One of the world’s richest men, Carlos Slim, has drawn up a plan with a group of businessmen to boost economic growth in Mexico, despite uncertainty ahead of presidential elections next year.
The El Economista newspaper said on Wednesday that Slim and other top corporate leaders will publish a “national agreement” on Sept. 29 to carry out long-awaited economic reforms.
The plan also proposes that state-owned companies end their dependence on public financing and maintain their distance from political interests.
Slim’s companies, such as telephone carrier Telmex (TELMEXL.MX: Quote, Profile, Research)(TMX.N: Quote, Profile, Research) and cellphone firm America Movil (AMXL.MX: Quote, Profile, Research)(AMX.N: Quote, Profile, Research), make up more than 40 percent of the country’s main stock index.
Mexicans will vote for president in July 2006 and state- owned companies with big unions are key political players.
Slim recently said Mexico should break a taboo and allow private investment in state oil company Pemex in a drive to boost output as the company struggles to overcome financial problems.
He has also criticized the lack of strong economic growth under President Vicente Fox, despite a windfall from high oil prices.
More: today.reuters.com
Mexico's Slim not worried about Venezuela risk - spokesman
Mexican telecommunications magnate Carlos Slim isnt worried about political risks in moving his Latin American communications network into Venezuela, a spokesman said Friday.
Monday, Telmex (TMX) and America Movil (AMX) said they will buy Verizon Communications (VZ) 28.5% stake in Venezuelas CA Nacional Telefonos de Venezuela SA (VNT), or CANTV, for $676.6 million through a joint-venture.
Arturo Elias Ayub, a spokesman for Slim, shrugged off concerns about political risk in Venezuela, where the government of President Hugo Chavez has been changing the rules for oil and other companies.
Were confident in the
Mexico's Slim Urges Spending Up to $2 Bln on Mexico City Water
Mexico's Carlos Slim, Latin America's wealthiest businessman, said he's pushing for a combination of government and private investment to spend as much as $2 billion to ease Mexico City's water shortage.
Slim has a three-point plan to increase the supply of water in the Valley of Mexico by fixing leaky water pipelines, capturing rainwater in reservoirs and building water treatment plants, he said following an event on improving Mexico City's downtown area.
``This is where it makes sense for private investment to support these projects so they're not limited
Slim Persuades Mexico's Roberto Madrazo to Sign National Accord
Carlos Slim, Mexico's richest man, persuaded presidential candidate Roberto Madrazo to sign a national accord that ha backing from both union and business leaders.
The 12-page National Accord for Unity, Law, Development, Investment and Employment calls for cutting energy costs, overhauling the legal system and investing more in roads, said a spokesman for the accord. Slim, 65, is asking candidates to endorse the program to spur economic growth in Latin America's second-biggest economy.
Madrazo is running second to Andres Lopez Obrador according to a November Consulta Mitofsky poll. Lopez Obrador, the former
Mexico Should Sell Pemex's Refinery, Chemical Units, Slim Says
Mexico, the world's No. 6 oil producer, should sell stakes in the petrochemicals and refinery units of state-owned Petroleos Mexicanos to private investors to help free up funds and increase output, billionaire Carlos Slim said.
Pemex, Mexico's only oil company, will need to remain in government hands because of its importance to the economy, Slim, the country's richest man and the world's fourth wealthiest, said in an interview in New York. The Mexican government should insulate Pemex from politics by appointing professional managers and independent board members, Slim said.
``Pemex is the
Mexicos Slim to invest $560 mln in Peru mobiles
Carlos Slim, the Mexican tycoon who controls leading Latin American cell phone company America Movil (AMXL.MX: Quote, Profile, Research) (AMX.N: Quote, Profile, Research), said on Monday he would invest about $560 million in Perus mobile phone sector in the next two years.
We are investing a great deal in the mobile phone network and we will continue investing, as I mentioned to the president, about $280 million per year in the next two years, Slim told reporters after meeting with Peruvian President Alan Garcia.
Penetration here is relatively low compared with other Latin American
Pawning Helps Pay for the Piñata in Loan-Poor Mexico
Aurora Rico Torres is hosting a big holiday party this week, part of a nine-day celebration leading up to Christmas. Before buying the pozole, punch and piñatas, she took part in another Mexican tradition: pawning.
On a recent afternoon, the young homemaker went to El Nacional Monte de Piedad, or National Mountain of Pity pawnshop, to hock her $250 diamond bracelet and gold earrings to help fund the celebration.
Looking bewildered among the snaking lines of customers, Rico confessed: "It's my first time here."
It probably won't be her last. Many Americans consider pawnbrokers to
Mexico's Telmex boosts fund to buy back shares
Dominant Mexican fixed-line telephone company Telmex, controlled by billionaire Carlos Slim, said on Wednesday it will set aside an additional $930 million to buy back its lagging shares.
Telmex (TELMEXL.MX: Quote, Profile, Research) (TMX.N: Quote, Profile, Research), once one of Mexico's main technology players but now weighed down by competition from cheap mobile service providers, said the plan would be presented to shareholders for approval at a Nov. 28 meeting.
Hurt by tighter profit margins in its fixed-line and long-distance businesses, Telmex's stock has risen about 5 percent so far in 2005, way
Mexico Telmex, Spains Telefonica squabble in Chile
Mexican telecommunications giant Telmex on Monday accused its Spanish-owned rival, Telefonica Chile (CTCa.SN: Quote, Profile, Research), of erecting legal roadblocks to a wireless concession it won in Chile last year.
Telmex (TMX.N: Quote, Profile, Research) (TELMEXL.MX: Quote, Profile, Research) and Telefonica are battling for control of Latin Americas booming telecommunications market and Telmex won a concession to operate wireless local loop services (WLL) in Chile in December last year.
Telmex, owned by the Mexican magnate Carlos Slim, won a national license to operate the technology while VTR, a unit of Liberty Media (L.N: Quote, Profile, Research),
Mexico needs draw to secure WC berth
Mexico needs only a draw Wednesday at home against Panama to secure a World Cup berth and perhaps mend its wounded pride after Saturday's 2-0 loss to the United States.
The trip to Germany next year would be Mexico's 13th appearance in the World Cup finals and fourth straight.
Sitting in last place in the six-team final round of CONCACAF qualifiying, Panama would be eliminated with a loss at Azteca Stadium and a victory by either Trinidad and Tobago or Guatemala.
The United States, which qualified for its fifth straight World Cup on Saturday, leads standings in
Brazil's low-fare airline Gol on Tuesday said it plans to establish a partnership with Mexico's Inversiones y Tecnicas Aeroportuarias SA, to launch a low-cost airline in that country.
The new airline could begin flying in the first quarter of 2006, Gol Linhas Aereas Inteligentes SA said in a statement. The two partners plan to draw up a shareholders agreement in the next few months, and will then seek licenses from Mexican authorities, Gol said.
"Through our Mexican partnership we are planning to introduce a low-cost company in Mexico, to contribute with the development of local industry," Gol's president, Constantino de Oliveira Junior,
