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Birthday : 01/28/1940
Place of birth : Mexico - Mexico
Biography : Mr. Carlos Slim Helú is Chairman at Carso Infraestructura y Construcciones SA de CV, Chairman at Amé

Mexican Billionaire Carlos Slims Blasts OECD Report

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01/31/2012 | 10:58pm CET

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

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Latest news about Carlos Slim 
01/06DJCARLOS SLIM : Carlos Slim-Led Group Wins Mexico City Airport Terminal Contract
2016 CARLOS SLIM : spokesman
2016 CARLOS SLIM : Billionaire Carlos Slim well placed to clinch Mexico City airport terminal
2016 CARLOS SLIM : Slim in talks with Spanish firms for bid on $3.5 billion Mexico airport terminal - sources
2016 CARLOS SLIM : Slim bidding for $1.56 billion Mexico City runway contracts - sources
2016 CARLOS SLIM : Carlos Slim keeps it in the family as grandkids join boards
2016 CARLOS SLIM : -source
2016 CARLOS SLIM : Slim companies spend over $200 million on America Movil stock
2015 CARLOS SLIM : Mexican tycoon Slim says he will not give away shares to charity
2015 CARLOS SLIM : book lifts veil on Carlos Slim
2015 CARLOS SLIM : Carlos Slim wants Mexican Carlos Jarque as FCC CEO
2015 CARLOS SLIM : Slim's America Movil extends Mexico-U.S. 'borderless' plan to prepay
2015 CARLOS SLIM : Slim's America Movil eyes European fixed-line telcos
2015 CARLOS SLIM : Altice denies interest in Carlos Slim's KPN stake - newspaper
2015 CARLOS SLIM : Carlos Slim bank unit pledges America Movil stock for new loans
1  2  3  4  5  6  7  8  9  10Next

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