MEXICO CITY (Reuters) – Mexico’s competition watchdog blocked a $1.6 billion telecoms deal that would have linked the empires of two of the country’s richest men, sources briefed on the ruling said on Wednesday.
The rejection of the proposal will cement telephone tycoon Carlos Slim’s dominance of the Mexican cell phone market, where his companies account for 80 percent of subscribers.
MEXICO CITY (Reuters) – Mexican regulators on Tuesday said they have reached a decision on broadcaster Televisa’s planned purchase of half of cell-phone company Iusacell, but would not yet disclose that decision.
Mexico’s competition commission, which began its closed-door meeting around 1200 local times (1800 GMT), said in a statement that its officials cannot comment on the decision until the companies involved have been notified.
MEXICO CITY (Reuters) – A powerful 6.7 magnitude earthquake shook Mexico on Saturday, killing at least one person, knocking out lights in parts of the capital and sending people rushing into the streets.
There were no immediate reports of damage or injuries in Mexico City but emergency services said one person was killed when a house collapsed in Iguala, a small city between the capital and the tourist resort of Acapulco.
MEXICO CITY (Reuters) – Mexican presidential hopeful Andres Manuel Lopez Obrador is dropping his fiery left-wing rhetoric and instead preaching peace and love to win back voters alienated when he launched massive protests after narrowly losing the 2006 election.
Five years ago, Lopez Obrador shouted “To hell with the institutions!” at street rallies aimed at overturning his defeat against his conservative rival, President Felipe Calderon.
MEXICO CITY (Reuters) – Mexican Interior Minister Francisco Blake was killed in a helicopter crash on Friday, a blow to the government as it fights powerful drug cartels.
Television images showed the scattered wreckage of the helicopter on a hillside south of the capital and the government confirmed Blake and the seven others on board were killed. It gave no reason for the crash.
MEXICO CITY, July 27 (Reuters) – Minera Frisco, a mining
company owned by Mexican billionaire Carlos Slim, posted a
second-quarter loss on Wednesday, dented by metals hedges even
as gold and silver sales rose.
The company lost 372.5 million pesos ($32 million) in the
April-June period, compared with a profit of 492 million pesos
in the same quarter last year.
At the beginning of 2009, as Mexico felt the pinch of the U.S. meltdown, Finance Minister Agustin Carstens said the country’s economy was much better prepared than before to resist slowing business from its northern neighbor, where it ships about 80 percent of exports.
Asked about the possible effects of the U.S. recession in Mexico, he candidly anticipated in a TV interview in February the economy would only “catch a little cold instead of a pneumonia.”
The phrase has haunted him ever since as mounting bad news — unemployment, inflation, industrial activity — show Mexico is not immune to the U.S. crisis.
With Mexico officially in recession — GDP contracted 1.6 percent in the first quarter versus the same period of 2008 and could fall further in the current quarter — Carstens now thinks the economy may not grow again until the first quarter of 2010.
In an affable chat with Reuters during the Latin American Investment Summit, Carstens also talked about measures taken to keep the peso from weakening further against the dollar but shied away from saying if, or when, daily dollar sales could stop.
With presence in all key Latin American markets, a comfortable debt payment schedule for the next 10 years, and an undisputed lead in the region, what’s left for America Movil to do? The Mexican cellphone provider, part of the empire of billionaire and Forbes list fixture Carlos Slim, will focus on growing its 3G services in the 18 countries where it operates.
Chief Financial Officer Carlos Garcia-Moreno spoke with Reuters during the Latin American Investment Summit in Mexico City, where he forecast that data traffic could make 25 percent of the company’s overall revenue within three years.
He bets that the arrival of new, cheaper cellphones with catchy web-surfing features will help the company’s data traffic rise. The company is also planning to sell netbooks across the continent to help lift its 3G income.