in order to restore some investor confidence in Mexico, which has been wracked by drug-related violence. "Whoever doesn't invest, be it out of fear or caution, will be left behind," he said at a press conference."
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