Mexico’s richest man confronts the government that helped make him rich

MEXICO CITY — All is not well in the kingdom of Carlos Slim, reports The New York Times (which itself is partially owned by the Mexican billionaire).

For more than 25 years, Slim has dictated the terms of Mexico’s telecommunications industry and built an empire, making him one of the world’s richest men.

---

---

But at home in Mexico, the game is changing. And there is not much he can do about it, analysts say.

Determined to bring his dominance to an end, leaders from Mexico’s three biggest political parties have put aside their own animosities in recent years, meeting in secret sessions to chip away at Mr. Slim’s domain.

In its quarterly report last month, the company acknowledged that increased competition was crimping profits in Mexico. Under the new law, it must submit to special rules as the dominant phone company. It cannot charge fees to its smaller competitors when their users call into its network and it must share its infrastructure, including cell towers, all of which Mr. Slim says forces him to subsidize behemoths like AT&T.

To read full article click here.

Source: nytimes.com