Mexico’s Richest Man Confronts a New Foe: The State That Helped Make Him Rich

08/09/16 The New York Times

2564224814_f800dcc9d8_oMEXICO CITY — All is not well in the kingdom of Carlos Slim.

For more than 25 years, he has dictated the terms of Mexico’s telecommunications industry and built an empire, making him one of the world’s richest men.

Mr. Slim and his family are billionaires 50 times over. He has stood at the very top of the Forbes World’s Billionaires list — more than once. His flush years in Mexico enabled him to span the Americas with companies that touch nearly every facet of modern life: telecom, banking, construction, retail and media, among others.

Mexican Billionaire Carlos Slim’s Foundation Launches Free Online Educational App

06/16/2016 Forbes

slimAs part of his philosophy that philanthropic foundations do not solve poverty but knowledge does, Mexican telecom tycoon Carlos Slim Helú launched Aprende.org, a free online educational platform aimed at expanding opportunities to anyone with a smartphone and an internet connection, his foundation announced Wednesday.

“This is an important achievement for Mexico and can be a model for other nations,” Slim said during a press conference at his Museo Soumaya in Mexico City, according to Uno TV, Slim’s online TV news channel.

 

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Mexico to raise $2.5 billion in spectrum auction – regulator

2/18/16 Reuters 

carlos slim
Carlos Slim

Feb 18 Mexico’s telecoms regulator on Thursday said it will raise about 45 billion pesos ($2.5 billion) over the next 15 years after an auction of wireless spectrum.

The auction will allow the two participating companies, Carlos Slim’s America Movil and new rival AT&T Inc to deploy new mobile services and improve quality, the Federal Telecommunications Institute (IFT) said.

Final results of the auction, showing the size and amount of each company’s winning bid, will be shared within 10 business days, IFT said in a statement.

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Billionaire Tycoon Carlos Slim Actively Bidding In Mexico’s Historic Oil Auction

8/25/15 Forbes

carlos-slimWhen Mexico opened its oil and gas sectors to domestic and foreign private capital for the first time in nearly eight decades last year, it was widely expected that Mexican tycoon Carlos Slim Helú would play a leading role in the country’s new energy landscape. However, it was not until recently that this was confirmed: Slim’s companies have been quietly bidding in Mexico’s historic Round One oil auction.

According to Mexico’s National Hydrocarbons Commission (CNH), Carso Oil & Gas, an affiliate ofGrupo Carso , the conglomerate controlled by billionaire Slim, is participating in the second and third tenders of Round One for oil production contracts.

Carso Oil & Gas has enrolled in the second bidding of Round One for five shallow-water production-sharing contracts in nine Gulf of Mexico blocks. Bids are expected on September 30, 2015.

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How Challenging Carlos Slim Is Helping Mexico Tame Inflation (And Why It May Not Last)

8/20/15 Bloomberg Business

Via Bloomberg Business
Via Bloomberg Business

Across Latin America the drop in commodity prices has sent currencies tumbling, spurring faster inflation. Everywhere, that is, except for Mexico. Mexican consumer prices rose 2.74 percent in July from the year earlier, the slowest pace in almost half a century and less than any other major economy in the region.

The last time inflation was this slow in Mexico was 1968, when the Vietnam War was at its height, the Beatles were in the charts with “Hey Jude” and the Soviet leadership was preparing to crush the Prague Spring.

So what makes Mexico different than its Latin American counterparts? Part of the answer lies with billionaire Carlos Slim. An overhaul of Mexico’s telecommunications industry has increased competition for Slim’s America Movil SAB and eliminated domestic long-distance charges for all carriers, slashing communication costs by 12.5 percent in the past year. That’s far more than in any other country in the four-member Pacific Alliance that also includes Colombia, Chile and Peru.

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Black Gold Next Frontier for Top Billionaires: Corporate Mexico

02/26/15 Bloomberg 

532687354_fdef042d72_zMexico’s top three billionaires — Carlos Slim, Alberto Bailleres, and German Larrea — dominate the country’s telecommunications, mining and retail industries. Next up on their priority list: oil. Slim, Bailleres and Larrea, Mexico’s three richest men according to the Bloomberg Billionaires Index, have created branches within their holding companies to compete in the oil and natural gas industries as the country’s government-run energy monopolies end. Bailleres’s Grupo Bal, which oversees mining companies Fresnillo Plc and Industrias Penoles SAB, formed PetroBal to explore for crude in Mexico two weeks ago.

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AT&T’s Mexico deal a cheap foothold outside saturated U.S. market

11/11/14 Reuters

cell-phone-imgaeAT&T’s $1.7 billion agreement to buy Iusacell, Mexico’s No. 3 cellular operator, puts it in the unfamiliar position of market underdog, owning an asset that may require billions in investment to catch up to the market’s two larger players. But analysts and investors say the deal could be a cheap way to get a foothold in Latin America’s second-largest economy and learn the market’s contours before plotting more ambitious acquisitions.To be sure, extending AT&T’s high-speed service across the border will require significant investment in Iusacell’s patchy network, marketing and new retail stores. That growth will put AT&T in direct competition with former ally Carlos Slim’s America Movil, whose shares have fallen some 3 percent since news of the deal.

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