Cyntia's Feed
Jul 31, 2012

Cemex to outsource jobs in biggest Mexican deal for IBM

MEXICO CITY (Reuters) – Mexico’s top cement maker Cemex is outsourcing jobs worldwide to IBM in a deal that will help it save $1 billion over 10 years, the latest bid by the company to trim costs and boost its financial health.

Cemex, which was swamped by the collapse of the U.S. housing market after paying out some $16 billion to buy Australian peer Rinker, has been working its way out of a deep debt hole for the past three years.

Jul 30, 2012

Cemex outsources jobs to IBM to cut costs

MEXICO CITY (Reuters) – Mexico’s top cement maker Cemex is outsourcing jobs worldwide to IBM in a deal that will help it save $1 billion over 10 years, the latest bid by the company to trim costs and boost its financial health.

Cemex, which was swamped by the 2008 U.S. housing meltdown shortly after paying out some $16 billion to buy Australian peer Rinker, has been working its way out of a deep debt hole for the past three years.

Jul 27, 2012

America Movil profit falls on forex losses, costs

MEXICO CITY (Reuters) – America Movil (AMXL.MX: Quote, Profile, Research, Stock Buzz) (AMX.N: Quote, Profile, Research, Stock Buzz), the biggest cell phone company in Latin America, on Thursday posted a sharp decline in quarterly profit as it took a big hit from foreign exchange losses and rising costs.

The company, owned by Mexican tycoon Carlos Slim, earned 13.25 billion pesos ($993 million) in the April-June period, down 45.5 percent from the same period last year.

Jul 26, 2012

America Movil says no interest in TeliaSonera Spain unit

MEXICO CITY, July 26 (Reuters) – Billionaire Carlos Slim’s
America Movil is not currently interested in TeliaSonera’s
Spanish unit Yoigo, the Mexican company’s chief executive,
Daniel Hajj, said on Thursday.

“Not for the moment. We are focused on Austria and the
Netherlands,” he told Reuters, referring to the Mexican
company’s recent acquisitions of large stakes in Telekom Austria
and Dutch peer KPN.

Jul 25, 2012

Aeromexico places $11 billion order with Boeing

MEXICO CITY (Reuters) – Mexico’s largest airline Aeromexico on Wednesday placed an $11 billion provisional order with Boeing (BA.N: Quote, Profile, Research, Stock Buzz), in what the company said was the biggest aircraft investment by a Mexican airline in that country’s history.

The order is for 90 737 MAX 8 planes and 10 787-9 Dreamliners, Aeromexico (AEROMEX.MX: Quote, Profile, Research, Stock Buzz) said in a statement that did not provide specifics on financing arrangements.

Jun 29, 2012

Mexico’s Cemex proposes debt swap to lenders

MEXICO CITY, June 29 (Reuters) – Mexican cement maker Cemex
said on Friday its new debt refinancing plan, which helps it
dodge a tough 2014 maturity, is moving swiftly and could
conclude in the third quarter of the year.

Cemex presented creditors on Friday with details of the deal
- which calls for a debt exchange, possible asset sales, a
prepayment and revised financial covenants – to gain breathing
room ahead of its heavy 2014 $7.25 billion maturity.

Jun 27, 2012

Mexican tycoon Slim scores new win in Europe

MEXICO CITY (Reuters) – Mexican tycoon Carlos Slim notched another victory in Europe on Wednesday as he acquired a quarter of Dutch telecom KPN (KPN.AS: Quote, Profile, Research, Stock Buzz), bolstering his expanding mobile phone empire.

Slim’s cellphone giant America Movil (AMXL.MX: Quote, Profile, Research, Stock Buzz) said it was offered more shares than it needed to reach its goal of getting 27.7 percent of KPN.

Jun 26, 2012

Guarantors, pre-payment stir concern over Cemex debt plan

MEXICO CITY (Reuters) – Cemex’s plan to refinance its debt was welcomed by investors but doubts remain about the new guarantors the Mexican cement maker will use to back the plan, and its goal of paying down $1 billion ahead of schedule.

Monterrey-based Cemex on Monday unveiled a refinancing plan that calls for a three-year maturity extension, an up-front fee, revised margins, and a bigger guarantor package.

Jun 21, 2012

Slim strengthens hand in Europe, has 21 percent of KPN

MEXICO CITY/AMSTERDAM (Reuters) – Mexico’s Carlos Slim extended his power in Europe on Thursday, taking control of more than a fifth of KPN in the teeth of opposition from the Dutch telecoms group.

Slim’s America Movil, which has been expanding his business empire into Europe, said on Thursday it had raised its shareholding in KPN to 20.92 percent, closing in on its objective to acquire up to 28 percent of the Dutch company.

Jun 19, 2012

Televisa, Iusacell accept tie-up conditions

MEXICO CITY, June 19 (Reuters) – Mexican broadcaster
Televisa and cell phone company Iusacell have officially
notified the federal competition commission that they agreed to
the conditions imposed by the agency to allow them to join
forces in the country’s mobile phone market.

“They have accepted in written form,” a Cofeco source, who
was not authorized to speak publicly on the matter, told Reuters
on Tuesday.