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Press Release
Nevada Latino Leaders Call For the End of Carlos Slim’s Monopolistic Practices that Harm the Mexican Poor
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Applaud Mexico’s Anti-Trust Agency Ruling that Carlos Slim’s Telecommunications Company is “Too Dominant”
Las Vegas, NV – Nevada Latino leaders are coming together in response to Mexico’s anti-trust agency ruling on Carlos Slim’s mobile phone company, Telcel, for holding too much power. The leaders intend to expose how the richest man in the world, Carlos Slim, amassed his wealth on the backs of the Mexican people crippling the nation’s economic development and exploiting the poor.
“It is time to speak on behalf of our brethren in Mexico who do not have recourse to speak out for themselves,” said Javier Trujillo, chairman of the Latino Chamber of Commerce. “Carlos Slim’s monopolistic practices have imposed significant costs to the Mexican economy and have placed a burden on all Mexicans. We will not stand for such abusive practices just so that the richest man in the world can get richer.”
Carlos Slim’s power and fortune largely consists of his monopoly on the Mexican telecommunications system that provides inadequate services at exorbitant costs to consumers. Slim’s company, America Móvil, comprised of Telmex and Telcel, controls nearly 80 percent of the total telecommunications industry in Mexico – from telephone landlines to mobile telephone services.
Late last week Mexico’s Federal Competition Commission (CFC) unanimously ruled that one of Slim’s companies, Telcel, holds dominant power in the market. Last year, the antitrust agency also served Telcel a $1 billion fine for “monopolistic practices”. This final ruling from last week opens the door for the Mexican government to curtail Slim's vast monopoly and establish reasonable regulations on Telcel’s service quality, charges, and information.
“It’s an important step that the CFC recognizes the need to address this issue that has stunted Mexico's economic growth and has worsened conditions for Mexico's poor and middle classes for too long,” said Edgar Flores with the Familias de Juarez Project. “Slim’s telecommunications empire has overcharged the Mexican people billions of dollars and slowed Mexico’s economic progress which has hurt the standard of living for all Mexicans. His price hikes further Mexico's worsening inequality between the rich and the poor.”
According to the January 2012 Organizations for Co-operation and Development (OECD) study, Carlos Slim has price gouged Mexican customers $13.4 billion each year from 2005 to 2009 for basic telephone and broadband service. It has been consistently proven throughout developing countries that access to services like mobile banking provides a route out of poverty. According to the OECD study, Mexico has a tremendous poor, rural population that could greatly benefit from affordable access to broadband and mobile phone services.
The impact of Carlos Slim’s monopoly has resulted in Mexico ranking last in public investment in telecommunications compared with the 33 other OECD countries while Slim’s company Telmex had a profit margin of 47% - one of the highest of the OECD countries.
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Las Vegas, NV – Nevada Latino leaders are coming together in response to Mexico’s anti-trust agency ruling on Carlos Slim’s mobile phone company, Telcel, for holding too much power. The leaders intend to expose how the richest man in the world, Carlos Slim, amassed his wealth on the backs of the Mexican people crippling the nation’s economic development and exploiting the poor.
“It is time to speak on behalf of our brethren in Mexico who do not have recourse to speak out for themselves,” said Javier Trujillo, chairman of the Latino Chamber of Commerce. “Carlos Slim’s monopolistic practices have imposed significant costs to the Mexican economy and have placed a burden on all Mexicans. We will not stand for such abusive practices just so that the richest man in the world can get richer.”
Carlos Slim’s power and fortune largely consists of his monopoly on the Mexican telecommunications system that provides inadequate services at exorbitant costs to consumers. Slim’s company, America Móvil, comprised of Telmex and Telcel, controls nearly 80 percent of the total telecommunications industry in Mexico – from telephone landlines to mobile telephone services.
Late last week Mexico’s Federal Competition Commission (CFC) unanimously ruled that one of Slim’s companies, Telcel, holds dominant power in the market. Last year, the antitrust agency also served Telcel a $1 billion fine for “monopolistic practices”. This final ruling from last week opens the door for the Mexican government to curtail Slim's vast monopoly and establish reasonable regulations on Telcel’s service quality, charges, and information.
“It’s an important step that the CFC recognizes the need to address this issue that has stunted Mexico's economic growth and has worsened conditions for Mexico's poor and middle classes for too long,” said Edgar Flores with the Familias de Juarez Project. “Slim’s telecommunications empire has overcharged the Mexican people billions of dollars and slowed Mexico’s economic progress which has hurt the standard of living for all Mexicans. His price hikes further Mexico's worsening inequality between the rich and the poor.”
According to the January 2012 Organizations for Co-operation and Development (OECD) study, Carlos Slim has price gouged Mexican customers $13.4 billion each year from 2005 to 2009 for basic telephone and broadband service. It has been consistently proven throughout developing countries that access to services like mobile banking provides a route out of poverty. According to the OECD study, Mexico has a tremendous poor, rural population that could greatly benefit from affordable access to broadband and mobile phone services.
The impact of Carlos Slim’s monopoly has resulted in Mexico ranking last in public investment in telecommunications compared with the 33 other OECD countries while Slim’s company Telmex had a profit margin of 47% - one of the highest of the OECD countries.
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