Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Birthday : 01/28/1940
Place of birth : Mexico - Mexico
Biography : Mr. Carlos Slim Helú is Independent Director at Philip Morris International, Inc., Chairman at Améri

Mexican Billionaire Carlos Slims Blasts OECD Report

01/31/2012 | 04:58pm US/Eastern

Mexican telecom magnate Carlos Slim lambasted the Organization for Economic Cooperation and Development on Tuesday for saying that a lack of competition in the telecommunication industry costs the Mexican economy $25 billion a year.

"We don't know where they got that figure," Slim said, calling it a "fantasy." The billionaire also questioned the model that the OECD used to reach the estimate.

The OECD singled out Carlos Slim's operators in a report late Monday, noting that America Movil SAB (AMX) claims about 70% of the Mexican wireless market while its fixed-line unit, Telmex, has about 80% of land lines. The OECD said that the average market share of the mobile incumbent in OECD countries is roughly 40%.

The OECD argued that a lack of competition in Mexico's telecommunications market has led to "extremely high prices" for consumers and businesses, and slowed the take-up of new services. The OECD estimates the cost of muted competition to the Mexican economy to be around $25 billion each year, equivalent to nearly 2% of Mexico's gross domestic product.

Slim took issue with the assertion that Mexicans pay a high price for phone service, citing a December Bank of America Merrill Lynch report that shows Mexico's revenue per minute from mobile users almost on par with that of the U.S, at $0.04 versus $0.03.

Over the years, Slim said, America Movil's Mexican mobile brand, Telcel, has been reducing prices to consumers while increasing minutes-of-use. Fixed-line operator Telmex hasn't raised rates in years.

-By Amy Guthrie, Dow Jones Newswires; amy.guthrie@dowjones.com

React to this article
Latest news about Carlos Slim 
03/19 CARLOS SLIM : Carlos Slim bank unit pledges America Movil stock for new loans
03/12 CARLOS SLIM : Rich-lister Slim set to bid adios to Philip Morris
03/11 CARLOS SLIM : Carlos Slim to retire from Philip Morris Int'l board
03/02 CARLOS SLIM : 10 richest people in the world
02/25 CARLOS SLIM : Slim's Claro to invest $2.65 bn in Argentina mobile operations
01/31 CARLOS SLIM : Consortium Including Slim's Carso Energy Wins Contract for Texas Pipeline
01/29 CARLOS SLIM : Consortium including Slim's Carso Energy wins contract for Texas pipeline
01/23 CARLOS SLIM : China Telecom to Join Challenge of Carlos Slim's Dominance in Mexico
01/19 CARLOS SLIM : Yoigo tasty tapas for Carlos in Spain?
01/14 CARLOS SLIM : Carlos Slim becomes top New York Times shareholder
01/09 CARLOS SLIM : Slim-owned company gets share of contract for Texas gas pipeline
01/09 CARLOS SLIM : Slims Carso, consortium wins U.S.-Mexico gas pipeline contract
2014 CARLOS SLIM : ARHT Media Names Carlos Slim to Its Board
2014 CARLOS SLIM : Media Moguls are Ready to Pounce on Uruguay
2014 CARLOS SLIM : ARHT Media Appoints Carlos Slim to Its Board
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
04/20DJNATHANIEL ROTHSCHILD : Rothschild Mulls Rival Offer for Asia Resource Minerals
04/20 TED ROGERS : Profits down at Rogers Communications as customers exit
04/20 MIKHAIL FRIDMAN : Britain orders sale of Russian billionaire Fridman's North Sea fields
04/21 NELSON PELTZ : DuPont's weak sales, forecast gives Peltz more ammo in proxy war
04/19 FERDINAND PIËCH : IG Metall says no reason to undermine VW Chairman Piech
04/23DJFERDINAND PIËCH : VW Chairman Piech Denies Trying to Oust CEO Winterkorn - Report
04/22DJBERNARD CAMMARATA : TJX Chairman, Founder Bernard Cammarata to Retire; CEO Meyrowitz Named Successor
More news

Popular Business Leaders 
Sheldon Adelson Paul Allen Mukesh Ambani Bernard Arnault Conrad Black Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Benjamin De Rothschild Paul Desmarais Albert Frère Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Arnaud Lagardère Peter Lynch Lakshmi Mittal Rupert Murdoch Nelson Peltz François-henri Pinault Zong Qinghou Patrick Ricard Jim Rogers Naguib Sawiris Carlos Slim George Soros Donald Trump
A-Z Business Leaders
Dynamic quotes  
ON
| OFF