Word: grupo
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...bigger share in the $2.5 billion U.S.-Mexico long-distance market. "Our focus is toward Hispanic users in the U.S.," he says. The notion of taking on mammoth American firms is in keeping with the ambitions of multibillionaire Slim, widely assumed to be Mexico's richest man. His Grupo Carso holding company was already worth $1.2 billion in sales in 1990 when, along with Southwestern Bell and France Telecom, he bought 20% of stodgy, state-owned Telmex for $1.8 billion...
Under the law's provisions, executives of offending companies could be barred from the U.S. The heads of Sherritt, a Canadian mining company, Grupo Domos, a Mexican telecommunications giant, and Stet, an Italian telecom firm, have each received letters from the State Department warning that they may soon be personae non gratae...
Investors had another worry: the threatened default of Grupo Sidek, a tourism-and-steel conglomerate, on $19.5 million of dollar-denominated debt. The company eventually decided it could pay after all and even put up $10 million more, but financiers were not totally reassured. They noted that Grupo Sidek still has an additional $100 million or so of debt coming due soon, and are concerned that if it fails to pay, other big companies will also stiff their foreign creditors. Eduardo Cabrera, a Latin American investment strategist for Merrill Lynch in New York, says that Zedillo ``should have stepped...
...foreign joint ventures. The Spaniards and Germans were among the first to invest in tourism, which grew at an annual rate of 17% between 1991 and 1993; now interest is rising in Canada and across Europe. Meanwhile, the Monterrey-based magnate Javier Garza-Calderon of Mexico's Grupo Domos bought up half the Cuban phone system in a $1.5 billion deal last year. June saw the arrival of Cuba's first foreign financial institution, the Dutch ING Bank. British companies are looking into oil exploration--even though France's giant Total has recently pulled out--and Unilever, the British-Dutch...
...country. As bank after bank failed, the wanted list swelled. While some of the bankers turned themselves in and were released on bail to await formal indictments and trials, several set up in Miami. Among them: - Ricardo Cisneros, a former Banco Latino director who with his brother Gustavo runs Grupo Cisneros, a multibillion-dollar conglomerate that owns, among other things, the Spalding sporting-goods company. Cisneros, who is charged with fraud, contends that he did not serve on the management team that ran the bank's daily business and thus knew nothing of any improprieties. Gustavo, who has not been...