Bob McPhail 6:31 a.m., May 19
Mexico hopes to weaken world’s richest man Carlos Slim with competition bill
New bill to lower costs and weaken monopolies
Mexico plans to go through with a bill that would allow more competition in markets that are dominated by one company. The nation’s president, Enrique Peña Nieto, presented the plan Monday, March 11th, which is intended to help prices and service for the people of Mexico by weakening monopolies. The bill would force companies that own more than 50 percent of a specific market to sell off portions to competitors.
The bill would have major implications for two of Mexico’s largest companies, Televisa and Carlos Slim’s massive telecommunications market. According to Reuters, which reported on the new bill on Tuesday, March 12th, Slim controls 70 percent of the mobile phone market and 80 percent of the fixed phone market.
Slim was recently named the world’s richest man by Forbes for the fourth year in a row.