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There are a few Monterrey-headquartered firms making their way into the world-class league, like Vitro, which manufactures glass. Another is Cemex, the cement behemoth, with $15.3 billion in sales last year--the world's largest producer of ready-mix concrete. It recently made a $12.8 billion bid for Rinker Group of Australia that would be the largest acquisition ever by a Mexican firm and would strengthen Cemex's already leading position in the U.S. market. Such success puts the city on a trajectory pulling further and further ahead of much of the rest of the country. Mexican states...
...critics say some of this success is due not to globalization but to the local political clout these large firms wield, yielding favorable government treatment--everything from default forgiveness on bank loans to airbrushing competition regulations. Their heft makes them effective bullies. After Fox took office in 2000, promising a new era, several younger Cemex execs decided to take him at his word and struck out on their own, competing against their former employer by importing cheaper cement from Russia. Their boat got tied up in every port, and after months of harassment, they took their business to Africa. Oligopolistic...
...state ministries uncovered 1,700 graft cases in the first nine months of this year. Some investors grumble the government is still apt to make sudden changes in taxes, for instance, without notice. "Information is a big issue," says Dominic Scriven, director of Dragon Capital, an investment-banking firm in Ho Chi Minh City. "What you thought was true in January, may no longer be true in December...
Edwards’ humanitarian venture will commercialize a technique he developed at Advanced Inhalation Research, a startup he co-founded in 1997. The startup’s founders sold their firm to Alkermes Inc. in 1999—netting $22 million in stock for Edwards, according to The Boston Globe. Two years later, he was inducted into the National Academy of Engineering...
Yale, too, citing the terms of its negotiations with the pharmaceutical firm, would not budge. The university said the following March that it had done everything in its power to let Bristol-Myers make Zerit more accessible to South Africans...