Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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 Chairman at Carso Infraestructura y Construcciones SA de CV, Chairman at Amé

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 
06/26DJDENNIS MUILENBURG : Boeing's Incoming CEO, Dennis Muilenburg, Is Engineer With Swagger
07/01 DONALD TRUMP : Macy's cuts ties with Trump, New York City reviews contracts
06/30DJOSAMU SUZUKI : 85-Year-Old CEO Loosens Grip on Suzuki
06/28DJJACK MA : Legend Holdings Closes Down in Trading Debut
06/28 RICHARD BRANSON : Leaving the EU would set Britain back 50 years, says Virgin's Branson
06/30DJMICHAEL ELLIS : Kroger's Chief Operating Officer Michael Ellis Retires
06/30DJDONALD TRUMP : Donald Trump Sues Univision For $500 Million
More news

Popular Business Leaders 
Bernard Arnault Jean-michel Aulas Ernesto Bertarelli Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Stéphane Courbit Serge Dassault Jean-claude Decaux Larry Ellison Pierre Fabre Bill Gates Carl Icahn Steve Jobs Li Ka-shing Kirk Kerkorian Arnaud Lagardère Lakshmi Mittal Rupert Murdoch Nelson Peltz Ferdinand Piëch Patrick Ricard Ted Rogers Lee Shau Kee George Soros Donald Trump Alain Weill Guy Wyser-pratte
A-Z Business Leaders