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Teleton usa 2021 money earned on investment nord investments

Teleton usa 2021 money earned on investment

We also provide fixed-line telecommunications and Pay TV services. We provide wireless and fixed-line services in Argentina, Paraguay, Uruguay and Chile. We provide wireless services in Peru and Ecuador. Our subsidiary TracFone Wireless Inc. Virgin Islands. It operates under the TracFone and Simple Mobile brands. We provide fixed-line, wireless and Pay TV services in the Dominican Republic and Puerto Rico, where we are the largest telecommunications services providers, based on the number of subscribers.

Other Investments. During , we acquired directly and indirectly approximately In our audited consolidated financial statements, we account for KPN and Telekom Austria using the equity method. We were established in September when Telmex, a fixed-line Mexican telecommunications operator privatized in , spun off to us its mobile operations in Mexico and other countries. We have made significant acquisitions throughout Latin America and the Caribbean, and we have also expanded our businesses organically.

During , we acquired control of Telmex and Telmex Internacional, S. We continue to look for other investment opportunities in telecommunication companies worldwide, including in markets where we are already present, and we often have several possible acquisitions under consideration. Recent Developments.

New Telecommunications Bill in Mexico. Among the key elements of the Pacto are measures aimed at enhancing and promoting investment in telecommunications and broadcasting in Mexico to increase penetration, promote universal coverage, reduce prices and provide the whole population with access to quality services and content.

The new framework for telecommunications and broadcasting is reflected in a bill that would amend the Mexican Constitution. The Senate version of the bill was resubmitted to the Chamber of Deputies, which made minor additional changes to the bill and returned it to the Senate for final approval. When a final bill has been approved by both chambers, it will then require the approval of the legislatures of the majority of the states of Mexico.

We expect that the bill will become effective in substantially its current form, although there may be some further changes. Once it becomes effective, the bill will require extensive implementation, including further congressional legislation, the establishment of new institutions, as described below, and the adoption of new regulatory measures.

Table of Contents The telecommunications and broadcasting bill is complex, and its full implications are not yet known. Among the principal features that could affect us are the following:. The bill will establish a new Federal Telecommunications Institute Instituto Federal de Telecomunicaciones , which will be responsible for the development of telecommunications and broadcasting as provided in the Constitution and in legislation.

The Institute will also be exclusively responsible for implementing competition legislation with respect to telecommunications and broadcasting, while the implementation of competition legislation in other areas will be the responsibility of a separate commission. The Federal Telecommunications Institute will be independent of the executive branch of the government. It will have seven commissioners, whom the President must appoint from a list of candidates identified by a special nominating committee, and who must also be ratified by the Senate.

The bill provides for the establishment of a single concession regime covering telecommunications and broadcasting services, allowing each concessionaire to offer broadcasting and telecommunications services on a converged basis.

For an operator that has been determined to be preponderant, as described above, the ability to provide services on a converged basis will depend on complying with measures imposed by the Institute. The bill provides for enhanced remedies to protect competition, which will be administered, in telecommunications and broadcasting, by the Federal Telecommunications Institute. The Institute will be authorized to impose limits on concentration of frequencies and concessions and on cross ownership of communications media, and to order the divestiture of assets, rights or shares to ensure compliance with the limits.

The bill will also give the Institute power to impose sanctions for non-compliance with concession terms and with measures imposed by the Institute to promote competition. The bill will require the federal government, in coordination with the Federal Telecommunications Institute, to promote the establishment of a new telecommunications network to provide services to telecommunications operators. We expect that the new institutional framework and enhanced regulatory powers will create an environment that may promote capital investment and technological innovation, increase market penetration and foster growth dynamics in the industry.

If so, our companies will benefit from a more certain business environment and consistent regulation. Table of Contents The bill provides specific deadlines for the steps required to establish the Federal Telecommunications Institute and for the initial actions the Institute is required to take. If it is approved rapidly, we would expect specific rules and regulations to begin taking effect in Although the telecommunications and broadcasting bill is likely to become effective in substantially its current form, its impact will depend on how it is implemented by further legislation and by the new Federal Telecommunications Institute.

It would therefore be premature to predict the long-term effects of the bill and the new framework it contemplates. Our principal Mexican subsidiaries, Telmex and Telcel, will need to adapt to the changes and enhanced business opportunities in order to promote growth in Mexico in line with the policies of the current Mexican government. Elimination of preliminary remedies in judicial challenges to regulation. Recent Mexican legislation has sought to limit the availability of temporary judicial suspension of government actions in legal challenges brought by affected parties.

New legislation adopted in April provides that injunctions or interim court orders, which a judge could previously use to suspend application of any administrative order pending a final determination on its legality and constitutionality, are no longer permitted in matters related to public goods such as the spectrum used by some of our subsidiaries in Mexico. As a result, our ability to forestall the effects of future administrative orders while their legality is determined will be limited in cases that relate to public goods.

Broadcasting Rights to the Olympic Games. The cable is planned to run from the United States to Central America and Brazil and should enable us to provide international connectivity to all our subsidiaries in those areas. The AMX-1 System is planned to connect seven countries via eleven landing points. We plan to begin commercial operation of the network in late The completion of the transaction is subject to certain approvals and is expected to occur during April of Several of our subsidiaries have entered into roaming interconnection agreements with MTN Irancell.

To date, our subsidiaries have no revenues under the agreements. We intend to continue this relationship. Telcel is the leading provider of wireless communications services in Mexico. We also offer yellow-pages directory services in Mexico through Anuncios en Directorios, S. In , our Mexico Wireless segment had revenues of Ps. ARPU year ended. Subscribers thousands :. Market share. MOUs year ended.

Wireless churn rate year ended. Services and Products. Voice Services and Products. Telcel offers wireless voice and data services under a variety of service plans to meet the needs of different user segments. Although prepaid customers typically generate lower levels of usage and are often unwilling to make a fixed financial commitment or do not have the credit profile to purchase postpaid plans, we believe the prepaid market represents a large and growing market in Mexico because, compared to the average postpaid plan, prepaid plans involve higher average per minute airtime charges, lower customer acquisition costs and billing expenses, and low credit or payment risk.

Rates for postpaid plans have not increased since April and rates for prepaid plans have not increased since Rates for both types of plans are expected to remain stable as long as the Mexican economic environment remains stable. In addition, in recent periods Telcel has offered certain discounts and promotions that reduce the effective rates that its postpaid and prepaid customers pay.

Telcel offers international roaming services to its subscribers through the networks of cellular service providers with which Telcel has entered into international roaming agreements around the world. In connection with the provision of its voice services, Telcel earns mobile termination revenues from calls to any of its subscribers that originate with another service provider.

Telcel charges the service provider from. Similarly, Telcel must pay mobile termination fees in respect of calls made by its subscribers to customers of other service providers. There has been extensive controversy, and legal and administrative proceedings, concerning the terms of these interconnection agreements in Mexico.

Value Added Services. Data Services. Telcel offers data services including data-transmission, e-mail services and internet services such as web browsing, instant messaging, content streaming and interactive applications.

Telcel also offers data services through roaming service agreements. Handsets and Accessories. Telcel offers a variety of products as complements to its wireless services, including handsets, smartphones, broadband cards and tablets and accessories such as chargers, headsets, belt clips and batteries. Other Services and Products. Our internet content portal, Ideas , offers or is developing a wide range of services and content such as video, music, radio, online gaming and applications.

Telcel develops customer and brand awareness through its marketing and promotion efforts and high-quality customer care. Telcel builds upon the strength of its well-recognized brand name to increase consumer awareness and customer loyalty, employing continuous advertising efforts through print, radio, television, sponsorship of sports events and other outdoor advertising campaigns.

Sales and Distribution. Walk-in customers can subscribe for postpaid plans, purchase prepaid cards and purchase handsets and accessories. In addition, Telcel has a dedicated corporate-sales group to service the needs of its large corporate and other high-usage customers. Table of Contents Billing and Collection. Telcel bills its postpaid customers through monthly invoices, which detail itemized charges. Accounts that are more than 90 days past due are considered doubtful accounts.

A prepaid customer who purchases airtime credit has between 7 to 60 days, depending on the amount purchased, to use the airtime. After 30 or 60 days, the customer can no longer use that airtime for outgoing calls unless the customer purchases additional airtime credit. Customer Service. Our Networks and Technology. GSM technology in the and MHz frequency spectrums;. LTE technology in the 1.

TDMA network. Telcel has a TDMA network that permits the use of advanced dual-band handsets that allow for roaming across analog and digital systems using the MHz spectrum. This network is currently used by subscribers who have not yet migrated to a newer network, especially in rural areas; it is expected to decrease in size and importance as the migration to newer networks increases.

It has implemented EDGE technology in all localities with GSM coverage approximately , localities , including all the major cities and roads in Mexico. Table of Contents 3G network. Telcel, began offering 3G services in February Telcel plans to continue expanding its 3G coverage in Mexico throughout to urban as well as rural areas. In , Telcel obtained additional spectrum in the 1. In November , Telcel began offering 4G services using a LTE technology based network in the 9 major cities and will continue growing its coverage to other main and medium cities through LTE allows us to offer higher bitrates in mobile data services and it is the leading 4G technology across the globe.

The effects of competition on Telcel depend, in part, on the business strategies of its competitors, on regulatory developments and on the general economic and business climate in Mexico, including demand growth, interest rates, inflation and exchange rates. The effects could include loss of market share and pressure to reduce rates. Telcel believes that its strategies to meet competition will continue to help limit its loss of market share and that any loss of market share will be partly offset by increasing demand.

Directory Services and Products. Print Directories. We publish and distribute yellow-pages and white-pages directories. Basic listing in our yellow-pages directories is provided at no charge and includes the name, address and telephone number of the business according to its classification.

In addition, we sell paid advertising space on an annual basis in our yellow-pages directories and offer various advertising options to our customers. Internet Directory. We are the largest provider of yellow-pages directories in Mexico, where we compete with other types of media, including television broadcasting, newspaper, radio, direct mail, search engines and other internet yellow-pages.

We offer fixed-line services and products in Mexico through our subsidiary Telmex and its subsidiaries in Mexico. Telmex is the leading provider of fixed-line voice and broadband services in Mexico. In , our Mexico Fixed segment had revenues of Ps. RGUs thousands :. Fixed voice. Traffic year ended millions :. Long-distance minutes. Interconnection minutes. Total minutes. Churn rate year ended :. Telmex offers a variety of fixed-line voice services and products, including local-service, domestic and international long-distance service and public telephony services, under a variety of plans to meet the needs of different market segments.

Residential customers pay a fixed charge per local call in excess of a monthly allowance of local calls, and commercial customers pay for every local call. The concession Telmex holds to operate a public network for basic telephone services allows but does not require Telmex to base its charges on the duration of each call. Telmex does not currently charge by duration of invoiced calls in any region, except in the case of prepaid services.

Charges for international long-distance calls are based on call duration, type of service direct-dial or operator-assisted and the destination of the call. These charges apply once customers exceed the number of minutes included in their plan. Customers can choose from a variety of discount rate plans.

Telmex has not increased its rates since for local telephone service and since for domestic long-distance service and. Table of Contents international long-distance calls, continuing its trend of offering lower rates in real terms every year. Data Services and Products.

Corporate network services consist of voice, video and data-transmission between two or more end points using private circuits. Telmex also provides specialized assistance and technical support for these applications, as well as network-outsourcing services that include maintenance, support and integration of communication networks and information systems.

Infinitum operates over Asymmetric Digital Subscriber Line technology. In addition, Telmex provides various telecommunications and telecommunications-related products and services that include sales of computers, telecommunications equipment and accessories, public phone services and billing and collection services to third parties.

Telmex uses its network of Telmex stores Tiendas Telmex to offer its products and services throughout Mexico. Telmex offers billing and collection services through its phone bills to other companies. Telmex faces competition from other holders of long-distance and local-service licenses, Pay TV operators that provide telephone and internet service and wireless telecommunications providers. V, Megacable Holdings S. We offer wireless, fixed-line voice, broadband, Pay TV and directory services and products in Brazil through our subsidiaries Americel S.

In , our Brazil segment had revenues of Ps. Wireless Operations:. Fixed Operations:. Pay TV. Table of Contents Services and Products. Wireless Voice Services and Products. Claro Brasil offers wireless voice services under a variety of rate plans to meet the needs of different market segments. Fixed-line Voice Services and Products. Embratel also provides international long-distance services. Embratel also offers services to large-sized and medium-sized business customers under the VipLine and Rede Vip brands.

NET Fone had approximately 5. Broadband and Data Services. This product is available at various download speeds. NET Virtua had approximately 4. Other Services. Claro Brasil also aggressively targets corporate customers by offering customized products and services and negotiating discounts on a case-by-case basis. Additionally, Claro Brasil has innovative customer loyalty programs that help it retain customers. In addition, Embratel negotiates discounts with corporate customers on a case-by-case basis and employs campaigns that target specific groups of its corporate customers, such as small- and medium-sized businesses or regional groups.

Claro Brasil also sells and distributes its products and services over the internet. Table of Contents necessary in order to offer its products directly to subscribers in more effective ways. Claro Brasil also has a corporate-sales group to cater to the needs of its large corporate and other high-usage customers.

In addition, Embratel has a corporate-sales group dedicated to the needs of its large corporate and other high-usage customers. Billing and Collection. Wireless Operations. Claro Brasil bills its postpaid customers through monthly invoices that detail itemized charges and services. Accounts that are more than days past due are categorized as doubtful accounts, as are all other accounts related to the same customer.

A Claro Brasil prepaid customer who purchases a card has between 5 and days from the date of activation of the card to use the airtime, depending on the amount added. After such time, the customer can no longer use that airtime for outgoing calls unless the customer activates a new card.

Fixed-line Operations. Embratel directly bills a portion of its customers for their fixed-line telecommunications and related services, including collect-calling and standard-voice services. In recent years, that strategy has proved successful, as bad-debt as a percentage of sales constituted only 0. Table of Contents Our Networks and Technology. Wireless Networks. Fixed-line Networks. Embratel owns the largest long-distance network in Latin America and the largest data-transmission network in Brazil.

Embratel also has approximately 59, kilometers of cable in a mesh network that has three or more outlets with a capacity of 7. Embratel has local metropolitan digital fiber networks with approximately 8, kilometers of cable in the major Brazilian cities. Embratel is attaching fiber extensions to commercial buildings connected to metropolitan rings, providing high quality direct connections.

To supplement its network, Embratel uses long-distance microwave systems, in areas where installation of fiber cables is difficult, with a total range of 16, kilometers and seven satellites to provide services to remote locations within the country and it leases satellite capacity from international satellite systems and submarine capacity in other private cable systems.

The network also has in place the architecture necessary to provide pay-per-view and video-on-demand services in additional regions once it becomes commercially viable to do so. Satellite Network. Embratel, and Star One, have the most extensive satellite system in Latin America with a fleet covering the entire territory of South America and Mexico, as well as part of Central America and part of Florida.

Star One currently has seven satellites in full operation i. Star One also currently operates two satellite control centers that are certified by the International Organization for Standardization. Table of Contents Embratel and Star One have a program to replace satellites that are nearing or have reached the end of their contractual lives, thereby ensuring the continuity and quality of their communication services.

Pursuant to that program, Star One successfully launched the C-3 satellite in November to replace the B-3 satellite. We offer both our wireless and fixed-line services under the Claro brand. We are the largest wireless telecommunications and Pay TV services provider in Colombia, measured by number of subscribers.

In , our Colombia segment had revenues of Ps. The figures presented below, for all periods, have been adjusted to reflect the removal of our operations in Panama from this segment:. Wireless Services and Products. We offer wireless voice and data services under a variety of plans to meet the needs of different market segments. We also offer international roaming services to our subscribers through wireless service providers with which we have entered into international roaming agreements around the world, and we provide GSM and 3G roaming services to customers of our international roaming partners.

In connection with the provision of our voice services, we earn interconnection revenues from calls to any of our subscribers that originate with another service provider. We charge the service provider from whose network the call originates an interconnection charge for the time our network is used in connection with the call. Similarly, we must pay interconnection fees in respect of calls made by our subscribers to customers of other service providers.

We offer data services, including SMS, MMS, premium SMS and premium MMS, mobile entertainment services, data-transmission including messaging, chat and access to social networks , internet browsing and e-mail services. We also offer a variety of products as complements to our wireless service, including handsets and smart phones, and accessories such as chargers, headsets, belt clips, batteries, broadband cards and netbooks.

In addition, we offer other wireless services, such as push-to-talk Services. Fixed-line Services and Products. We offer fixed-line voice services, including local and long-distance services, data services, including data administration and hosting services, broadband services and Pay TV services, such as video on demand, to both corporate and residential customers under a variety of plans to meet the needs of different user segments.

In addition, we offer data center and carrier services. Our wireless networks, which cover approximately Our principal wireless competitors are Colombia Telecomunicaciones S. We are the largest wireless telecommunications services provider in Argentina and the third largest in Chile, Paraguay and Uruguay, measured by number of subscribers. In , our Southern Cone segment had revenues of Ps. We also offer international roaming services to our subscribers through the networks of cellular service providers with which we have entered into international roaming agreements around the world, and we provide GSM and 3G roaming services to customers of our international roaming partners.

We also offer a variety of products as complements to our wireless service, including handsets and smartphones, and accessories such as chargers, headsets, belt clips, batteries, broadband cards and netbooks. In addition, we offer other wireless services, such as push-to-talk services.

We offer fixed-line voice services, including local and long-distance services, data services, including data administration and hosting services and broadband services to both corporate and residential customers under a variety of plans to meet the needs of different user segments. In Argentina our wireless networks, which cover approximately In Paraguay our wireless networks, which cover approximately In Uruguay our wireless networks, which cover approximately Table of Contents Competition.

In Argentina, our principal wireless competitors are Telecom Personal S. In Chile, our principal wireless competitors are Entel S. We offer wireless, fixed-line voice, broadband, Pay TV and directory services and products in our Andean Region segment under the Claro brand through our subsidiaries Consorcio Ecuatoriano de Telecomunicaciones S.

Conecel is the largest wireless telecommunications services provider in Ecuador and the second largest in Peru, measured by number of subscribers. In , our Andean Region segment had revenues of Ps. In connection with the provision of voice services, we earn interconnection revenues from calls to any of our subscribers that originate with another service provider.

We offer fixed-line voice services, including local and long-distance services, data services, including data administration and hosting services, broadband services and Pay TV services to both corporate and residential customers under a variety of plans to meet the needs of different user segments. In Ecuador, our wireless networks, which cover approximately In Ecuador, our principal wireless competitor is Otecel S.

Movistar ; and our principal fixed-line competitors are Setel S. We are the largest wireless telecommunications services provider in Nicaragua, the second largest in El Salvador, Guatemala and Honduras and the fourth largest in Panama, in each case measured by number of subscribers. In , our Central America segment had revenues of Ps. We offer data services, including SMS, MMS, premium SMS and premium MMS, mobile entertainment services, data-transmission, internet browsing, e-mail services and access to social networking and instant messaging applications.

In El Salvador our wireless networks, which cover approximately In Nicaragua our wireless networks, which cover approximately In Panama our wireless networks, which cover approximately Our wireless networks in Costa Rica, which cover approximately In Guatemala, our principal wireless competitors are Comunicaciones Celulares, S.

We are the largest prepaid wireless telecommunications services provider in the United States, measured by number of subscribers. DLA is a leader in the development, integration and delivery of entertainment products made for digital distribution in Latin America. DLA offers Pay TV content and entertainment solutions, including on-demand services basic, transactional or by subscription to network providers in Latin America, Spain, Portugal, the Caribbean and the Hispanic market in the United States.

In , our United States segment had revenues of Ps. We offer prepaid wireless debit card services, as well as prepaid wireless handsets through an extensive distribution network of independent retailers. Networks and Technology. We do not own any wireless telecommunications facilities or hold any wireless spectrum licenses in the United States. Instead, we purchases airtime through agreements with approximately ten wireless service providers and re-sell airtime to customers.

We compete with the major U. We are the largest wireless telecommunications services provider in the Dominican Republic and the second largest in Puerto Rico, measured by number of subscribers. In , our Caribbean segment had revenues of Ps. We also offer international roaming services to our subscribers through the networks of cellular service providers with which we have entered into international roaming agreements around the world, and we provide CDMA, GSM and 3G roaming services to customers of our international roaming partners.

In connection with the provision of our voice services in the Dominican Republic, we earn interconnection revenues from calls to any of our subscribers that originate with another service provider. In addition, we offer other wireless services, such as push-to-talk services in the Dominican Republic. In the Dominican Republic our wireless networks, which cover approximately Investment in KPN. KPN is the leading telecommunications and IT service provider in The Netherlands, offering fixed-line service, wireless service, internet and TV to consumers.

KPN offers business customers complete telecommunications and IT solutions. KPN provides wholesale network services to third parties and operates an IP-based infrastructure with global scale in international wholesale through iBasis. We have agreed to subscribe for new shares in the rights offering, in proportion to our current ownership of KPN shares.

Investment in Telekom Austria. Together, these eight countries comprise a market of approximately 41 million. Applicable Legislation. Such a concession may only be granted to a Mexican citizen or corporation and may not be transferred or assigned without the approval of the SCT.

A concession to provide wireless services that utilize frequencies of radio-electric spectrum generally has a term of up to 20 years and may be extended for additional year terms. A concession to provide public fixed-line local and long-distance services generally has a term of up to 30 years and may be extended for additional year terms. The Federal Telecommunications Law requires public telecommunications concessionaires to establish an open-network architecture that permits interconnection and interoperability.

Principal Regulatory Authorities. Cofetel is an independent agency within the SCT, headed by five commissioners appointed by the President of Mexico, one of whom is appointed as chairman. Many of the powers and obligations of the SCT under the Federal Telecommunications Law and the telecommunications regulations have been delegated to Cofetel. The Federal Telecommunications Law also provides that at the expiration of a concession, the Mexican government has a right of first refusal to acquire the assets used directly in the exploitation of the concession.

This law regulates publicity, the quality of services and information required to be provided to consumers and provides a mechanism to address consumer complaints. A recent amendment to this law also permits class actions for consumer claims. Profeco has the authority to impose fines, which can be significant. Telcel Rates.

The Federal Telecommunications Law provides that wireless services concessionaires may freely determine the rates for telecommunications services, including interconnection. Mobile rates are not subject to a price cap or any other form of price regulation. However, Telcel and other mobile carriers operating in Mexico are required to register their rates for mobile services with Cofetel prior to implementing such rates.

Cofetel is authorized to impose specific rate requirements on any operator that is determined by Cofeco to have substantial market power under the Federal Antitrust Law. Table of Contents Telmex Rates. Every four years, Telmex files a model before both Cofetel and the SCT, with its projections of units of operation for basic services, costs and prices. Within this aggregate price range, Telmex is free to determine the structure of its own rates.

Telmex must get permission from Cofetel before its rates can take effect. The price cap varies directly with the Mexican National Consumer Price Index, allowing Telmex to raise nominal rates to keep pace with inflation minus a productivity factor set for the telecommunications industry , subject to consultation with the SCT.

Telmex has not raised its nominal rates since March , for local-service, and since March for long-distance service. The SCT sets a periodic adjustment for every four-year period to permit Telmex to maintain an internal rate of return equal to its weighted average cost of capital. These services include data-transmission, directory services and services based on digital technology, such as caller ID, call waiting, speed dialing, automatic redialing, voice mail, as well as three-way conference and call transfer.

During , Cofetel notified Telmex of three resolutions mandating reductions to the interconnection rates that Telmex charges to other telecommunications providers. Telmex has filed petitions to challenge these resolutions before Cofetel and resolution of these petitions is pending. Calling Party Pays. Mobile operators do not charge airtime fees to customers receiving calls, except for roaming fees applicable when subscribers receive calls outside their local areas.

Telcel Concessions. Telcel operates under several different concessions covering particular frequencies and regions, holding an average of Region in Mexico. Band B MHz. Band D MHz. Band F MHz. Bands B2, C, D 1. The concession was granted for an initial term of 15 years, and it is subject to extension for an additional year period. In and , the eight Band B concessions covering regions outside the Mexico City area were renewed, with certain additional conditions imposed on Telcel.

Telcel challenged the imposition of some of these conditions in a process that does not affect the validity of the renewals, and a final resolution of such challenge is still pending. All of these concessions are subject to renewal for additional year terms. Concession Fees. In addition to the upfront payment applicable to all of the MHz F Band concessions, 1. The amounts payable are set forth by the Federal Annual Fees Law Ley Federal de Derechos and vary depending on the relevant region and radio spectrum band.

The Band B concessions renewed in and required Telcel to pay an aggregate upfront fee of Ps. The grant of the nationwide 1. Service Quality Requirements. The Technical Plan is applicable to all operators, including Telcel. The Technical Plan, which imposes additional service quality requirements for voice, SMS and internet services to those set forth in our concessions and includes a methodology based on site measurements that may be publicly available and potential fines for non-compliance with voice-quality requirements.

We believe we are in compliance with the service quality requirements of our concessions and of the Technical Plan. Telcel is challenging the allegations and penalties in proceedings that are still pending. Telmex Concessions.

Thereafter, it may be renewed for successive year terms, as provided under the Federal Telecommunications Law. Table of Contents separate concession in a region located in two states in northwestern Mexico that will expire in and may be extended for an additional year term thereafter. The material terms of the Telnor concession are similar to those of the Telmex concession. In addition, Telmex currently holds concessions for the use of frequencies to provide wireless local access and point-to-point and point-to-multipoint transmission.

Telmex obtained these concessions from Cofetel through a competitive bidding process for a term of up to 20 years that may be extended for additional year terms. The General Communications Law provides that upon the expiration of the Telmex concession the Mexican government is entitled to purchase its telecommunications assets at a price determined on the basis of an appraisal by a public official. Termination of Concessions. The General Communications Law, the Federal Telecommunications Law and the concessions include various provisions under which the concessions may be terminated before their scheduled expiration dates.

Under the Federal Telecommunications Law or the terms of the concessions, as applicable, the SCT may cause early termination of any of the concessions in certain cases specified by law. The General Communications Law provides that, in the event of early termination of our concessions, all assets that are subject to such concession would revert to the Mexican government without compensation.

In the event of early termination of any of our concessions, the Mexican government would have the option to purchase the equipment, installations and other assets used directly for the exploitation of the frequencies that are subject to such concession. The telecommunications regulations and the concessions contain various provisions designed to introduce competition in the communications services market.

In general, the SCT is authorized to grant concessions to other parties for the provision of any of the services provided by Telcel and Telmex under the concessions. Of particular importance for Telmex is the fact that Mexican authorities have adopted regulations to permit cable television providers to provide voice-transmission services to local fixed-line telecommunications operators and data and broadband internet access services to the Mexican public.

Regulations have also been adopted to allow other local telephone service providers to provide Pay TV and audio services, but to date Telmex has been unable to obtain authorization to do so. Mexican Regulatory Proceedings. The Federal Telecommunications Law authorizes Cofetel to impose specific requirements as to rates, quality of service and information on any wireless operator that is determined by Cofeco to have substantial power in a specific market according to the Federal Antitrust Law.

Telcel is the target of two substantial market power investigations initiated by Cofeco. In the first investigation, Cofeco determined that Telcel had substantial market power over the mobile termination switched services it provides to other concessionaries through its network. Telcel filed an appeal for relief recurso de. Table of Contents amparo against such ruling. The second investigation relates to whether Telcel enjoys substantial market power in the nationwide market for voice and data services.

In March , Telcel was notified of a final ruling issued by Cofeco confirming that Telcel does indeed enjoy substantial market power in the nationwide market for mobile telephone services. Telcel filed an appeal for relief recurso de amparo against the March ruling.

Resolution of both appeals for relief recurso de amparo is pending. These rulings allow Cofetel to impose against Telcel specific requirements as to rates, quality of service and information, though it has not yet done so. In April , following a regulatory inquiry initiated in , Cofeco notified our subsidiary Telcel of a resolution imposing a fine of Ps. In May , Cofeco revoked the fine. As a condition to the revocation of the fine, Telcel must comply with all specific undertakings that it proposed to Cofeco in March Certain of the operators that were parties to that proceeding have challenged the revocation of the fine.

Beginning in , Cofeco initiated four investigations to evaluate if Telmex and its subsidiary Telnor have substantial power in certain markets. Cofeco has issued final resolutions concluding that Telmex and Telnor have substantial power in all four of the relevant markets investigated.

Cofeco denied the petitions for reconsideration. With respect to the matters for which the appeals were denied, Cofetel can impose specific tariff requirements or other special regulations, such as additional requirements regarding disclosure of information or quality of service. Consequently, in April , Cofetel published, in the Official Gazette, an agreement establishing requirements regarding tariffs, quality of service, and information for dedicated-link leasing.

Telmex believes it could have an adverse impact on its revenues and results of operations. Telmex and Telnor have filed a petition for relief against that resolution, and that petition is still pending. Table of Contents Mobile Termination Rates.

Under the calling party pays system, when the customer of one operator local or long-distance places a call to a customer of another operator, the first operator pays the second a fee, which is referred to as an interconnection fee or mobile termination rate. Under Mexican law, interconnection fees are negotiated between operators. There has been extensive controversy in Mexico concerning the mobile termination rates payable to mobile operators since See Note 17 to our audited consolidated financial statements included in this annual report.

February Interconnection and Interoperability Plan. With respect to mobile termination fees, the Plan establishes a process for developing an economic model over a relatively brief period and then applying the economic model to set fees, which could override the existing fee agreements among service providers. Telcel believes that the implementation of the Plan will result in asymmetrical and discriminatory treatment for those service providers that Cofetel has determined are dominant.

And that it will also subject these service providers to specific technical and legal requirements and different economic, technical and legal conditions than the other service providers, such as the disaggregation of network components. Accordingly, Telcel, Telmex and Telnor have challenged the Plan.

We are unable to predict the competitive and financial effects that might result if those challenges are resolved against us and the Plan is implemented, though they could materially reduce our revenues in future periods. Consolidation of Local-service Areas. In , Cofetel issued guidelines regarding the consolidation of local-service areas.

Following a legal challenge by Telmex, the guidelines were withdrawn in June In April , Cofetel presented new draft guidelines for public consultation. If these guidelines become final, the number of local-service areas would decrease significantly, resulting in a reduction in our revenues from long-distance calls. Additionally, we would have to invest in adapting our technology to the changes in fixed-number dialing that the guidelines contemplate.

Legislation and Main Regulatory Authorities. The primary telecommunications regulator in Brazil is Anatel, which has the authority to grant concessions and licenses for all telecommunications services, except broadcasting, and to propose and issue regulations that are legally binding on telecommunications services providers. Anatel regulates rates for telecommunications services. In general, PCS license-holders are authorized to increase basic plan rates only annually and to adjust for inflation less a factor determined by Anatel based on the productivity of each operator during the year.

Data transmission rates are not regulated. Table of Contents General Regulatory Plan. Under the PGR, during Anatel auctioned 4G spectrum frequencies with coverage obligations that aim to expand broadband access to rural and low-income areas. The new framework, among other things: allows new entrants into the Pay TV market, including telephone companies; permits existing Pay TV operators to migrate to the new regulatory regime even in cases where their current license contracts are still in full force and effect; establishes that no license renewal requests, transfer of control requests, or changes in corporate structure requests will be granted, unless existing Pay TV operators convert their old licenses to new licenses governed by the new legal framework; establishes Brazilian content quotas; and requires operators to provide free access to certain local and municipal channels.

Anatel issued the main regulations regarding the new legal framework in March All licenses have national coverage and operators are not permitted to have multiple Pay TV licenses. Our subsidiaries expect to continue to acquire spectrum as Anatel conducts additional auctions. Table of Contents The following table sets forth the regions in Brazil in which our subsidiaries hold licenses to provide wireless services, as well as the termination dates of such licenses:.

Regions in Brazil. National all states. Rio Grande do Norte. Santa Catarina. Rio de Janeiro. Espirito Santo. Rio Grande do Sul. Minas Gerais. Distrito Federal. Mato Grosso do Sul. Mato Grosso. Other Licenses. Table of Contents Star One:. Our Brazilian subsidiary Star One has the following authorizations:.

Orbital Position. We expect that Anatel will subsequently unify all 95 licenses into a single license. These licenses impose certain technical, financial and legal requirements and have no expiration date. Wireless Interconnection Fees. Since , mobile termination rates in Brazil are negotiated by operators, subject to the condition that wireless operators offer to all other fixed-line and wireless operators the best rates offered to any fixed-line operator. Our Brazilian subsidiaries have not always been able to reach agreements on the mobile termination rates with certain operators and some of these operators have sought the intervention of Anatel or the Economic Defense Department.

We expect that mobile termination rates will continue to be the subject of litigation and administrative proceedings. We cannot predict when or how these matters will be resolved. The competitive and financial effects of any adverse resolution of these proceedings could be complex and difficult to predict, but if the rates set as a result of these proceedings are different from the ones Claro Brasil has agreed to with most operators, Claro Brasil may suffer a financial impact.

In , Anatel defined a series of cost-based methods, for determining interconnection fees charged by operators belonging to an economic group with significant market power. Under this proposal, Claro Brasil would be an economic group with significant market power.

In November , Anatel published Resolution N. In , the mobile termination rates will be defined by a cost model to be finalized during The cost model is expected to be ready during , to take effect in When the PGMC is implemented and if Claro Brasil is deemed to be an economic group with significant market power, its revenues and results of operations may be affected. Table of Contents Pending implementation of the cost-based methodology, Anatel published a transitory regulation that imposes a reduction of interconnection fees that will have a negative financial impact on Claro Brasil, although it is unclear what its financial impact will be on Embratel.

This regulation came into effect in the first quarter of Fixed Line Interconnection Fees. Fixed line operators may freely negotiate interconnection rates, subject to a price cap established by Anatel. However, if an operator offers an interconnection fee below the price cap to another operator, it must offer the same price to any other operator that requests it.

Competition Regulation. Their key objective is to lower prices in the wholesale markets and to ensure equal treatment among competitors. In December , Anatel held public consultations regarding reference prices for such markets and its final decision on the matter is expected to be released before their enforcement. All wholesale contracts within these regulated markets are to be overseen by a third-party company hired by all main operators.

Quality of Service Regulation. Noncompliance with the targets set by the RGQ and other quality of service regulations may result in the imposition of penalties by Anatel. As such, in July , Anatel suspended Brazilian mobile phone providers TIM, Claro and Oi from selling new telephone lines in some states throughout the country, due to high rates of customer complaints. In each state, the company with the highest number of complaints was prohibited from conducting sales.

Claro was prohibited from conducting sales in 3 states. As a result, operators were requested to present to Anatel an investment plan that tackled issues of customer service and quality. During , operators hired a third-party company whose measurements should be released in Reversible Assets.

Associate, Society of Actuaries, Chicago. Member, American Academy of Actuaries. Recipient of awards. All Africa Businessman of the Year ; Interests: running, cycling, reading. Formerly: worked at Shell International and J. Morgan; Treasurer and Chief Investment Officer, World Bank, leading its energy investments and policy work on sustainable impact investing, which includes renewable and clean energy and power projects to reduce carbon emissions and founded its natural gas investment group to replace coal in many emerging markets; Managing Director and Partner, Carlyle Group; President, Carlyle Asset Management.

Has advised governments, central banks, and regulatory agencies on global public policy and financial policy. Taught international trade and economic development, University of Oxford. Kennedy Ripple of Hope Award. Agathe Demarais is a leading voice on global economic and political affairs, with a specific focus on emerging markets.

Agathe conducts high-level meetings with clients to present on global economic and political developments, takes part to consulting projects, and gives conferences about a wide array of global topics. She is also a frequent commentator for the media, drawing on her extensive experience on the ground in both emerging and developed countries. She spent five years in Russia and three years in the Middle East, where she developed my knowledge of international financial sanctions and policymaking.

She also worked in investment banking in Russia and the US. She is a member of the selection committee for Fulbright grantees, and a Trustee of the board of The Economist Charitable Trust. In the beginning of his career, he worked in Universities and Research institutions in different countries, obtaining several honors and awards.

He has also had experience in life sciences and IT innovation from idea conception to first stage investment, in sectors such as pharma, biomedical devices, telemedicine and food industry. In , Agostinho co-founded Venture Catalysts, a Portuguese company focused on developing globally competitive tech-based ventures.

At RutaN, he has developed strategic and innovative programs to help transform the city towards a knowledge-based economy, leading relationships with top public, private and academic entities. Corporate leader focused on creating and promoting businesses that foster Mexico's integral development. Leads Grupo Coppel, promotes commercial and financial activities that encourage market competitiveness and stimulate progress on life quality for low-income population.

Active participant in various civil associations. Proven track record in various verticals with a client-base focus on Fortune companies; has advised clients on strategy development and management, organization restructuring, business process outsourcing, business performance management, programme portfolio management, project management and enterprise systems implementations. Formerly: 18 years in North America in positions in management and IT consulting; Senior Vice-President, Agility, including posts in management systems, corporate finance, project management office and human capital.

Member of the board of several companies. Over 25 years of experience in investment and financial services. Established, managed and restructured a number of governmental entities. As the CEO of Engro Energy, Ahsan leads various subsidiaries spread across three critical streams of the Company which include investments, services and the business development portfolio. He is also the Senior Vice President in Engro Corporation and a member on the Executive Committee which acts in an advisory capacity to the President of the Engro group.

His expertise lies in project management, design, construction and execution of large, complex manufacturing and industrial complexes. Ahsan started off his professional career with Engro then Exxon Chemicals Limited in and climbed through the corporate ladder to be part of the lead team executing the USD 1.

Regarded as one of the largest corporate sector development projects then, Ahsan was critical in managing and handling all construction related activities of the new fertilizer complex. Currently, Ahsan acts as the Chairman of EPTL and is responsible for the private partnerships with Chinese companies operating as partners in the Thar coal project.

As an individual, Ahsan is a social extrovert who likes to network and meet new people and learn from their diverse ideas, opinions and experiences of life. In his free time, he loves to read — be it fiction, non-fiction or magazines dealing with lifestyle or current affairs.

He is also a music enthusiast and enjoys listening to different kinds of music — both old and the new. Although a fan of travelling, Ahsan lives in Karachi together with his family. Pioneered the concept of multiplex cinemas in India, aiming to provide the best movie houses to Indian cinemagoers.

One of the key function was the relationship with the World Economic Forum, which Ajay handled for over 20 years. He is a member of several high level government delegations, committees and task forces of the World Economic Forum. Has been a key Indian climate-change negotiator and was also the Indian spokesperson at the climate negotiations in Paris. Global leader on technological approaches to address climate change. Recently joined a global group of industrial, financial and think-tank leaders to co-chair an Energy Transitions Commission that will suggest ways for companies and countries to move towards climate-friendly energy futures.

Prior to joining the firm, Mr. Fassinotti was at Darby Overseas Investments, an emerging markets private equity firm, where he participated in the development of a new global emerging markets fund focused on infrastructure investments. Fassinotti also worked at J. Prior to this role, Alex was Managing Director for Media and Analyst Relations and was responsible for all media and industry analyst-related interactions and communications for Accenture globally.

A veteran communications executive with deep management experience, he was responsible for driving awareness for Accenture, its capabilities and services, thought leadership and executives across traditional and social media and among industry analysts. Prior to joining the company, he worked at Edelman Public Relations Worldwide, the largest independent public relations firm globally and at Quixi, Inc.

With more than 23 years of experience, Alex Pachetti has a demonstrated track record of successful media and industry analyst strategy, planning, budgeting, metrics-setting and execution. He is an advisor to the C-Suite and other top executives across business platforms on priority communication issues and challenges.

He manages agency teams, as well as other third-party resources. He is fluent in English and Italian and conversational in French. Alexander began his career in Belaruskali in , and from to he was the deputy head of the Investment Department at Silvinit. Strategic adviser. Strategic communications expert.

Dedicated to international mission-based organizations working to advance social change. World traveler. Bachelor of Science degree from U. Military Academy at West Point, N. Army, finishing his military career with the rank of Captain. Avid fitness enthusiast. I work on global health: developing strategies, policies and partnerships that significantly increase access to medicine. Has been Chief Executive Officer at Bata since Previously with Heineken, has covered a broad range of leadership roles such as Global Chief Marketing Officer and President of Europe.

Expertise in marketing, strategy and change management. Interests: opera and history. Practitioner of Chen-style Tai Chi. Selected Top 25 Consultant by Consulting Magazine in She is motivated and eager to excel in her position, where she aims to provide solutions and anticipate needs. She thrives in a fast-paced environment and is passionate about a wide range of subjects, including brand identity, brand storytelling and arts.

Her colleagues enjoy her company because she is cooperative, respectful and trustworthy. Extensive experience in sustainable development includes posts with the United Nations Development Programme and the United Nations Environment Programme; consultancies with the Inter-American Development Bank; and senior positions in the Government of Mexico and in various non-profit organizations.

Dr Ali Parsa is a British-Iranian healthcare entrepreneur and engineer. The company is home to a large, passionate team of scientists, clinicians, mathematicians and engineers—all recruited from over 60 different countries.

More recently, Dr Parsa was listed in The Times people to watch. He was featured in the Maserati , a list that recognises game-changing entrepreneurs who are disrupting the world of business. Founder, USM Holdings with assets incl. President, Int'l Fencing Fed. Extensive management, financial and commercial experience within the insurance sector. Qualified accountant. Began career at PwC; , worked with insurance clients in audit and advisory roles. Councillor, British-Swiss Chamber of Commerce.

Born in Rotterdam in , Allard graduated in medicine at Erasmus University. He started working with Shell in The Netherlands in For the first couple of years he held positions in Trading, Sales and Marketing. In this capacity he led a major re-organisation and change management programme. He led the global Environment cluster and was accountable for strategy, standards, controls and strategic partnerships worldwide. Allison Neale has worked in global health, corporate social responsibility and human rights for more than two decades.

Chief Innovation Officer at Breca. He has 15 years of expertise in managing talent diversity, organizational development and in the creation of methodologies that enhance and facilitate creative and innovation processes within organizations through human-centered design thinking frameworks.

He has been an Innovation and Organizational Development consultant to medium and large forward-thinking organizations across Latin America. In , Alvaro was awarded the Eisenhower Fellowship of Innovation, chaired by Collin Powell, focusing on designing internal reality show platforms in large organizations to inspire and facilitate participants in gaining creative confidence and creative courage.

His main hobby is writing and directing short and feature films. Alvaro is an award-winning filmmaker. His short film "The Companion" premiered at the Sundance film festival and became a Grand Jury prize finalist. His short films have been in official selection in more than 80 film festivals around the world and in he was nominated for Best Director at the World Independent Film Awards in Warsaw. In , he took a "Gap year" to direct and film his latest screenplay "Retablo" which was developed at the Sundance Lab Feature Film Program, chaired by Robert Redford.

Alvaro has been recently nominated Best Director in Krakow and Seattle. He joined ALFA in Prior to his current position, he had several executive responsibilities among the ALFA companies. He is also Chairman of Universidad de Monterrey. Adler-Waxman career focused on leading global and local strategic initiatives in advocacy, policy, communication and the development of strategic multi-stakeholder relation.

She has done so within corporate, government, UN and NGO settings through corporate affairs, communication, advocacy, policy, and strategy design with special expertise in global health. Prior to working with Teva Amalia was the Global Head of Nestle Nutrition Corporate Affairs and Communication: a function that she established and led for almost 3 years. For several years she was an independent consultant and managed health related multi-stakeholder projects.

During that period she also taught a graduate course on the politics of public health at The Hebrew University, Jerusalem. For more than 30 years, has served in leadership positions in international organizations, such as the African Development Bank, United Nations Development Programme and USAID, with a focus on infrastructure and energy programmes. Has gained experience in Africa, France, the UK and Canada and worked across constituencies and with wide array of stakeholders.

Interests: classical music, playing piano. Certified alpinist and competes in desert car rallies. We are a producer of high quality, locally sourced, nutritious foods for the mass market, with a particular focus on vulnerable populations. In addition to our state-of-the-art facility in Rwanda, which can feed 1m children every day, we are expanding our activities into Ethiopia, Kenya and beyond.

We work with 35, smallholder farmers, primarily women, to improve livelihoods and drive aflatoxin contamination out of the value chain. We feed , of the poorest mothers and infants in Rwanda in the largest anti-stunting program of its kind in Africa. Chartered Accountant and Company Secretary.

Twenty-five years' of experience, incl. Formerly, 14 years with Nokia India. Amina Slaoui has a double master in law and political science from Paris university Assad and Sciences Po. At the age of 32, while on vacation in Costa Rica, she had a bicycle accident that left her paraplegic. When she returned to Morocco after six months of physical rehabilitation abroad, she was distraught to realize the absence of care for physically impaired people. As President of the AMH group since , she puts forward a simple mission: "Increase the social inclusion of vulnerable people and those living with a disability through high social impact products and services.

Member, Board of Directors, Saudi Aramco. He studied cognitive science for his Ph. He teaches at Columbia. Graduate, Smith College, Massachusetts. Director, Communications, AOL. Since , with EY. Avid runner who has completed several marathons and a triathlon.

Beginning with the conflicts in former Yugoslavia in the early s, Amy has devoted her career to refugee protection. She has worked on African, Balkan and Middle East refugee crises, has directed overseas refugee processing centers for the U.

Amy Weaver leads the global legal, compliance, internal audit, corporate security and government affairs teams at salesforce. Prior to joining Salesforce, Weaver was executive vice president and general counsel of Univar Inc. Previously Weaver was senior vice president and deputy general counsel at Expedia, Inc.

Prior to entering private practice, she served as a legislative aide to a member of the Hong Kong Legislative Council as a Luce Scholar and as a judicial clerk on the U. Ninth Circuit Court of Appeals. She also sits on the Advisory Boards of the Pro Bono Institute and YearUp Bay Area -- a nonprofit organization that provides urban young adults with skills, training and internships. Appointed Executive Chairman of Banco Santander in , leading a cultural, commercial and technological transformation of the group focused on customer loyalty.

Bachelor's in Int'l Affairs, Northeastern Univ. Founder and Editor-in-Chief, Diplomatic Courier. Co-Founder, corporate publishing firm Medauras Global. Teaches Poli. Has worked with organizations incl. Member, National Press Club. Graduate, Harvard Univ. Chairman, Mahindra Group. Thought leader in Indian business. Serves on many industry confederations. Initiated the Nanhi Kali programme to provide free education to economically underprivileged girls in India.

Co-Founder, Naandi Danone, India's largest safe drinking water provider to rural areas. Life Trustee, Board of Naandi Foundation. Passionate to develop and shape the Security capability for the future. He is a lifelong motorcyclist. Andrea saw that well-maintained motorcycles in Africa meant healthcare delivered, money saved, and people trained in appropriate skills. His motorcycle racing life and work in promotion and sports management provided a practical outlook and skills that have helped guide the financial and advocacy development of Riders for Health.

E Master Blenders They are one of the fastest-growing companies in Europe. He is a human rights lawyer, also with experience in the Corporate, Financial Services and Litigation fields in both London and Hong Kong. Independent investor. Interests: sustainability, business as a force for good, nature, opera, philanthropy. President of Innosuisse, the Swiss Innovation Agency.

His career has seen Andrew work in a diverse range of markets across the Asia Pacific region and professional standards, education products, and certification and accreditation services. In his time at the ACS he has focussed on the future of work and how rapid automation and digitisation will transform organisations and job roles, and the skills required for a transitioning economy.

He spent much of his career in international assignments, and has lived and worked in Africa, Australia, France, Germany, Singapore and the United States. His passion is to see an end to extreme poverty in his lifetime. He is an enthusiastic cyclist, and is a member of a long-distance cycling team which has taken part in international events.

Andrew enjoys running with family and friends and travelling the world with his family. Described as an environmental activist, conservationist and community leader, Andrew Muir has dedicated his life to conservation and social development. He was mentored by conservation icon Ian Player for 13 years, and took over his legacy in the management of the various organizations that Player had founded, including the world famous Wilderness Leadership School and Wilderness Foundation.

He has a Master's degree in Environment and Development from the University of Natal Pietermaritzburg, was awarded Degree of Doctor Social Science honoris causa from the University of Natal, Pietermaritzburg in , and serves on a number of non-profit, business and conservation boards. Member of the Board of 13 portfolio companies during tenure at Lindsay Goldberg.

Before founding One Acre Fund, he worked as a management consultant. From June to August Mr. Guryev has worked at PhosAgro since , holding various positions in the finance department and specialising in fertilizer exports. Launched one of the top online auction outfits in Singapore called Sold. After selling the company, joined a Softbank-affiliated fund focused on investments in South-East Asia and the Philippines.

To date, it has over 30, biker partners and 2 million app downloads. Former JP Morgan banker turned entrepreneur; advocates for the safety and regulation of motorcycle taxis, an issue that impacts the lives of millions of Filipinos every day. Founder Chairman, Vedanta Resources, a globally diversified natural resources group; has led the group to grow into an integrated producer of zinc, lead, silver, copper, aluminium, iron ore, oil and gas and power.

Pioneer in taking an Indian business global. Vedanta was the first Indian company to gain a primary listing on the London Stock Exchange. Vedanta was also heralded as the second largest listing on the London Stock Exchange and the third largest IPO of all time, in the metals and mining industry. With an eye on long-term value creation and a focus on sustainability, has led Vedanta's community programmes, which are run in partnership with the various government agencies and NGOs and supported by a strong team of CSR professionals, with a focus on education and childcare, health and nutrition, women empowerment and improving livelihoods.

Vedanta has benefitted about 2. Bachelor's in Commerce, Univ. Fourteen years with GE, incl. She also serves as a senior advisor to Executive Chairman William P. Anna Maria Wilk is the Co-Founder and President of Gandang Kalikasan Inc, makers of Human Nature, one of the largest social enterprises of natural personal and home-care product line in the Philippines.

Anna develops and leads diverse partnerships between leading corporations and organizations that generate multiplier societal impact. She has a Master of Science with academic distinction from the Edmund A. She was named one of the 99 most influential foreign policy leaders by the Diplomatic Courier, and is an alumna of the Bucerius Global Governance Leadership program.

Ann grew up in an Anglo-Finnish family in London. She has been working for the EU institutions for 20 years and has been leading work on social and inclusive entrepreneurship for the European Commission since , including both policy and developing new funding instruments. She studied in Newcastle-upon-Tyne, Oxford and Paris. Ann Cotton is the Founder of Camfed International, an organisation advancing girls' inclusion in education in Africa.

Under her leadership over 20 years, the organisation expanded its work from Zimbabwe into Ghana, Malawi, Tanzania and Zambia, establishing programmes that enabled girls from poor families to travel through the education cycle from pre-school to tertiary level. Working in partnership with communities and African government ministries, Camfed has built around girls a social and institutional ecosystem in which they, and other children and young people, can thrive. In , the ,th young woman joined the Camfed alumnae, each member transformed by education into a powerful role model and change agent.

Ann's vision of principle-based leadership continues to influence the international development sector. Publicis Groupe is the third largest advertising and communications company in the world with more than 78, employees. She joined Publicis Groupe in April She held a number of positions in the French government, including Ministry at the Foreign Affairs, and at the Treasury. She has a proven track record in providing innovative strategy and policy solutions to countries, including high-level advisory services to Governments and their Cabinets.

Prior to establishing Afroes, Anne has worked as an International Development professional with over 20 years of social and economic development experience working with the United Nations and Management Consulting firms across Africa, Asia and the United States. Member of the Board: Xerox. Member: The Business Council.

Currently, Chief Executive, Fidelity International. Member of the International Advisory Board of Investcorp. Board member, acatech National Academy of Science and Engineering. Popularly known as the Clothing Man. Recipient of Roman Magsaysay award. Started as a freelance journalist, left the corporate world and founded GOONJ in to bring ignored issues of clothing and rural wisdom into the radar of development subjects.

Ashoka and Schwab Fellow, credited for creating a mass movement for recycling and reusing material as a resource for rural development. Holds degrees in mass communications and economics. BBA - Hon. Anshuman Singhania has spent an impressive decade in the industry, holding several important and diverse positions and heading some of the most strategic positions in Marketing and Production. Being a techno-savvy man he has always had a key role in implementing the latest technologies in the manufacturing process and apart from heading operation in India he is closely working on implementing key reforms at JK Tyre making it a truly Global Company.

Anshuman believes in the philosophy that there is no recipe for success; it is the result of hard work, preparation and learning from failures. A highly effective and driven executive, in Anthony started his career in the commercial division of the group and in was appointed as utilities sector head responsible for Sukleen, Sukomi and Servicorp in Lebanon.

In his role, Anthony oversaw all city cleaning, sorting, composting, recycling and sanitary landfilling operations, including fleet maintenance, logistics and transportation services and facilities management. Currently, Group Chief Executive Officer and Co-Founder, Grab, a leading mobile technology company in South-East Asia; pushing innovation boundaries to ensure every South-East Asian can access affordable transport, mobile payments and financial services.

By focusing on a hyperlocal business strategy and building strategic partnerships, has transformed Grab from a taxi booking app to a market-leading online-to-offline consumer app in South-East Asia. The company has expanded into eight countries across South-East Asia. It provides a diversified portfolio of transport services, food and package delivery, mobile payments and financial services in the region.

Formerly, Head of Supply Chain and Marketing, Tan Chong Group, driving logistics and creating brand affinity for the automotive brands under the group. Hands-on leadership style; travels extensively between all markets Grab operates in to understand local market nuances, as well as inspire and solve problems with teammates on the ground. Antonio Neri is the President and Chief Executive Officer of Hewlett Packard Enterprise — the global edge-to-cloud platform as-a-service company -- and is responsible for the development and delivery of enterprise technology solutions and services that help organizations accelerate outcomes by unlocking value from all of their data, everywhere.

Degree in Computer Engineering. Professor of Arts and Drawing. An activist and a social entrepreneur, he has been empowering informal workers by getting new laws ,polices and programs and by securing their access to markets, financial services and technology.

Organizing the informal workers across India has been his forte along with building collaborations to set up new models of development of informal workers. He played a pioneer role in getting a Street Vendors Act in India which empowers millions of street vendors against eviction and harrassment. He was elected as Ashoka and Eisenhower Fellow in He was also awarded at the first innovation forum set up by the Govt of Bihar in Forum, etc.

Owner and Director, Hirdaramani Group. Aroon is a leader of the Group's Executive Committee which is responsible for the overall strategy and execution of the Group's global apparel business and excellence in sustainability. Aroon also oversees the Group's investment strategies.

Honorary Counsel to Guatemala for Sri Lanka. Member, Young Presidents' Organization. MBA in Marketing. Twenty-two years of extensive experience in business management. He serves on several Boards of industry-related companies. Aryadita is working to establish a team within Nishith Desai Associates which will focus on advising clients on sustainable development and help companies work towards achieving the Sustainable Development Goals. He is interested in technology and innovation policy and its effects on the world order.

Asher Hasan was born and schooled in the UK but spent many of his formative years in Pakistan. Relocating from the UK to South Asia, he grew acutely aware of how Pakistan's low-income population lacked access to quality healthcare and socioeconomic opportunities. This insurtech impact venture was followed in with the launch of doctHERs, a digital health venture that matches the under-utilised capacity of female doctors who would otherwise be excluded from the global health workforce to the unmet needs of health seekers.

My areas of expertise include: corporate governance, strategy, leadership, team development, finance, auditing, management and financial accounting etc. It is currently the second largest gas producer in the Country with cumulative daily production of over , barrels of oil equivalent, with exploration and production assets spread across all the four provinces of Pakistan. When we first met, he has shown sheer determination in accomplishing his mission - to help others who want to work for better life.

He even left McKinsey with this conviction, going through failure after failure, until he managed to gather the right team to start STOQO. Athena Lee is currently the Chief Executive Officer CEO at Doctor Anywhere, bringing with her more than seven years of proven executive management experience across six countries.

Doctor Anywhere is a Singapore-based telehealth company that aims to improve healthcare delivery and accessibility to basic healthcare services for Singaporeans. Directly reporting to the CEO of Wealth Management, she spearheaded and launched multiple key initiatives in response to regulatory changes and market needs.

Working on energy sustainability, climate change, and competitive energy market issues. Alumna, American University of Cairo. Author of several publications in the areas of religion, development, gender, conflict and peacebuilding.

Has advised on interfaith development work and is a major proponent of the multistakeholder approach. Views the role of religious leaders as going beyond interfaith dialogue and is intent on harnessing the people power of faith to address regional and global issues. Chief Executive Officer, Crescent Enterprises. President, Crescent Petroleum. Chairman, Pearl Petroleum. Chairman, Gulftainer. Founder, Pearl Initiative. Chairman, Endeavor UAE. Focus areas are foresight, trends, innovation, platform business models, strategic partnerships and new competition.

Member of the Corporate Strategy MT responsible for the implementation and alignment of the strategy, the execution of high impact strategy projects and monitoring strategy execution across the bank. Bart Weetjens is a Zen Buddhist priest and product designer by training.

She began her career as Counsel to the U. House of Representatives Committee on Energy and Commerce. Becca earned a LL. Interests: golf, skiing, opera, gardening, education. Guillamon has worked at the IDB in the area of private sector development since From until July , he was in charge of the Bank's operational program in the Integration and Trade Sector INT , developing and managing its portfolio of loans and technical assistance grants to expand trade and promote regional integration among all borrowing member countries.

INT's portfolio includes innovative investment promotion projects and export development programs, as well as programs for trade facilitation, customs modernization, negotiation and implementation of trade agreements, and local access to global markets. INT projects aim to generate growth and improve employment opportunities throughout the region.

During and , Mr. Between and , Mr. Prior to his career at the Bank, Mr Guillamon worked in agrib usiness with small, large and multinational companies. He has completed additional graduate courses in business valuation, e-commerce, international trade, and project finance at New York University, Johns Hopkins University, Harvard University and the University of California, Berkeley.

In July Mr. Until , Mr. Previously was managing director at ING Barings where he headed the corporate and investment banking operations in Colombia. Before Barings, Mr. Alumnus of IIT Bombay. His latest position was Managing Director for www. Kalyan Kumar B. He is a published author, having written six books on various technology subjects and also blogs often on latest trends in the IT Industry.

KK is a Trustee of a London based Charity driving the adoption of Cricket in State Schools and continues to work with many public stakeholders on the agenda of holistic development of children through sports. Degree, HEC, Univ. Finance; , resp. Dudley Wright. Blake Scholl founded Boom Supersonic in September with the goal of making high-speed travel mainstream and enabling a new world of human connection. Blake is passionate about tackling big problems which the world has overlooked.

After seeing Concorde in a museum, he dreamed of the return of commercial supersonic flight. A few years later, Blake dove into aerospace engineering—reading textbooks and taking classes—to figure out from first principles how to enable a supersonic renaissance. Prior to founding Boom, Blake held leadership roles at Amazon and Groupon and co-founded mobile technology startup Kima Labs. Later, Blake was the first employee and director of product development at Kleiner-backed mobile startup Pelago.

In , he co-founded mobile technology startup Kima Labs, which was acquired by Groupon in At Groupon, Blake held multiple executive roles, culminating in responsibility for relevance, email, and search. He started flying for fun in college, earning his private pilot license in and instrument rating in Brad is a lifelong entrepreneur and co-founder of seven technology companies, a cultural curator of innovation platforms, and a philanthropist.

He is the founder and Chairman of Chicago Ideas, which has grown into one of the largest innovation and ideas gatherings in the world. He is the Chairman of Future Founders Foundation, providing entrepreneurial education to inner-city students in the Chicagoland area. He earned a J. Louie Co. Chancellor Emeritus, Simon Fraser University. Champions the importance of addressing financial stability, early childhood education, access to jobs and access to quality and affordable healthcare as the building blocks of life.

At United Way, oversees 1, local United Ways in over 40 countries with 3 million members. Brian is a broadly experienced technology executive with a proven track record of driving enterprise-wide transformation through focused execution, often in challenging and highly competitive market segments. Brian brings a global perspective and a keen knowledge of our business and the technologies with which we innovate.

The early part of his career was spent with Compaq and Digital Equipment Corporation. In addition to his experience in business and government, Brian is active in the non-profit sector as the Vice-President, Global Operations, Young Canadians in Finance and as President of the Ottawa Economics Association. Corporation Trustee, Brown University. Brij Kothari innovated Same Language Subtitling SLS for mass literacy, a simple idea that is potentially worth one billion people reading every day in India and another billion globally.

Broadcast and education policy has accepted SLS "in principle" for a national scale up, however, a sustainable funding and implementation mechanism, is yet to be found. Brij is on the faculty of IIM, Ahmedabad. The SLS innovation is the recipient of several international awards. Member of the Board of Directors, Keycorp. Determined to improve the conditions of children in the country, looked for ways to educate children on a mass scale.

In , with husband, co-established the educational multimedia enterprise Whiz Kids Workshop. Working from their living room, using sock puppets, computer graphics and their own voices, began producing Tsehai Loves Learning, the first educational preschool television programme in the country. Busra is Technical Account Manager at Microsoft.

She helps companies digitally transform and get the most out of their investments. She leads a project to help girls continue their study and join into workforce. She partnered with Microsoft and spread the motion to different parts of Turkey.

She's ambitious to empower women and have a seat at the table. Her aim is to increase the education level among girls to create a more powerful women in the workforce.

EDITORIAL PAGE FEATURES INVESTMENT

The high price point of its products and services also makes Peloton especially vulnerable to an economic downturn. In a recession, consumers would likely flock to these substitute goods rather than pay a premium for Peloton. The concentration of publishing rights in the music industry makes it hard for Peloton to exert any leverage in negotiations. Because the music in these playlists is being broadcast to the entire class, Peloton has to obtain both the publishing rights and the public performance rights for the music.

As a result, the rights are more expensive, and the added complexity creates more legal risk for the company. Pelton is going public with a dual-class share structure. The Class A shares sold to the public will have one vote per share, while the Class B shares held by insiders and early investors get 20 votes. When we use our dynamic DCF model to analyze the future cash flow expectations baked into the midpoint of the IPO price range, we find that Peloton must achieve impressive growth and profitability in order to justify its expected valuation.

See the math behind this dynamic DCF scenario. It seems unlikely that Peloton would be able to achieve premium margins and gain such a wide degree of mass-market adoption at the same time. As investors focus more on fundamental research, research automation technology is needed to analyze all the critical financial details in financial filings. David Trainer is the CEO of New Constructs, an independent equity research firm that uses machine learning and natural language processing to parse corporate filings and model economic earnings.

They receive no compensation to write about any specific stock, style or theme. Follow them on Twitter NewConstructs. It can be good news for the bottom line of some U. Economic Calendar. Retirement Planner. Sign Up Log In. Home Investing Stocks Outside the Box. So is its stock. Published: Sept. ET By David Trainer,. Kyle Guske II,. Telcel is the leading provider of wireless communications services in Mexico.

We also offer yellow-pages directory services in Mexico through Anuncios en Directorios, S. In , our Mexico Wireless segment had revenues of Ps. ARPU year ended. Subscribers thousands :. Market share. MOUs year ended. Wireless churn rate year ended. Services and Products. Voice Services and Products. Telcel offers wireless voice and data services under a variety of service plans to meet the needs of different user segments.

Although prepaid customers typically generate lower levels of usage and are often unwilling to make a fixed financial commitment or do not have the credit profile to purchase postpaid plans, we believe the prepaid market represents a large and growing market in Mexico because, compared to the average postpaid plan, prepaid plans involve higher average per minute airtime charges, lower customer acquisition costs and billing expenses, and low credit or payment risk. Rates for postpaid plans have not increased since April and rates for prepaid plans have not increased since Rates for both types of plans are expected to remain stable as long as the Mexican economic environment remains stable.

In addition, in recent periods Telcel has offered certain discounts and promotions that reduce the effective rates that its postpaid and prepaid customers pay. Telcel offers international roaming services to its subscribers through the networks of cellular service providers with which Telcel has entered into international roaming agreements around the world. In connection with the provision of its voice services, Telcel earns mobile termination revenues from calls to any of its subscribers that originate with another service provider.

Telcel charges the service provider from. Similarly, Telcel must pay mobile termination fees in respect of calls made by its subscribers to customers of other service providers. There has been extensive controversy, and legal and administrative proceedings, concerning the terms of these interconnection agreements in Mexico.

Value Added Services. Data Services. Telcel offers data services including data-transmission, e-mail services and internet services such as web browsing, instant messaging, content streaming and interactive applications. Telcel also offers data services through roaming service agreements.

Handsets and Accessories. Telcel offers a variety of products as complements to its wireless services, including handsets, smartphones, broadband cards and tablets and accessories such as chargers, headsets, belt clips and batteries. Other Services and Products. Our internet content portal, Ideas , offers or is developing a wide range of services and content such as video, music, radio, online gaming and applications. Telcel develops customer and brand awareness through its marketing and promotion efforts and high-quality customer care.

Telcel builds upon the strength of its well-recognized brand name to increase consumer awareness and customer loyalty, employing continuous advertising efforts through print, radio, television, sponsorship of sports events and other outdoor advertising campaigns. Sales and Distribution. Walk-in customers can subscribe for postpaid plans, purchase prepaid cards and purchase handsets and accessories. In addition, Telcel has a dedicated corporate-sales group to service the needs of its large corporate and other high-usage customers.

Table of Contents Billing and Collection. Telcel bills its postpaid customers through monthly invoices, which detail itemized charges. Accounts that are more than 90 days past due are considered doubtful accounts. A prepaid customer who purchases airtime credit has between 7 to 60 days, depending on the amount purchased, to use the airtime. After 30 or 60 days, the customer can no longer use that airtime for outgoing calls unless the customer purchases additional airtime credit.

Customer Service. Our Networks and Technology. GSM technology in the and MHz frequency spectrums;. LTE technology in the 1. TDMA network. Telcel has a TDMA network that permits the use of advanced dual-band handsets that allow for roaming across analog and digital systems using the MHz spectrum. This network is currently used by subscribers who have not yet migrated to a newer network, especially in rural areas; it is expected to decrease in size and importance as the migration to newer networks increases.

It has implemented EDGE technology in all localities with GSM coverage approximately , localities , including all the major cities and roads in Mexico. Table of Contents 3G network. Telcel, began offering 3G services in February Telcel plans to continue expanding its 3G coverage in Mexico throughout to urban as well as rural areas.

In , Telcel obtained additional spectrum in the 1. In November , Telcel began offering 4G services using a LTE technology based network in the 9 major cities and will continue growing its coverage to other main and medium cities through LTE allows us to offer higher bitrates in mobile data services and it is the leading 4G technology across the globe. The effects of competition on Telcel depend, in part, on the business strategies of its competitors, on regulatory developments and on the general economic and business climate in Mexico, including demand growth, interest rates, inflation and exchange rates.

The effects could include loss of market share and pressure to reduce rates. Telcel believes that its strategies to meet competition will continue to help limit its loss of market share and that any loss of market share will be partly offset by increasing demand. Directory Services and Products.

Print Directories. We publish and distribute yellow-pages and white-pages directories. Basic listing in our yellow-pages directories is provided at no charge and includes the name, address and telephone number of the business according to its classification.

In addition, we sell paid advertising space on an annual basis in our yellow-pages directories and offer various advertising options to our customers. Internet Directory. We are the largest provider of yellow-pages directories in Mexico, where we compete with other types of media, including television broadcasting, newspaper, radio, direct mail, search engines and other internet yellow-pages.

We offer fixed-line services and products in Mexico through our subsidiary Telmex and its subsidiaries in Mexico. Telmex is the leading provider of fixed-line voice and broadband services in Mexico. In , our Mexico Fixed segment had revenues of Ps. RGUs thousands :. Fixed voice. Traffic year ended millions :. Long-distance minutes. Interconnection minutes.

Total minutes. Churn rate year ended :. Telmex offers a variety of fixed-line voice services and products, including local-service, domestic and international long-distance service and public telephony services, under a variety of plans to meet the needs of different market segments. Residential customers pay a fixed charge per local call in excess of a monthly allowance of local calls, and commercial customers pay for every local call.

The concession Telmex holds to operate a public network for basic telephone services allows but does not require Telmex to base its charges on the duration of each call. Telmex does not currently charge by duration of invoiced calls in any region, except in the case of prepaid services.

Charges for international long-distance calls are based on call duration, type of service direct-dial or operator-assisted and the destination of the call. These charges apply once customers exceed the number of minutes included in their plan. Customers can choose from a variety of discount rate plans. Telmex has not increased its rates since for local telephone service and since for domestic long-distance service and. Table of Contents international long-distance calls, continuing its trend of offering lower rates in real terms every year.

Data Services and Products. Corporate network services consist of voice, video and data-transmission between two or more end points using private circuits. Telmex also provides specialized assistance and technical support for these applications, as well as network-outsourcing services that include maintenance, support and integration of communication networks and information systems.

Infinitum operates over Asymmetric Digital Subscriber Line technology. In addition, Telmex provides various telecommunications and telecommunications-related products and services that include sales of computers, telecommunications equipment and accessories, public phone services and billing and collection services to third parties.

Telmex uses its network of Telmex stores Tiendas Telmex to offer its products and services throughout Mexico. Telmex offers billing and collection services through its phone bills to other companies. Telmex faces competition from other holders of long-distance and local-service licenses, Pay TV operators that provide telephone and internet service and wireless telecommunications providers.

V, Megacable Holdings S. We offer wireless, fixed-line voice, broadband, Pay TV and directory services and products in Brazil through our subsidiaries Americel S. In , our Brazil segment had revenues of Ps. Wireless Operations:. Fixed Operations:. Pay TV. Table of Contents Services and Products. Wireless Voice Services and Products. Claro Brasil offers wireless voice services under a variety of rate plans to meet the needs of different market segments. Fixed-line Voice Services and Products.

Embratel also provides international long-distance services. Embratel also offers services to large-sized and medium-sized business customers under the VipLine and Rede Vip brands. NET Fone had approximately 5. Broadband and Data Services. This product is available at various download speeds. NET Virtua had approximately 4. Other Services. Claro Brasil also aggressively targets corporate customers by offering customized products and services and negotiating discounts on a case-by-case basis.

Additionally, Claro Brasil has innovative customer loyalty programs that help it retain customers. In addition, Embratel negotiates discounts with corporate customers on a case-by-case basis and employs campaigns that target specific groups of its corporate customers, such as small- and medium-sized businesses or regional groups.

Claro Brasil also sells and distributes its products and services over the internet. Table of Contents necessary in order to offer its products directly to subscribers in more effective ways. Claro Brasil also has a corporate-sales group to cater to the needs of its large corporate and other high-usage customers.

In addition, Embratel has a corporate-sales group dedicated to the needs of its large corporate and other high-usage customers. Billing and Collection. Wireless Operations. Claro Brasil bills its postpaid customers through monthly invoices that detail itemized charges and services. Accounts that are more than days past due are categorized as doubtful accounts, as are all other accounts related to the same customer.

A Claro Brasil prepaid customer who purchases a card has between 5 and days from the date of activation of the card to use the airtime, depending on the amount added. After such time, the customer can no longer use that airtime for outgoing calls unless the customer activates a new card. Fixed-line Operations.

Embratel directly bills a portion of its customers for their fixed-line telecommunications and related services, including collect-calling and standard-voice services. In recent years, that strategy has proved successful, as bad-debt as a percentage of sales constituted only 0. Table of Contents Our Networks and Technology.

Wireless Networks. Fixed-line Networks. Embratel owns the largest long-distance network in Latin America and the largest data-transmission network in Brazil. Embratel also has approximately 59, kilometers of cable in a mesh network that has three or more outlets with a capacity of 7. Embratel has local metropolitan digital fiber networks with approximately 8, kilometers of cable in the major Brazilian cities. Embratel is attaching fiber extensions to commercial buildings connected to metropolitan rings, providing high quality direct connections.

To supplement its network, Embratel uses long-distance microwave systems, in areas where installation of fiber cables is difficult, with a total range of 16, kilometers and seven satellites to provide services to remote locations within the country and it leases satellite capacity from international satellite systems and submarine capacity in other private cable systems. The network also has in place the architecture necessary to provide pay-per-view and video-on-demand services in additional regions once it becomes commercially viable to do so.

Satellite Network. Embratel, and Star One, have the most extensive satellite system in Latin America with a fleet covering the entire territory of South America and Mexico, as well as part of Central America and part of Florida. Star One currently has seven satellites in full operation i. Star One also currently operates two satellite control centers that are certified by the International Organization for Standardization.

Table of Contents Embratel and Star One have a program to replace satellites that are nearing or have reached the end of their contractual lives, thereby ensuring the continuity and quality of their communication services. Pursuant to that program, Star One successfully launched the C-3 satellite in November to replace the B-3 satellite. We offer both our wireless and fixed-line services under the Claro brand. We are the largest wireless telecommunications and Pay TV services provider in Colombia, measured by number of subscribers.

In , our Colombia segment had revenues of Ps. The figures presented below, for all periods, have been adjusted to reflect the removal of our operations in Panama from this segment:. Wireless Services and Products. We offer wireless voice and data services under a variety of plans to meet the needs of different market segments.

We also offer international roaming services to our subscribers through wireless service providers with which we have entered into international roaming agreements around the world, and we provide GSM and 3G roaming services to customers of our international roaming partners. In connection with the provision of our voice services, we earn interconnection revenues from calls to any of our subscribers that originate with another service provider.

We charge the service provider from whose network the call originates an interconnection charge for the time our network is used in connection with the call. Similarly, we must pay interconnection fees in respect of calls made by our subscribers to customers of other service providers. We offer data services, including SMS, MMS, premium SMS and premium MMS, mobile entertainment services, data-transmission including messaging, chat and access to social networks , internet browsing and e-mail services.

We also offer a variety of products as complements to our wireless service, including handsets and smart phones, and accessories such as chargers, headsets, belt clips, batteries, broadband cards and netbooks. In addition, we offer other wireless services, such as push-to-talk Services. Fixed-line Services and Products. We offer fixed-line voice services, including local and long-distance services, data services, including data administration and hosting services, broadband services and Pay TV services, such as video on demand, to both corporate and residential customers under a variety of plans to meet the needs of different user segments.

In addition, we offer data center and carrier services. Our wireless networks, which cover approximately Our principal wireless competitors are Colombia Telecomunicaciones S. We are the largest wireless telecommunications services provider in Argentina and the third largest in Chile, Paraguay and Uruguay, measured by number of subscribers.

In , our Southern Cone segment had revenues of Ps. We also offer international roaming services to our subscribers through the networks of cellular service providers with which we have entered into international roaming agreements around the world, and we provide GSM and 3G roaming services to customers of our international roaming partners.

We also offer a variety of products as complements to our wireless service, including handsets and smartphones, and accessories such as chargers, headsets, belt clips, batteries, broadband cards and netbooks. In addition, we offer other wireless services, such as push-to-talk services. We offer fixed-line voice services, including local and long-distance services, data services, including data administration and hosting services and broadband services to both corporate and residential customers under a variety of plans to meet the needs of different user segments.

In Argentina our wireless networks, which cover approximately In Paraguay our wireless networks, which cover approximately In Uruguay our wireless networks, which cover approximately Table of Contents Competition. In Argentina, our principal wireless competitors are Telecom Personal S. In Chile, our principal wireless competitors are Entel S. We offer wireless, fixed-line voice, broadband, Pay TV and directory services and products in our Andean Region segment under the Claro brand through our subsidiaries Consorcio Ecuatoriano de Telecomunicaciones S.

Conecel is the largest wireless telecommunications services provider in Ecuador and the second largest in Peru, measured by number of subscribers. In , our Andean Region segment had revenues of Ps. In connection with the provision of voice services, we earn interconnection revenues from calls to any of our subscribers that originate with another service provider.

We offer fixed-line voice services, including local and long-distance services, data services, including data administration and hosting services, broadband services and Pay TV services to both corporate and residential customers under a variety of plans to meet the needs of different user segments.

In Ecuador, our wireless networks, which cover approximately In Ecuador, our principal wireless competitor is Otecel S. Movistar ; and our principal fixed-line competitors are Setel S. We are the largest wireless telecommunications services provider in Nicaragua, the second largest in El Salvador, Guatemala and Honduras and the fourth largest in Panama, in each case measured by number of subscribers.

In , our Central America segment had revenues of Ps. We offer data services, including SMS, MMS, premium SMS and premium MMS, mobile entertainment services, data-transmission, internet browsing, e-mail services and access to social networking and instant messaging applications.

In El Salvador our wireless networks, which cover approximately In Nicaragua our wireless networks, which cover approximately In Panama our wireless networks, which cover approximately Our wireless networks in Costa Rica, which cover approximately In Guatemala, our principal wireless competitors are Comunicaciones Celulares, S. We are the largest prepaid wireless telecommunications services provider in the United States, measured by number of subscribers.

DLA is a leader in the development, integration and delivery of entertainment products made for digital distribution in Latin America. DLA offers Pay TV content and entertainment solutions, including on-demand services basic, transactional or by subscription to network providers in Latin America, Spain, Portugal, the Caribbean and the Hispanic market in the United States.

In , our United States segment had revenues of Ps. We offer prepaid wireless debit card services, as well as prepaid wireless handsets through an extensive distribution network of independent retailers. Networks and Technology. We do not own any wireless telecommunications facilities or hold any wireless spectrum licenses in the United States. Instead, we purchases airtime through agreements with approximately ten wireless service providers and re-sell airtime to customers.

We compete with the major U. We are the largest wireless telecommunications services provider in the Dominican Republic and the second largest in Puerto Rico, measured by number of subscribers. In , our Caribbean segment had revenues of Ps. We also offer international roaming services to our subscribers through the networks of cellular service providers with which we have entered into international roaming agreements around the world, and we provide CDMA, GSM and 3G roaming services to customers of our international roaming partners.

In connection with the provision of our voice services in the Dominican Republic, we earn interconnection revenues from calls to any of our subscribers that originate with another service provider. In addition, we offer other wireless services, such as push-to-talk services in the Dominican Republic. In the Dominican Republic our wireless networks, which cover approximately Investment in KPN. KPN is the leading telecommunications and IT service provider in The Netherlands, offering fixed-line service, wireless service, internet and TV to consumers.

KPN offers business customers complete telecommunications and IT solutions. KPN provides wholesale network services to third parties and operates an IP-based infrastructure with global scale in international wholesale through iBasis. We have agreed to subscribe for new shares in the rights offering, in proportion to our current ownership of KPN shares. Investment in Telekom Austria. Together, these eight countries comprise a market of approximately 41 million.

Applicable Legislation. Such a concession may only be granted to a Mexican citizen or corporation and may not be transferred or assigned without the approval of the SCT. A concession to provide wireless services that utilize frequencies of radio-electric spectrum generally has a term of up to 20 years and may be extended for additional year terms.

A concession to provide public fixed-line local and long-distance services generally has a term of up to 30 years and may be extended for additional year terms. The Federal Telecommunications Law requires public telecommunications concessionaires to establish an open-network architecture that permits interconnection and interoperability. Principal Regulatory Authorities. Cofetel is an independent agency within the SCT, headed by five commissioners appointed by the President of Mexico, one of whom is appointed as chairman.

Many of the powers and obligations of the SCT under the Federal Telecommunications Law and the telecommunications regulations have been delegated to Cofetel. The Federal Telecommunications Law also provides that at the expiration of a concession, the Mexican government has a right of first refusal to acquire the assets used directly in the exploitation of the concession. This law regulates publicity, the quality of services and information required to be provided to consumers and provides a mechanism to address consumer complaints.

A recent amendment to this law also permits class actions for consumer claims. Profeco has the authority to impose fines, which can be significant. Telcel Rates. The Federal Telecommunications Law provides that wireless services concessionaires may freely determine the rates for telecommunications services, including interconnection. Mobile rates are not subject to a price cap or any other form of price regulation.

However, Telcel and other mobile carriers operating in Mexico are required to register their rates for mobile services with Cofetel prior to implementing such rates. Cofetel is authorized to impose specific rate requirements on any operator that is determined by Cofeco to have substantial market power under the Federal Antitrust Law.

Table of Contents Telmex Rates. Every four years, Telmex files a model before both Cofetel and the SCT, with its projections of units of operation for basic services, costs and prices. Within this aggregate price range, Telmex is free to determine the structure of its own rates. Telmex must get permission from Cofetel before its rates can take effect.

The price cap varies directly with the Mexican National Consumer Price Index, allowing Telmex to raise nominal rates to keep pace with inflation minus a productivity factor set for the telecommunications industry , subject to consultation with the SCT. Telmex has not raised its nominal rates since March , for local-service, and since March for long-distance service.

The SCT sets a periodic adjustment for every four-year period to permit Telmex to maintain an internal rate of return equal to its weighted average cost of capital. These services include data-transmission, directory services and services based on digital technology, such as caller ID, call waiting, speed dialing, automatic redialing, voice mail, as well as three-way conference and call transfer. During , Cofetel notified Telmex of three resolutions mandating reductions to the interconnection rates that Telmex charges to other telecommunications providers.

Telmex has filed petitions to challenge these resolutions before Cofetel and resolution of these petitions is pending. Calling Party Pays. Mobile operators do not charge airtime fees to customers receiving calls, except for roaming fees applicable when subscribers receive calls outside their local areas. Telcel Concessions.

Telcel operates under several different concessions covering particular frequencies and regions, holding an average of Region in Mexico. Band B MHz. Band D MHz. Band F MHz. Bands B2, C, D 1. The concession was granted for an initial term of 15 years, and it is subject to extension for an additional year period. In and , the eight Band B concessions covering regions outside the Mexico City area were renewed, with certain additional conditions imposed on Telcel.

Telcel challenged the imposition of some of these conditions in a process that does not affect the validity of the renewals, and a final resolution of such challenge is still pending. All of these concessions are subject to renewal for additional year terms. Concession Fees. In addition to the upfront payment applicable to all of the MHz F Band concessions, 1.

The amounts payable are set forth by the Federal Annual Fees Law Ley Federal de Derechos and vary depending on the relevant region and radio spectrum band. The Band B concessions renewed in and required Telcel to pay an aggregate upfront fee of Ps. The grant of the nationwide 1. Service Quality Requirements. The Technical Plan is applicable to all operators, including Telcel.

The Technical Plan, which imposes additional service quality requirements for voice, SMS and internet services to those set forth in our concessions and includes a methodology based on site measurements that may be publicly available and potential fines for non-compliance with voice-quality requirements. We believe we are in compliance with the service quality requirements of our concessions and of the Technical Plan.

Telcel is challenging the allegations and penalties in proceedings that are still pending. Telmex Concessions. Thereafter, it may be renewed for successive year terms, as provided under the Federal Telecommunications Law. Table of Contents separate concession in a region located in two states in northwestern Mexico that will expire in and may be extended for an additional year term thereafter. The material terms of the Telnor concession are similar to those of the Telmex concession.

In addition, Telmex currently holds concessions for the use of frequencies to provide wireless local access and point-to-point and point-to-multipoint transmission. Telmex obtained these concessions from Cofetel through a competitive bidding process for a term of up to 20 years that may be extended for additional year terms. The General Communications Law provides that upon the expiration of the Telmex concession the Mexican government is entitled to purchase its telecommunications assets at a price determined on the basis of an appraisal by a public official.

Termination of Concessions. The General Communications Law, the Federal Telecommunications Law and the concessions include various provisions under which the concessions may be terminated before their scheduled expiration dates. Under the Federal Telecommunications Law or the terms of the concessions, as applicable, the SCT may cause early termination of any of the concessions in certain cases specified by law. The General Communications Law provides that, in the event of early termination of our concessions, all assets that are subject to such concession would revert to the Mexican government without compensation.

In the event of early termination of any of our concessions, the Mexican government would have the option to purchase the equipment, installations and other assets used directly for the exploitation of the frequencies that are subject to such concession. The telecommunications regulations and the concessions contain various provisions designed to introduce competition in the communications services market. In general, the SCT is authorized to grant concessions to other parties for the provision of any of the services provided by Telcel and Telmex under the concessions.

Of particular importance for Telmex is the fact that Mexican authorities have adopted regulations to permit cable television providers to provide voice-transmission services to local fixed-line telecommunications operators and data and broadband internet access services to the Mexican public. Regulations have also been adopted to allow other local telephone service providers to provide Pay TV and audio services, but to date Telmex has been unable to obtain authorization to do so.

Mexican Regulatory Proceedings. The Federal Telecommunications Law authorizes Cofetel to impose specific requirements as to rates, quality of service and information on any wireless operator that is determined by Cofeco to have substantial power in a specific market according to the Federal Antitrust Law. Telcel is the target of two substantial market power investigations initiated by Cofeco. In the first investigation, Cofeco determined that Telcel had substantial market power over the mobile termination switched services it provides to other concessionaries through its network.

Telcel filed an appeal for relief recurso de. Table of Contents amparo against such ruling. The second investigation relates to whether Telcel enjoys substantial market power in the nationwide market for voice and data services. In March , Telcel was notified of a final ruling issued by Cofeco confirming that Telcel does indeed enjoy substantial market power in the nationwide market for mobile telephone services.

Telcel filed an appeal for relief recurso de amparo against the March ruling. Resolution of both appeals for relief recurso de amparo is pending. These rulings allow Cofetel to impose against Telcel specific requirements as to rates, quality of service and information, though it has not yet done so.

In April , following a regulatory inquiry initiated in , Cofeco notified our subsidiary Telcel of a resolution imposing a fine of Ps. In May , Cofeco revoked the fine. As a condition to the revocation of the fine, Telcel must comply with all specific undertakings that it proposed to Cofeco in March Certain of the operators that were parties to that proceeding have challenged the revocation of the fine. Beginning in , Cofeco initiated four investigations to evaluate if Telmex and its subsidiary Telnor have substantial power in certain markets.

Cofeco has issued final resolutions concluding that Telmex and Telnor have substantial power in all four of the relevant markets investigated. Cofeco denied the petitions for reconsideration. With respect to the matters for which the appeals were denied, Cofetel can impose specific tariff requirements or other special regulations, such as additional requirements regarding disclosure of information or quality of service. Consequently, in April , Cofetel published, in the Official Gazette, an agreement establishing requirements regarding tariffs, quality of service, and information for dedicated-link leasing.

Telmex believes it could have an adverse impact on its revenues and results of operations. Telmex and Telnor have filed a petition for relief against that resolution, and that petition is still pending. Table of Contents Mobile Termination Rates. Under the calling party pays system, when the customer of one operator local or long-distance places a call to a customer of another operator, the first operator pays the second a fee, which is referred to as an interconnection fee or mobile termination rate.

Under Mexican law, interconnection fees are negotiated between operators. There has been extensive controversy in Mexico concerning the mobile termination rates payable to mobile operators since See Note 17 to our audited consolidated financial statements included in this annual report. February Interconnection and Interoperability Plan. With respect to mobile termination fees, the Plan establishes a process for developing an economic model over a relatively brief period and then applying the economic model to set fees, which could override the existing fee agreements among service providers.

Telcel believes that the implementation of the Plan will result in asymmetrical and discriminatory treatment for those service providers that Cofetel has determined are dominant. And that it will also subject these service providers to specific technical and legal requirements and different economic, technical and legal conditions than the other service providers, such as the disaggregation of network components.

Accordingly, Telcel, Telmex and Telnor have challenged the Plan. We are unable to predict the competitive and financial effects that might result if those challenges are resolved against us and the Plan is implemented, though they could materially reduce our revenues in future periods. Consolidation of Local-service Areas. In , Cofetel issued guidelines regarding the consolidation of local-service areas. Following a legal challenge by Telmex, the guidelines were withdrawn in June In April , Cofetel presented new draft guidelines for public consultation.

If these guidelines become final, the number of local-service areas would decrease significantly, resulting in a reduction in our revenues from long-distance calls. Additionally, we would have to invest in adapting our technology to the changes in fixed-number dialing that the guidelines contemplate. Legislation and Main Regulatory Authorities.

The primary telecommunications regulator in Brazil is Anatel, which has the authority to grant concessions and licenses for all telecommunications services, except broadcasting, and to propose and issue regulations that are legally binding on telecommunications services providers.

Anatel regulates rates for telecommunications services. In general, PCS license-holders are authorized to increase basic plan rates only annually and to adjust for inflation less a factor determined by Anatel based on the productivity of each operator during the year. Data transmission rates are not regulated. Table of Contents General Regulatory Plan. Under the PGR, during Anatel auctioned 4G spectrum frequencies with coverage obligations that aim to expand broadband access to rural and low-income areas.

The new framework, among other things: allows new entrants into the Pay TV market, including telephone companies; permits existing Pay TV operators to migrate to the new regulatory regime even in cases where their current license contracts are still in full force and effect; establishes that no license renewal requests, transfer of control requests, or changes in corporate structure requests will be granted, unless existing Pay TV operators convert their old licenses to new licenses governed by the new legal framework; establishes Brazilian content quotas; and requires operators to provide free access to certain local and municipal channels.

Anatel issued the main regulations regarding the new legal framework in March All licenses have national coverage and operators are not permitted to have multiple Pay TV licenses. Our subsidiaries expect to continue to acquire spectrum as Anatel conducts additional auctions.

Table of Contents The following table sets forth the regions in Brazil in which our subsidiaries hold licenses to provide wireless services, as well as the termination dates of such licenses:. Regions in Brazil. National all states. Rio Grande do Norte. Santa Catarina. Rio de Janeiro. Espirito Santo. Rio Grande do Sul. Minas Gerais. Distrito Federal. Mato Grosso do Sul. Mato Grosso.

Other Licenses. Table of Contents Star One:. Our Brazilian subsidiary Star One has the following authorizations:. Orbital Position. We expect that Anatel will subsequently unify all 95 licenses into a single license. These licenses impose certain technical, financial and legal requirements and have no expiration date.

Wireless Interconnection Fees. Since , mobile termination rates in Brazil are negotiated by operators, subject to the condition that wireless operators offer to all other fixed-line and wireless operators the best rates offered to any fixed-line operator. Our Brazilian subsidiaries have not always been able to reach agreements on the mobile termination rates with certain operators and some of these operators have sought the intervention of Anatel or the Economic Defense Department.

We expect that mobile termination rates will continue to be the subject of litigation and administrative proceedings. We cannot predict when or how these matters will be resolved. The competitive and financial effects of any adverse resolution of these proceedings could be complex and difficult to predict, but if the rates set as a result of these proceedings are different from the ones Claro Brasil has agreed to with most operators, Claro Brasil may suffer a financial impact.

In , Anatel defined a series of cost-based methods, for determining interconnection fees charged by operators belonging to an economic group with significant market power. Under this proposal, Claro Brasil would be an economic group with significant market power. In November , Anatel published Resolution N.

In , the mobile termination rates will be defined by a cost model to be finalized during The cost model is expected to be ready during , to take effect in When the PGMC is implemented and if Claro Brasil is deemed to be an economic group with significant market power, its revenues and results of operations may be affected. Table of Contents Pending implementation of the cost-based methodology, Anatel published a transitory regulation that imposes a reduction of interconnection fees that will have a negative financial impact on Claro Brasil, although it is unclear what its financial impact will be on Embratel.

This regulation came into effect in the first quarter of Fixed Line Interconnection Fees. Fixed line operators may freely negotiate interconnection rates, subject to a price cap established by Anatel. However, if an operator offers an interconnection fee below the price cap to another operator, it must offer the same price to any other operator that requests it.

Competition Regulation. Their key objective is to lower prices in the wholesale markets and to ensure equal treatment among competitors. In December , Anatel held public consultations regarding reference prices for such markets and its final decision on the matter is expected to be released before their enforcement.

All wholesale contracts within these regulated markets are to be overseen by a third-party company hired by all main operators. Quality of Service Regulation. Noncompliance with the targets set by the RGQ and other quality of service regulations may result in the imposition of penalties by Anatel. As such, in July , Anatel suspended Brazilian mobile phone providers TIM, Claro and Oi from selling new telephone lines in some states throughout the country, due to high rates of customer complaints.

In each state, the company with the highest number of complaints was prohibited from conducting sales. Claro was prohibited from conducting sales in 3 states. As a result, operators were requested to present to Anatel an investment plan that tackled issues of customer service and quality. During , operators hired a third-party company whose measurements should be released in Reversible Assets.

Upon expiration of these concessions, such assets may be revert to the Brazilian government in exchange for some compensation for the investments made in those assets. Table of Contents overseeing the telecommunications sector, including wireless operations. The activities of Comcel and Telmex Colombia are also supervised by the Colombian Superintendency of Industry and Commerce Superintendencia de Industria y Comercio , which enforces antitrust regulations, promotes free competition in the marketplace and protects consumer rights.

In September , the CRC opened an administrative action to impose new regulatory measures on Comcel because of its dominant position in the outgoing mobile services market. We have made the required application for this license in order to provide DTH services and our application is in process. Comcel is currently reviewing with the local authorities the conditions for the renewal of three of its concessions that will expire in March Because the bill is still in committee, we cannot anticipate whether or in what form it will be approved.

AMX Argentina holds licenses covering the entire Argentine territory. These licenses contain coverage, reporting and service requirements, but do not have a fixed expiration date. The Communications Ministry is in charge of supervising the telecommunications industry in Argentina and is authorized to foreclose and sell the shares of a licensee in case of specified breaches of the terms of a license.

ARSAT , the state-owned operator, was granted the use of certain frequencies of the radio spectrum in the bands of MHz and MHz, after the public-bidding process for those frequencies had been cancelled. The General Telecommunications Law of , as amended, established the legal framework for the provision of telecommunications services in Chile.

The law established the rules for granting concessions and permits to provide telecommunications services and for the regulation of rates and interconnection. The main regulatory agency of the telecommunications sector is the Chilean Transportation and Communications Ministry Ministerio de Transportes y Telecomunicaciones , which acts primarily through the Undersecretary of Telecommunications. Claro Chile holds a concession covering the entire Chilean territory.

The concession was granted in June and covers a year period. The concession imposes coverage, reporting and service quality requirements. The Chilean Transportation and Communications Ministry is authorized to foreclose any concessionaire in the event of specified breaches of the terms of the concession. The term of this concession is for a year period for the Metropolitan area and Region V and for an indefinite period for the rest of Chile.

One of our subsidiaries has the right to use licenses to provide local fixed and wireless service through the 50 MHz of the 3. In addition, some subsidiaries in Chile provide domestic and international long-distance service, data services, internet access, pay television services and value-added services. It is authorized to cancel licenses in case of specified breaches of the terms of a license.

AMX Paraguay also holds a nationwide internet access license, which was granted in December and is in the renewal process. The licenses are renewable, subject to regulatory approval, and contain coverage, reporting and service requirements.

In December , the National Telecommunications Commission of Paraguay approved the regulation for number portability, which was implemented during the fourth quarter of Table of Contents in charge of supervising the telecommunications industry in Uruguay.

Flimay expects to begins providing DTH services during Our wireless and fixed-line operations are subject to regulation by:. This included a concession for PCS services that expires in August The renewal of the PCS concession allows us to provide 3G services and contains stricter quality-of-service requirements for, among other things, the number of successful call completions, average delivery time of SMS services, average time an operator takes to deal with all aspects of a customer call, geographic coverage and service conditions.

In , Conecel renewed its license to provide internet value added services, which expires in In , Conecel obtained a license to provide carrier services, which expires in The license expires in Ecuador Telecom holds a concession to offer wireless and fixed-line voice, public telephony and domestic and international long-distance carrier services, as well as a license to use the 3.

Each of the concessions was awarded by the Ministry of Transportation and Communications, and covers a year period. The concessions contain coverage, reporting, service requirements and spectral efficiency goals. The Ministry of Transportation and Communications is authorized to cancel any of the concessions in case of specified breaches of its terms.

Other Jurisdictions. Claro holds a concession in the MHz and MHz bands to operate its cellular network. Telgua holds a license from the Guatemalan government to operate its nationwide fixed-line network and numerous licenses to operate its cellular network in the MHz and MHz frequencies nationwide. The license grants the right to use 30 MHz in the MHz band for a year period. TracFone is not required to hold wireless licenses to carry out its business.

Codetel holds concessions to provide telecommunication services in the Dominican Republic. The concessions do not contain coverage, reporting or service requirements. Indotel is authorized to cancel the concessions in the event of specified breaches of their terms.

Our Puerto Rican subsidiaries hold concessions to provide telecommunication services, including local exchange and long-distance services in Puerto Rico, long-distance interstate and international services, roaming services and Pay TV services, that contain coverage, reporting and service requirements. The FCC and the TRBPR have the authority to cancel the concessions, within their competent jurisdiction in the event of specified breaches of their terms. Operating and Financial Review and Prospects Introduction.

Changes in IFRS. Note 3 to our audited consolidated financial statements discusses new accounting pronouncements under IFRS that were published in With the exception of IAS 19, we are still evaluating the impact that these pronouncements may have on our consolidated financial statements.

IAS 19 modifies existing IFRS on the recognition of changes in the defined benefit obligation and plan assets for employee benefits by, among other things, eliminating the corridor approach related to the recognition of certain actuarial items.

The modifications require retrospective application, subject to certain exceptions.

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