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AMOV - America Movil SAB De CV News Story

$14.76 0.5  3.7%

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Sector
Telecoms
Size
Large Cap
Market Cap £34.00bn
Enterprise Value £58.53bn
Revenue £36.44bn
Position in Universe 262nd / 6854

UPDATE 1-Carlos Slim sees no threat to Mexican business from leftist's election

Tue 31st July, 2018 4:54pm
(Writes through with quotes, detail)
    By Isla Binnie
    MADRID, July 31 (Reuters) - Mexican tycoon Carlos Slim said
on Tuesday he sees no risks to his telecoms-to-banking empire
from the new left-wing government of Andres Manuel Lopez
Obrador, a self-styled radical who clashed with business leaders
before his election this month.
    Slim, whose America Movil  AMXL.MX  owns Mexico's largest
telecommunications network, said he had not met with Lopez
Obrador, whose landslide victory put him on a path to take
office on Dec. 1.
    Asked at an event in Madrid whether he thought Lopez
Obrador, a social activist and economic nationalist, posed a
risk to his business, Slim said, "No, risks, no."
    "He is proposing, planning important investments before he
has even started, which is unusual," Slim said, singling out
expected projects in trains, roads and energy.
    "Maybe he is looking to have a more sober and austere
government, reducing costs substantially and focusing on the
internal sector of the economy more."    
    Slim played down a tussle over plans to build a $13-billion
airport for Mexico City, a project for which Slim's companies
hold lucrative contracts but which Lopez Obrador has rejected as
a waste of taxpayer money.
    "It was a relative disagreement," Slim said, adding the
president-elect had proposed that the best option to finance the
project might be through a concession. 
    The group overseeing the airport's construction said last
week that four contract tenders had been suspended while Lopez
Obrador decides on the project's future. 
    Slim called for more investment in Mexico and other Central
American countries, suggesting that trade deals - such as the
North American Free Trade Agreement (NAFTA), due for
re-negotiation between the United States, Canada and Mexico -
should include an investment pact. 
    A lack of investment and job opportunities was the reason
for migration from Mexico, which has prompted U.S. President
Donald Trump to call for a border wall, Slim said. 
    "The best wall is investment and creating opportunities in
Mexico," Slim said. "Mexicans don't leave because they go to
Disneyland or because they visit New York, they leave because
they don't find opportunities."

 (Additional reporting by Miguel Gutierrez
Editing by Mark Heinrich)
 ((isla.binnie@thomsonreuters.com; +39 06 8522 4392; Reuters
Messaging: isla.binnie.thomsonreuters.com@reuters.net))
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