Wednesday 31 May 2023

Slim’s Flagship Telecom Shudders Into Biggest Loss In 16 Years

America Movil operated under the name Claro throughout the Americas and in eastern Europe

Paying the bills


Bilingualism inserts professionals in global markets

QCOSTARICA - In today's interconnected world, having bilingual skills...

Millions Left Unclaimed in Costa Rica’s Christmas Lottery

Participating in the chaos of the Gordo Navideño, which...

Costa Rica under green alert due to a possible increase in rainfall caused by tropical waves

QCOSTARICA - Tropical wave number 3 is expected to...

Costa Rica Fashion Week is gearing up for its 2023 edition

QCOSTARICA - Under the slogan "forever green", the Costa...

US Embassy San Jose will hold two ‘Super Saturdays’ in June

QCOSTARICA - The United States consulate in Costa Rica...

Rincón de la Vieja volcano had a “major eruption” this past weekend

QCOSTARICA - The Rincón de la Vieja volcano had...

Nicaragua continues to deny entry to Costa Ricans

QCOSTARICA - Around 100 Costa Rican tourists, in two...

Dollar Exchange

¢540.35 BUY

¢546.7 SELL

31 May 2023 - At The Banks - Source: BCCR

Paying the bills


Mexico’s America Movil, the crown jewel of Mexican billionaire Carlos Slim’s empire, better known as “Claro”, with extensive operations in Costa Rican and Central America, reported its largest loss in 16 years in the fourth quarter, hampered by the Mexican peso’s depreciation against the US dollar and euro.

According to a Reuters report, the telecommunications company, which is controlled by the Slim family and has operations throughout the Americas and in eastern Europe, posted a net loss of 11.295 billion pesos (US$575 million dollars) for the fourth quarter to December, far wider than the loss of 5.972 billion pesos in the same quarter a year earlier.

The company attributed the result to foreign exchange headwinds in the quarter, as Mexico’s peso depreciated almost 8 percent against the dollar.

- Advertisement -

That hurt America Movil because its debt is primarily in denominated in the U.S. dollar, the British pound and the euro, said analyst Gregorio Tomassi of Itau BBA.

Experts say the peso has been impacted in recent months by uncertainty over the future of the North American Free Trade Agreement (NAFTA) and jitters ahead of the Mexican presidential election in July.

Other Mexican firms have been hurt by the currency’s depreciation, including companies like FEMSA, the largest franchise bottler of Coca-Cola products in the world and Bimbo, the world’s largest baking company, both with a major presence in Costa Rica.

- Advertisement -
Paying the bills
Avatar photo
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

In Latin America, Heat Warnings Can Prevent Deaths

Q REPORTS (IPS) On March 9, 2023, more than half of...

US-Mexico border: Painful search for missing migrants

Q24N (DW)It has been six months and eight days since Jose...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

%d bloggers like this: