Thursday, June 16, 2011

How Carlos Slim operates

UPDATE 1-Mexico regulator to sanction 5 mobile phone providers | Reuters

Mexico's telecom regulator on Wednesday proposed sanctions on five mobile phone providers for substandard service.

Two of tycoon Carlos Slim's phone companies, wireless leader America Movil and fixed-line giant Telefonos de Mexico, have come under scrutiny from authorities in a bid to curb their power in the market and allow other competitors to grow.

Just last week Cofetel slashed connection fees that Telmex charges on long-distance calls, particularly in rural and suburban areas where the company is the only operator.

In April, Mexico's Federal Competition Commission slapped a $1 billion fine on America Movil, accusing it of abusing its dominant position in the market.

America Movil is the biggest cellphone provider in Mexico and Latin America and Slim, earning a fortune on the back of his telecommunications empire, is the world's richest man.

www.reuters.com

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