Connect with us

Business

Carlos Slim: Biggest Loser in World’s Top 400 Richest People

Published

on

Carlos Slim

Carlos Slim had a tough year, the worst among the wealthiest people of the world.

Since the start of 2015, the Mexican executive lost almost $20 billion, or about the size of Honduras’s economy, according to the Bloomberg Billionaires Index. The shares of his America Movil SAB telecommunications giant are heading for their biggest decline since 2008. The company has suffered under regulatory pressures in Mexico, where it’s now forced to share the infrastructure that allowed it to dominate the mobile and fixed-line market for more than a decade.

Among conditions working against Mexico City-based America Movil are: a dismal outlook for Brazil’s economy, its second-biggest market; stronger competitors at home; and limited opportunities to expand in Europe. Slim, now the fifth-richest person in the world — down from third earlier this year — owns 57 percent of the company. The stock, down 18 percent this year, lost its long-held position as the most-weighted stock on Mexico’s benchmark index, making Slim the biggest loser among the world’s 400 wealthiest individuals.

“There really isn’t anything near-team to get investors excited so the focus has turned to the deteriorating profitability in the Mexican market,” Kevin Smithen, an analyst with Macquarie Securities USA Inc., said in an interview from New York. “You really need to see a more credible expansion strategy in Europe or evidence of a financial turnaround in Brazil” to boost stock prices.

An America Movil press official declined to comment.

The telecommunications company has relied on Brazil, Austria and the U.S. to expand, as regulation weakens the competitive advantage America Movil has enjoyed in Mexico, where it controls about 70 percent of all mobile phones and 62 percent of fixed lines. On top of that, AT&T Inc. bought two rival businesses in Mexico — NII Holdings Inc.’s Nextel Mexico business and Grupo Iusacell SA — pressuring prices and increasing the battle for users in its home market.

Mexico’s profit margin shrank to 40.3 percent in the last quarter from 44.8 percent a year earlier, based on earnings before interest, taxes, amortization and depreciation, and is estimated to fall again next year, according to a Credit Suisse Group AG report in December. While America Movil’s decision to spin off about 11,000 wireless towers for rent earlier this year is likely to lower debt, it’s small relative to the company’s size, according to the report.

“The change in telecom regulations in Mexico attracted competition, and now AT&T is investing heavily to create a strong mobile player in the country,” Credit Suisse analyst Daniel Federle said in the note. “Competition will get tougher in the following years.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

C&I Leasing Announces Delay in Filing 2021 AFS, Q1, 2022

C&I Leasing Plc on Tuesday announced it won’t be filing the 2021 Annual Financial Statements for the year ended December 31 and the Unaudited Financial Statements for the first quarter (Q1) of 2022 due to regulatory delay.

Published

on

Ugoji Lenin Ugoji

C&I Leasing Plc on Tuesday announced it won’t be filing the 2021 Annual Financial Statements for the year ended December 31 and the Unaudited Financial Statements for the first quarter (Q1) of 2022 due to regulatory delay.

The company stated in a statement signed by Mbanugo Udenze & CO., Company Secretary of C&I Leasing Plc and obtained by Investors King.

According to C&I Leasing, all plans were made to release the financial statements before the stipulated regulatory filing deadline but the company is “yet to obtain the approval of CBN to proceed to file.”

Therefore, the company accounts are still undergoing review with the Central Bank of Nigeria.

The statement reads, “C&I Leasing Plc (“the Company”) hereby notifies Nigerian Exchange Limited (the Exchange) and the investing public of the delay in the filing of its 2021 Annual Financial Statements for the year ended 31 December 2021 and the Unaudited Financial Statements for the period ended 31 March 2022.

“The Company’s audited accounts are still undergoing review by our primary regulator, the Central Bank of Nigeria (CBN). We had envisaged and made requisite plans in ensuring the approvals for filing was obtained before the stipulated regulatory filing deadline.

“However as at today, we are yet to obtain the approval of CBN to proceed to file.

“Consequently, the Company is also unable to file its Unaudited Financial Statements for the period ended 31 March 2022 as submission of the Audited Financial Statements is a condition precedent to filing of the Company’s Unaudited Financial Statements.

“We understand the importance of the audited report to the Exchange and the general public, and we pledge to file and make them available once they are approved by the Central Bank of Nigeria.”

Continue Reading

Company News

IL Bagno Rewards High Performing staff with All-Expense Paid Trip to Dubai

Published

on

Victor Nwaogu receiving Ticket from ED Black Pelican

IL Bagno, the leading total interior solutions company in Nigeria, for the world’s leading manufacturers of sanitary fittings, kitchen, tiles, doors, and other interior solutions recently recognised two members of its staff for their high performance and commitment to the success of the organisation.

Bosede Opebiyi and Victor Nwaogu both administration officers at IL Bagno’s Abuja and Lagos office respectively were awarded the IL Bagno excellence award based on a voting process by managers of the organization. They were both presented with a 5 day all-expense paid trip to Dubai and a commendation letter signed by the CEO.

Speaking on the award presentation, Mrs. Adetola Owolabi; Executive Director Black Pelican Group said ‘’as an organisation, we value and reward professionalism and exceptional performance. We voted the winners considered to be the most supportive and representatives of the ethos of hard work, diligence, and professionalism. They both represent the ideals of the company and go over and beyond to support other members of the team to achieve the organisations objectives. Consistent good work never goes unnoticed; I would therefore encourage others to emulate the diligence shown by them’’.

An elated Opebiyi thanked the organization for the kind gesture. ‘’I am proud to be a part of the Black Pelican Group, thank you for recognising my effort, I am motivated to do even more’’.

‘’I am truly humbled by the trust and faith placed in me, I feel compelled to work harder and improve my skills on the job’’ Nwaogu stated.

The debut award will be given twice in a year to deserving staff members voted by managers of The Black Pelican Group.

IL Bagno business is the business unit with the Black pelican Group that provides total interior solutions, it has carved a niche for being the preferred supplier of bathroom and other interior fittings to the most discerning clients and projects. The company recently celebrated its 18th anniversary.

Continue Reading

Appointments

Former Goldman Sachs Managing Director, Gurbhej Dhillon Joins Flutterwave as New the CTO

Published

on

Flutterwave - Investors King

Flutterwave, Africa’s leading payments technology company, today announced the appointment of former Goldman Sachs’ Managing Director, Gurbhej Dhillon as Chief Technology Officer (CTO).

Gurbhej joins at a key time for Flutterwave, following its recently completed Series D funding round, valuing the company at over USD 3 billion, and maintaining its rapid expansion.

As the new CTO, Gurbhej will be responsible for the further development of Flutterwave’s innovative technology platform which currently supports integrations with key technology partners like VISA, Mastercard, Discover Card Networks, and customers like Uber, Flywire, Booking.com etc. He will focus on improving the architecture and infrastructure, as well as providing leadership enabling other engineering and product leaders to create the best solutions that support business growth for customers.

Gurbhej joins Flutterwave from Marcus by Goldman Sachs, where he was the CTO and Head of Lending Engineering. He has extensive experience in enterprise application architecture across financial services and consumer businesses. At Marcus, he was responsible for launching platforms to significantly grow businesses while improving customer experience and established strategic partnerships with several Fortune 500 companies.

Prior to that, Gurbhej was CTO for Goldman Sachs’ Investment Banking Capital Markets team, responsible for the design, architecture, and build-out of strategic platforms that enabled clients to execute equity and debt product offerings.

Gurbhej is a great supporter of the Developer Community in Africa and admires the work they have done in recent times, building creative solutions at a world-class standard.

In his role as CTO of Africa’s leading technology company, Gurbhej hopes to support the Community to attain higher levels.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said: “I look forward to working closely with Gurbhej as we continue to expand rapidly. With the needs of our customers constantly evolving, we remain focused on driving further innovation across the business and continuing to develop our cutting-edge technology platform that simplifies payments and connects the African market with the world. Gurbhej’s experience and deep expertise in developing financial technology platforms will be instrumental in Flutterwave’s further growth.”

Commenting on his appointment, Gurbhej Dhillon said: “I am delighted to be joining the Flutterwave team at such an exciting time for the company. As a leading financial technology company in Africa, Flutterwave is well-positioned to capitalise on the global trends in payment digitisation and continues to drive Africa’s digital transformation, creating further opportunities for customers and merchants alike. It is a very crowded market with lots of new entrants so it is vital that we as a company continually look to innovate our products and services, improve our existing architecture and create endless possibilities for everyone.”

Continue Reading




Advertisement
Advertisement
Advertisement

Trending