Mexico's Top 100 Companies: Our annual look at the best in business.In 2003, the contenders separated themselves from the also-rans. Those runners who had kept a tight rein during the downturn found they were able to coast away as they rounded the bend into an economic recovery. For the weaker runners, the second wind never came, leaving them to drift several lengths behind in our comprehensive charting of the nation's elite companies. Our annual report on Mexico's Top 100 companies highlights the chiaroscuro chiaroscuro (kyärōsk  `rō) [Ital.,=light and dark], term once applied to an early method of printing woodcuts from several blocks and also to works in black and white or monotone. of Mexican business, by focusing on two of the
country's most notable billionaires and the way their business
practices have altered the performance of their respective holdings.
Looking back at the 2003, it has been one of quiet advances rather than jaw-dropping surprises. Up to mid-March, while the economy was bottoming out, the stock market was consolidating at post-9/11 lows, the Iraq conflict was staring stare v. stared, star·ing, stares v.intr. 1. To look directly and fixedly, often with a wide-eyed gaze. See Synonyms at gaze. 2. To be conspicuous; stand out. 3. us in the face and the region was preoccupied pre·oc·cu·pied adj. 1. a. Absorbed in thought; engrossed. b. Excessively concerned with something; distracted. 2. Formerly or already occupied. 3. with events in the East. However, the wave of optimism that followed the war surpassed expectations as investors looked for ways of getting their cash flows back on track. With U.S. rates at an all-time low to stimulate the economy, the desired effect soon kicked in, while investors kept Mexican company finances buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. by hungrily snapping up both stock and debt issues. What we witnessed among the high rollers High Rollers was an American television game show which aired on the NBC network from July 1, 1974 to June 11, 1976 and again from April 24, 1978 to June 20, 1980. Two different syndicated versions were also produced, the first a weekly series from September 8, 1975 to was a number of turnarounds for giant businesses that had been too close to the wall for comfort. Many of them were in the sector most reliant on U.S. recovery, the industrial sector. With the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. recovery gaining steam, the next flurry Flurry A drastic volume increase in a specific security. of activity was in the previously quiet mergers-and-acquisitions arena. The biggest spender of the year was Carlos Slim's wireless giant America Movil, which hungrily snapped up a number of wireless assets across Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . However, there was still time for the megabucks A lot of money! Coca-Cola Femsa Coca-Cola FEMSA is the anchor bottler of Coca-Cola and its related soft drink products in much of Latin America. The company is an important part of the Coca-Cola System. Specifically, Coca-Cola FEMSA distributes about 10% of the worldwide production of Coca-Cola products. deal. which saw Panamco gobbled up and KOF KOF King of Fighters (game) KOF Konjunkturforschungsstelle (Zurich, Switzerland) KOF Knights of Freedom (online gaming clan) KOF Knights of Fire propel pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin itself to No. 2 Coke bottler worldwide and leap nine places to No. 12 on our list in the process. Early in 2004, there were a couple of big plays by European giants--Swiss cement firm Hoclim bought up the reins reins pl.n. The kidneys, loins, or lower back. of Holcim Apasco (No. 31) while Spanish banker BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) took control of Bancomer (No. 6). The strong Euro was the dealmaker deal·mak·er n. One that makes deals, as in business, finance, or politics. deal  mak in both these purchases and a sign that
Europe may have a bigger say in the Mexican market in the coming years.
CONTRAST: SLIM AND SALINAS Salinas, city, United States Salinas (səlē`nəs), city (1990 pop. 108,777), seat of Monterey co., W Calif.; inc. 1874. It is the shipping and processing center of a fertile valley famous for its grain and lettuce. For a nutshell look into how 2003 unfolded for Mexican bosses, we can take a quick glance at two of the country's main protagonists and best-known businessmen: Carlos Slim and Ricardo Salinas Pliego Ricardo Benjamín Salinas Pliego (b. in 1956) is a Mexican businessmen and one of Forbes World's Richest People since 2000. He serves as President and CEO of Grupo Salinas and Grupo Elektra, two holdings with interests vested in telecommunications, media and retail stores, . Just like last year, our Top 100 is glaringly glar·ing adj. 1. Shining intensely and blindingly: the glaring noonday sun. 2. Tastelessly showy or bright; garish. 3. top heavy with Slim's personal portfolio. Telmex, America Movil, America Telecom, Carso Global Telecom Carso Global Telecom is a conglomerate of companies formed in 1996 after separating all telecommunication-related companies from Grupo Carso. This company does not have any employees as it is only a holder of stocks of companies such as Telmex, Telcel and América Móvil. and Grupo Carso Grupo Carso is a conglomerate of companies owned by the Mexican tycoon Carlos Slim. It was formed in 1990 after the merge of Corporación Industrial Carso and Grupo Inbursa. The name Carso stands for Carlos Slim and Soumaya Domit de Slim †, wife of Slim. with Inbursa (24), Sanborns (21), US Com (38) and La Moderna (61) hovering hov·er intr.v. hov·ered, hov·er·ing, hov·ers 1. To remain floating, suspended, or fluttering in the air: gulls hovering over the waves. 2. below. Besides his direct holdings, he has healthy stakes in Televisa (15), ICA Ica (ē`kä), city (1993 pop. 108,724), capital of Ica dept., SW Peru, on the Pan-American Highway. It is a commercial center for the cotton, wool, and wine produced in the region. There are several summer resorts nearby. (44) and Desc (28). Besides that, his extended family appears to have a thumb in a large number of our Top 100 pies. His cousin Harp harp, stringed musical instrument of ancient origin, the strings of which are plucked with the fingers. Harps were found in paintings from the 13th cent. B.C. at Thebes. In different forms it was played by peoples of nearly all lands throughout the ages. Helu, for example, purchased minority stakes in Marti (82), Posadas Posadas (pōsä`thäs), city (1991 pop. 211,297), capital of Misiones prov., NE Argentina, a port on the upper Paraná River. Its industries include woodworking and metallurgy. (49), Herdez (57) and Ceramica (68) in a two-day shopping spree. During the year, rather than resting on his laurels, Slim has maneuvered his flagship telecoms into a very powerful regional position with a number of strategic purchases across South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Suddenly, America Movil and Telmex's brands are everywhere and looking to create synergies through a solid South American network American Network is cable/satellite television network. It broadcasts only American shows. Is part of Televisa Networks, as affiliate on Televisa. Programs broadcast by American Network Talk Shows
The good news for these bought-out companies is Slim's renowned Midas touch--the knack he has for turning flounderers around after snatching them up for a knockdown price. For example, days after struggling construction firm ICA received investment from the Slim clan clan, social group based on actual or alleged unilineal descent from a common ancestor. Such groups have been known in all parts of the world and include some that claim the parentage or special protection of an animal, plant, or other object (see totem). , it was awarded a handful of lucrative contracts, demonstrating the confidence top-level government has in Slim's ability, as well as his elite personal contacts. On the other side of the coin, Slim has also shown his ability to walk away from a deal, evidenced by his actions with U.S. chain Circuit City Stores. When shareholders rejected his generous premium for the company's shares, he went about drastically reducing his stake and opted to purchase Good Guys, Inc. instead through his US Com operations. The engineer is seen as running a tight ship. This domination is in sharp contrast to our other protagonist: Salinas Pliego. The chairman of all things Azteca (TV Azteca TV Azteca is the second largest Mexican television network. It was established in 1968 as the state-owned Instituto Mexicano de la Televisión ("Imevisión"), and was privatized under its current name in 1993. Its flagship program is the newscast Hechos. , Elektra, Banco Azteca Banco Azteca a Grupo Salinas company. Banco Azteca has more than 1,500 branches throughout Mexico and other countries in Latin America and is already among the two largest banks in Mexico in terms of coverage. With more than 5. and Unefon) has been in the news all year, and it is generally for all the wrong reasons. The year started with him sending troops into Canal 40 in a dispute over ownership of the TV station. The dispute is still bogged down in the courts. His next bold move was the purchase of wireless loser (jargon) loser - An unexpectedly bad situation, program, programmer, or person. Someone who habitually loses. (Even winners can lose occasionally). Someone who knows not and knows not that he knows not. lusacell from Vodafone and Verizon. The struggling company was snapped up for a mere US$10 million but with the assumption of US$800 million in debt, which is now in default. Much noise was made about the purchase--debt-holders were convinced that under Salinas' guidance, they would never see their investment again. At this very moment, fears that he might transfer all the company's assets (especially the 1.5 million subscribers) to his other companies may well be ringing true. With another wireless concern, Unefon, under his control, the transfer of users would be simple--aided by the fact that Unefon has a far stronger brand image among Salinas' favorite core market--the low-end consumer. It doesn't end there, because Unefon itself hasn't exactly been out of the headlines. The company was cheered when it managed to clear up a legal row with Canada's Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony . However, when the SEC got involved, investors got spooked once again--it turned out that some undisclosed payments were made to a middle company to broker a deal. Who turned out to be the CEOs of that company? None other than Salinas himself and Unefon partner Moises Saba. The two of them pocketed US$218 million in the deal. The Salinas effect certainly kept the market on its toes in 2003. The contrast between the two is more pronounced when their common ancestry an·ces·try n. pl. an·ces·tries 1. Ancestral descent or lineage. 2. Ancestors considered as a group. [Middle English auncestrie, alteration (influenced by is examined. "Both Slim and Salinas Pliego were cronies of [ex-President] Carlos Salinas and got very, very rich during his administration," said an editor of a leading business magazine, who requested anonymity. "The difference is that Slim is more discreet dis·creet adj. 1. Marked by, exercising, or showing prudence and wise self-restraint in speech and behavior; circumspect. 2. Free from ostentation or pretension; modest. about his business activities, whereas Salinas Pliego is flamboyant and likes to boast about how he plays by his own rules." Our source believes that now that Salinas is in trouble with the SEC "a lot of people are quietly smirking because the SEC is now telling him he has to play by their rules." To see the contrasting Slim and Salinas effects, we delve into our Top 100 to flesh out the biggest movers of the year. BIG MOVERS AND TRENDS Although our top 10 looks little changed from last year, the devil is in the detail. A closer look reveals that the lack of change in the biggest players was made up for by vastly improving figures in all categories--for example, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the top 10 totaled 846 billion pesos versus last year's 720 billion pesos--a net gain of 17.5%. The story is true across the board, with the big boys taking advantage of their year of bottom-fishing and streamlining to get into the fast lane once the economy took off. The strong performance by some of the more dynamic players means that many of the firms that fell in our Top 100 have actually shown an improvement, just not on the scale of our top performers. Peering into our top 5 we can see an example of this trend. Walmex and Bancomer have switched places at 3 and 5, with the retailer moving up and the bank dropping a couple spots. Walmex has seen expansion across the board as it continues to spread into every corner of Mexico with its aggressive pricing policy. Bancomer, meanwhile, has drifted, following a small drop in net sales and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. , although other criteria showed notable improvements. While this trend is echoed throughout the table, our biggest gainer at the top end is Coca-Cola Femsa (up nine places to 13) whose rise is entirely due to its timely purchase of Panamco, effectively making it the world's second-biggest Coca-Cola bottler, servicing the nation with the world's highest per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. Coca-Cola consumption. The absorption of Panamco has effectively doubled KOF's sales and operating performance. Looking further down, Elektra (up six places to 24) has turned it round this year and was very opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. with its forage forage Vegetable food, including corn and hay, of wild or domestic animals. Harvested, processed, and stored forage is called silage. Forage should be harvested in early maturity to avoid a decrease in protein and fibre content as crops mature. into Banco Azteca. Salinas' one success story, it has suddenly franchised a large swath of the population into having bank accounts. This is evidenced by the large queues inside any Elektra in the country, though the bank is still in its fledgling stage and the synergies with other holdings have yet to kick in. On the downside On the Downside is an EP by the San Diego, California band Counterfit, released by Alphabet Records in 2000. It was the band's first EP, recorded shortly after the members had relocated to San Diego from Fairfield County, Connecticut. , Desc has slipped 6 places to 29 after selling off a number of assets through the year in an effort to keep afloat. Its auto-parts unit has been particularly vulnerable to a slowdown in U.S. demand. However, the biggest mover mover /mov·er/ (moo´ver) that which produces motion. prime mover a muscle that acts directly to bring about a desired movement. downward was Savia, which did not manage to survive the downturn in one piece--its precipitous, 31-place drop to No. 73 was due to the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of its core seed-production unit (and 75% of its sales) Seminis to U.S. company Fox Paine. In action lower down, Salinas's shuffling of assets led to two more of our other largest movers. The use of Biper to buy up the assets of Iusacell saw Biper itself lifted 15 places to No. 77, while Iusacell tumbled 14 places to 74. News of a readjustment re·ad·just tr.v. re·ad·just·ed, re·ad·just·ing, re·ad·justs To adjust or arrange again. re of Salinas' wireless assets (Biper, Iusacell and Unefon) should not be long in coming, and the result will be carefully scrutinized for any manifestation man·i·fes·ta·tion n. An indication of the existence, reality, or presence of something, especially an illness. manifestation (man´ifestā´sh of the Salinas effect. Sector-by-Sector Breakdown TELECOMS The year in the telecom sector has been dominated by Carlos Slim seeking to expand his empire and turn his cash cows Cash Cow 1. One of the four categories (quadrants) in the BCG growth-share matrix that represents the division within a company that has a large market share within a mature industry. 2. , Telmex and America Movil, into regional frontrunners. America Movil has indulged on an impressive shopping spree in South America, which saw it add about 13 million new subscribers in the year. Not to be outdone--at year-end Telmex also forayed southward south·ward adv. & adj. Toward, to, or in the south. n. A southward direction, point, or region. south with the purchase of AT&T Latin America, while its big move into Brazil--the purchase of the controlling stake of Embratel from MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. is currently in the courts with a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. outcome predicted. It hasn't all been plain sailing plain sailing Noun 1. Informal smooth or easy progress 2. Naut sailing in a body of water that is unobstructed; clear sailing Noun 1. in the South Seas South Seas, name given by early explorers to the whole of the Pacific Ocean. In recent times the name has been used to mean only the central Pacific, the S Pacific, and the SW Pacific. however because the gauntlet gauntlet /gaunt·let/ (gawnt´let) a bandage covering the hand and fingers like a glove. has been cast down by Spanish company Telefonica. Not only has the global giant made strategic purchases in South America in an effort to carve up carve up Verb to divide or share out: in 1795, Poland was carved up between three empires Noun carve-up the division or sharing out of something: the telecom pie in equal measures The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. with Slim, but it has also set up camp in his backyard. "Telefonica is forcing competition with innovative products as well as pressurizing low tariffs and equipment subsidies," said Vector Casa de Bolsa's Manuel Jimenez in a report. Telefonica Moviles has improved its market share by 3 percentage points since its introduction in 2002 to 12.2%. Telcel still dominates with 24.6 million users at 1Q04, while Telefonica had 3.7 million and Iusacell and Unefon 1.3 million each. MEDIA The media sector again had an unspectacular year, with better predicted for 2004. The mid-term election led to healthy revenues while disputes at Canal 40 and Radio Centro grabbed the headlines. The emerging story here is the expansion into the lucrative U.S. Hispanic market--seen as the holy grail Holy Grail: see Grail, Holy. A very desired object or outcome that borders on a sacred quest. There are several Holy Grails in the computer business. for the big broadcasters. While Azteca continues to snap up affiliates, taking its coverage of the U.S. Hispanic population close to 70%, Televisa is looking at getting around the U.S. cap of 25% foreign ownership by its CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Emilio Azcarraga, moving to Miami and getting married--looking at eventually gaining U.S. citizenship. Cracking cracking - cracker the U.S. market will really be the catalyst for growth for either of these two companies. MINING Mining has been one of the stellar sectors this year. For companies in the field, the rise in metal prices on the back of economic demand may have felt like the cavalry cavalry, a military force consisting of mounted troops trained to fight from horseback. Horseback riding probably evolved independently in the Eurasian steppes and the mountains above the Mesopotamian plain. By 1400 B.C. arriving after two tough years that have left them on the brink of bankruptcy. Grupo Mexico has benefited handsomely and has begun to pay off or roll over debts--including one massive restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). in April for US$879 million--to prevent future harm. The world's third-largest copper producer has benefited from eight-year highs in copper prices. Penoles mean-while has seen its revenues also greatly increase due to the surge in precious metal prices (it deals in silver and gold) and managed to turn its losses into profits by year end. INDUSTRIAL The industrial sector has been slower to recover on the back of lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. U.S. demand, especially in the auto sector. The other threat to industries such as textiles has been the entry of China into the WTC WTC World Trade Center, see there , with cheap Asian exports undermining the efforts of a number of our smaller fry. In fact, a look at our list of losers will show a number of textile businesses that have slipped out of our Top 100. Only the biggest players have succeeded in avoiding the fallout fallout, minute particles of radioactive material produced by nuclear explosions (see atomic bomb; hydrogen bomb; Chernobyl) or by discharge from nuclear-power or atomic installations and scattered throughout the earth's atmosphere by winds and convection currents. by streamlining their assets. Alfa managed to spin off Hylsamex in early 2004, ridding it of its weakest link (while still retaining a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail ). Grupo Carso has shed a number of smaller assets. Desc, on the other hand, was forced to sell off its successful adhesive adhesive, substance capable of sticking to surfaces of other substances and bonding them to one another. The term adhesive cement is sometimes used in place of adhesive, especially when referring to a synthetic adhesive. arm, manufacturer of the Resistol brand. Savia, likewise had to give up its prized asset, seed maker Seminis, to stay alive. FOOD AND BEVERAGE F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. This sector saw one of the biggest corporate moves in recent times with Coca-Cola Femsa's purchase of Panamco to make it the biggest Coke bottler in the region. Femsa has also operated well in other areas, notably the expansion of its corner store OXXO chain, which has been a successful model of vertical integration. Nonetheless, one dark cloud dark cloud See absorption nebula. has hovered over the brewer all year, and that is the spat spat juvenile aquatic shellfish, especially oysters ready for settlement on solid surfaces—'spat fall'. with Belgian partner Interbrew, which has soured its U.S. operations. Grupo Modelo Grupo Modelo is a large brewery in Mexico. It maintains a large part of the Mexican beer export market and produces top-selling imported beer in the United Kingdom, United States and Canada. , meanwhile, is happy as its Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. beer has firmly established itself as the main beer export brand to the U.S. market. The majority ownership of Anheuser-Busch could however come into play in the near future, and the U.S. giant will have to be monitored for any corporate moves. [ILLUSTRATION OMITTED] BANKS The scenario in the banking sector has become progressively less Mexican as the year goes on. With BBVA increasing its stake in Bancomer (finally buying out remaining shareholders in early 2004) and HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) taking up the reins of Bital early in the year, the two big players left from last year are Banorte and Inbursa. The successful arrival of Banco Azteca (part of Elektra) has added something new to the mix and set a precedent for other financial groups to move into banking. However, Mexican banking is still beset be·set tr.v. be·set, be·set·ting, be·sets 1. To attack from all sides. 2. To trouble persistently; harass. See Synonyms at attack. 3. by a lack of a credit culture, which has stifled sti·fle 1 v. sti·fled, sti·fling, sti·fles v.tr. 1. To interrupt or cut off (the voice, for example). 2. growth compared to other sectors. Recent public outcry has also attacked banks for exorbitant commission charges at ATMs and on other services. With such a populist pop·u·list n. 1. A supporter of the rights and power of the people. 2. Populist A supporter of the Populist Party. adj. 1. cause, politicians have gotten on the bandwagon band·wag·on n. 1. An elaborately decorated wagon used to transport musicians in a parade. 2. Informal A cause or party that attracts increasing numbers of adherents: and legislation is possible this year. RETAIL The retail story has really become a case of Walmex versus the rest, and this was most obvious with the attempted creation of synergia by the comany's No. 2, 3 and 4 retailers, Soriana, Comercial Mexicana Comercial Mexicana is a Mexican hypermarket group, which features stores similar to those owned by Wal-Mart in the United States or Carrefour in France. It is part of the Controladora Comercial Mexicana Group which also owns the local Costco warehouse franchise and Restaurantes and Gigante, respectively. Though the joint venture is blocked in the courts, the aim is to squeeze producers for economies of scale to compete with Walmex's puchasing power. Walmex, however, has been doing what it does best. "Walmex has been very aggressive in its roll-back policy and made a great effort to increase traffic in its stores," said IXE (Internet EXchange Engine) See IXA. analyst Joaquin Lopez. Besides that, the company opened 46 new stores in 2003 while its same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. managed to climb another 8.1% over the course of the year. CONSTRUCTION Definitely one of the winning sectors this past year as a result of President Fox's homebuilding mantra mantra (măn`trə, mŭn–), in Hinduism and Buddhism, mystic words used in ritual and meditation. A mantra is believed to be the sound form of reality, having the power to bring into being the reality it represents. . Construction firms have continued where they left off last year. This sector has also been the only one involved in IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. activity--Sare debuted in the public sphere The public sphere is a concept in continental philosophy and critical theory that contrasts with the private sphere, and is the part of life in which one is interacting with others and with society at large. in October and there are two more IPOs slated for Urbi and Homex this quarter. Looking across, ICA drew attention from Slim, a move which has in turn drawn attention to the sector, while heavyweight heavyweight - High-overhead; baroque; code-intensive; featureful, but costly. Especially used of communication protocols, language designs, and any sort of implementation in which maximum generality and/or ease of implementation has been pushed at the expense of mundane Cemex has recovered from a dour year and is now openly on the prowl for international purchases to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. itself as the third-largest cement company in the world. MAKING A FORECAST The figures emerging from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. so far in this year have supported the long-held notion that "as America goes, so goes Mexico." Macro figures are showing a turn-around in consumption and consumer confidence, with employment following in its tracks. The U.S.-Mexico diplomatic relationship, strained during the Iraq war Iraq War: see under Persian Gulf Wars. Iraq War or Second Persian Gulf War Brief conflict in 2003 between Iraq and a combined force of troops largely from the U.S. and Great Britain; and a subsequent U.S. , appears to be on better footing, and again Mexico looks set to benefit from the rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective . The auto-parts sector has been cheered by a number of major automakers' pledges to construct new assembly lines in Mexico in the next two years. Negatively, the largest catalyst for a bright Mexican future--comprehensive energy, labor and tax reforms--appear they will not move out of the pluralistic plu·ral·is·tic adj. 1. Of or relating to social or philosophical pluralism. 2. Having multiple aspects or parts: "the idea that intelligence is a pluralistic quality that ... congressional quagmire until after the 2006 elections. Other reforms, including changes to stock market law, may be favorable to banking stocks, while further free trade agreements with South America will open the playing field and further strengthen the position of regional players. For the moment, the trend seems as if it will continue--the big players being entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. and the smaller ones looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. their opportunities to become the big boys through mergers and acquisitions.
Figures in millions of pesos as of December 31, 2003
RANKING COMPANY NAME SYMBOL TOTAL ASSETS
1 TELEFONOS DE MEXICO, S.A. DE TELMEX 185762
C.V.
2 CARSO GLOBAL TELECOM, S.A. DE TELECOM 190480
C.V.
3 WAL-MART DE MEXICO, S.A. DE WALMEX 65653
C.V.
4 CEMEX, S.A. DE C.V. CEMEX 180017
5 GRUPO FINANCIERO BBVA GFBB 499719
BANCOMER, S.A. DE C.V.
6 AMERICA MOVIL, S.A. DE C.V. AMX 149980
7 FOMENTO ECONOMICO MEXICANO, FEMSA 104334
S.A. DE C.V.
8 AMERICA TELECOM, S.A. DE C.V. AMTEL 152685
9 GRUPO MODELO, S.A. DE C.V. GMODELO 64054
10 GRUPO CARSO, S.A. DE C.V. GCARSO 65947
11 ALFA, S.A. DE C.V. ALFA 80616
12 COCA-COLA FEMSA, S.A. DE C.V. KOF 61420
13 GRUPO BIMBO, S.A. DE C.V. BIMBO 30515
14 GRUPO MEXICO, S.A. DE C.V. GMEXICO 91745
15 GRUPO TELEVISA, S.A. TLEVISA 64726
16 GRUPO FINANCIERO BANORTE, GFNORTE 213187
S.A. DE C.V.
17 ORGANIZACION SORIANA, S.A. DE SORIANA 26035
C.V.
18 GRUPO IMSA, S.A. DE C.V. IMSA 34924
19 EL PUERTO DE LIVERPOOL, S.A. LIVEPOL 25513
DE C.V.
20 CONTROLADORA COMERCIAL COMERCI 25784
MEXICANA, S.A. DE C.V.
21 GRUPO SANBORNS, S.A. DE C.V. GSANBOR 22726
22 KIMBERLY-CLARK DE MEXICO S.A KIMBER 24320
DE C.V.
23 GRUPO ELEKTRA, S.A. DE C.V. ELEKTRA 23640
24 GRUPO FINANCIERO INBURSA, GFINBUR 71576
S.A. DE C.V.
25 GRUPO GIGANTE, S.A. DE C.V. GIGANTE 22390
26 VITRO, S.A. DE C.V. VITRO 30881
27 GRUMA, S.A. DE C.V. GRUMA 23382
28 DESC, S.A. DE C.V. DESC 27722
29 EMBOTELLADORAS ARCA, S.A. DE ARCA 12571
C.V.
30 HOLCIM APASCO, S.A. DE C.V. APASCO 20045
31 GRUPO CONTINENTAL, S.A. CONTAL 9642
32 HYLSAMEX, S.A. DE C.V. HYLSAMX 29871
33 INDUSTRIAS PENOLES, S.A. DE PE&OLES 19643
C.V.
34 INDUSTRIAS BACHOCO, S.A. DE BACHOCO 12578
C.V.
35 CORPORACION INTERAMERICANA DE CIE 13507
ENTRETENIMIENTO, S.A. DE C.V.
36 GRUPO TMM, S.A. TMM 28531
37 TV AZTECA, S.A. DE C.V. TVAZTCA 21192
38 US COMMERCIAL CORP, S.A. DE USCOM 18066
C.V.
39 GRUPO INDUSTRIAL SALTILLO, GISSA 10718
S.A. DE C.V.
40 GRUPO PALACIO DE HIERRO, S.A. GPH 10914
DE C.V.
41 CORPORACION GEO, S.A. DE C.V. GEO 7631
42 CONSORCIO ARA, S.A. DE C.V. ARA 6912
43 GRUPO CASA SABA, S.A. DE C.V. SAB 8211
44 EMPRESAS ICA SOCIEDAD ICA 15970
CONTROLADORA, S.A. DE C.V.
45 COPPEL S.A. DE C.V. ALMACO 13484
46 CINTRA, S.A. DE C.V. CINTRA 20191
47 NADRO, S.A. DE C.V. NADRO 7342
48 INDUSTRIAS CH, S.A. DE C.V. ICH 10174
49 GRUPO POSADAS, S.A. DE C.V. POSADAS 10045
50 GRUPO INDUSTRIAL MASECA, S.A. MASECA 7122
DE C.V.
EQUITY NET SALES OP.PROFIT EMPLOYEES MKT.CAP TOTAL POINTS CHANGE
79649 116848 39538 63775 249265 590 UNCH
69045 116848 39764 61970 64049 581 UNCH
41889 120553 7378 99881 157140 570 2
76051 80528 16356 25684 107128 568 UNCH
67425 66635 13078 29476 111319 568 -2
70784 85941 18142 18332 276763 565 1
46099 75891 12114 85100 54770 564 -1
63436 85941 18309 24695 82338 562 1
52243 40454 10866 47953 96609 550 1
29820 56686 7214 72594 38299 547 -2
29399 46788 4674 30193 25834 529 UNCH
22817 35729 6710 39374 49483 529 9
15758 46663 3315 69403 29442 522 -1
34022 27656 3988 20583 34029 516 1
27507 23563 6046 12248 58366 502 -2
14361 28407 2522 15840 23145 499 -2
15406 35780 2195 42084 21517 497 -1
15914 31230 2459 15821 13264 478 -1
13818 23773 2811 22450 21744 478 -1
13129 34964 1406 33234 15258 473 UNCH
9415 19080 2977 38783 17697 461 2
12000 17100 4476 8137 37294 456 -3
6107 20589 2443 24213 17974 447 6
31684 11760 1518 3988 45842 447 2
12370 31117 792 34218 7086 446 -1
8650 24954 1848 25475 3914 443 -1
12925 23042 1748 14891 8737 441 UNCH
10030 21687 856 13854 8951 428 -6
8663 13936 2242 16313 20303 426 -1
13899 10368 3740 2631 27095 413 UNCH
7712 9952 1666 14161 14175 393 UNCH
10503 15977 695 7715 3390 391 2
10123 12857 410 6500 21404 391 2
10059 10699 472 18153 6300 387 -1
6758 6687 1063 10817 7804 382 4
8640 10192 1460 8657 1652 376 -4
4599 7281 3007 2732 21397 375 -1
6533 42678 -76 16700 4768 357 -1
5614 7022 658 9610 6147 353 -1
5740 7321 738 7486 4856 351 UNCH
3184 6343 1047 11998 7718 346 6
4542 4353 1021 9216 11061 339 3
3361 19514 714 5200 3849 334 UNCH
5379 9555 41 9169 7740 332 UNCH
5003 12021 1836 7460 215 327 4
2778 30065 -1316 19928 2104 321 -4
2836 19553 521 5028 3766 321 -1
6914 4894 659 2514 4296 309 3
4169 3916 540 6241 3601 304 -1
5802 5201 394 2753 4959 294 -1
RANKING COMPANY NAME SYMBOL TOTAL ASSETS
51 CORPORACION DURANGO, S.A. DE CODUSA 16185
C.V.
52 GRUPO CEMENTOS DE CHIHUAHUA, GCC 9939
S.A. DE C.V.
53 CORPORACION MOCTEZUMA, S.A. CMOCTEZ 6600
DE C.V.
54 GRUPO AEROPORTUARIO DEL ASUR 11982
SURESTE, S.A DE C.V.
55 SANLUIS CORPORACION, S.A. DE SANLUIS 7647
C.V.
56 GRUPO SIMEC, S.A. DE C.V. SIMEC 6168
57 GRUPO HERDEZ, S.A. DE C.V. HERDEZ 4539
58 CORPORATIVO FRAGUA, S.A. DE FRAGUA 3279
C.V.
59 CYDSA, S.A. DE C.V. CYDSASA 10282
60 UNEFON, S.A. DE C.V. UNEFON 6718
61 GRUPO LA MODERNA, S.A. DE GMODERN 3645
C.V.
62 GRUPO EMBOTELLADORAS UNIDAS, GEUPEC 2704
SA DE CV
63 GRUPO INDUSTRIAL CAMESA, S.A. CAMESA 4331
DE C.V.
64 GRUPO LAMOSA, S.A. DE C.V. LAMOSA 4016
65 GRUPO CORVI, S.A. DE C.V. GCORVI 4064
66 SARE HOLDING, S.A. DE C.V. SARE 2700
67 JUGOS DELVALLE, S.A. DE C.V. VALLE 3198
68 INTERNACIONAL DE CERAMICA, CERAMIC 3446
S.A. DE C.V.
69 ALSEA, S.A. DE C.V. ALSEA 1714
70 FAR-BEN, S.A. DE C.V. BEVIDES 2385
71 COMPANIA INDUSTRIAL DE PARRAS 4251
PARRAS, S.A. DE C.V.
72 SAVIA, S.A. DE C.V. SAVIA 3552
73 GRUPO IUSACELL, S.A. DE C.V. CEL 11813
74 GRUPO BAFAR, S.A. DE C.V. BAFAR 1972
75 EMPRESAS CABLEVISION, S.A. DE CABLE 2040
C.V.
76 BIPER, S.A. DE C.V. MOVILA 12305
77 G COLLADO, S.A. DE C.V. COLLADO 2392
78 G. ACCION, S.A. DE C.V. GACCION 5161
79 GRUPE, S.A. DE C.V. CIDMEGA 3066
80 GRUPO MINSA, S.A. DE C.V. MINSA 2450
81 GRUPO MEXICANO DE DESARROLLO, GMD 3843
S.A.
82 GRUPO MARTI, S.A. GMARTI 1992
83 GRUPO AZUCARERO MEXICO, S.A. GAM 2968
DE C.V.
84 MEDICA SUR, S.A. DE C.V. MEDICA 1118
85 CORPORACION MEXICANA DE CMR 1096
RESTAURANTES, S.A. DE C.V.
86 MEXICHEM, S.A. DE C.V. MEXCHEM 2266
87 GRUPO RADIO CENTRO, S.A. DE RCENTRO 1651
C.V.
88 CONSORCIO HOGAR, S.A. DE C.V. HOGAR 1094
89 GRUPO DATAFLUX, S.A. DE C.V. DATAFLX 853
90 DERMET DE MEXICO, S.A. DE DERMET 1159
C.V.
91 EKCO, S.A. EKCO 469
92 HILASAL MEXICANA S.A. DE C.V. HILASAL 695
93 EDOARDOS MARTIN, S.A. DE C.V. EDOARDO 607
94 GRUPO COMERCIAL GOMO, S.A. DE GOMO 1038
C.V.
95 CONVERTIDORA INDUSTRIAL, S.A. CONVER 722
DE C.V.
96 GRUPO DIXON, S.A. DE C.V. DIXON 384
97 ECE, S.A. DE C.V. ECE 490
98 INDUSTRIA AUTOMOTRIZ, S.A. DE IASASA 967
C.V.
99 TEKCHEM, S.A. DE C.V. TEKCHEM 820
100 REGIO EMPRESAS S.A.de C.V. REGIOEM 347
EQUITY NET SALES OP.PROFIT EMPLOYEES MKT.CAP TOTAL POINTS CHANGE
1825 6876 318 8352 1364 293 4
5344 3588 923 1466 6030 292 -1
5563 3108 1360 676 12155 287 1
11347 1467 501 638 6870 282 1
2718 5331 408 6131 792 272 -2
4755 4787 496 1305 4693 268 2
2059 5099 328 5514 2109 266 -5
1288 6950 290 6952 3404 259 3
3007 6393 -108 10730 496 250 -1
1434 3891 401 1461 7800 249 2
2699 2972 354 3629 2489 240
1882 3579 403 4390 1907 236 -6
2267 3202 336 1753 2121 232 UNCH
1548 2901 459 3051 1872 228 -4
1046 14140 129 4862 641 227 -8
1443 2209 348 4859 2023 217 NEW
1400 4109 121 4036 1161 203
1242 3425 229 3777 1031 201 -3
1197 2729 241 4296 2073 196 -2
1007 4881 32 6309 1226 194 UNCH
1251 2470 218 3188 471 190 -5
2867 1441 -204 3786 1972 186 -31
811 4738 -1686 1685 1462 180 -14
1062 2276 201 3677 1782 176 -6
1544 986 144 690 3244 164
-1212 2389 -569 2001 1890 161 15
889 2950 207 667 493 143 -1
1139 662 313 96 703 143 -5
1936 572 102 1213 200 136 3
1215 2107 -4 1974 389 135 -5
1793 800 43 557 296 134 NEW
1269 1629 180 1587 75 131 -11
1444 341 -34 2882 300 125
695 819 218 813 1127 125 -7
717 1042 0 4675 261 123 -4
1502 1875 -35 1452 250 123 -7
1204 825 158 459 611 117 -9
419 1061 143 591 467 103 -4
613 645 21 1668 432 98 -4
385 1564 15 505 153 80 -4
311 431 47 772 149 66 5
310 425 33 977 149 66 -4
393 520 -26 1665 75 63 -4
496 886 -12 313 88 59 -7
369 388 34 479 142 54 UNCH
252 394 23 566 280 54 -4
135 389 -36 2000 100 52 -4
360 137 4 883 24 50 -4
124 395 24 366 43 50 NEW
202 425 14 438 155 42 NEW
Missing in Action
Several firms fell from our Top 100
COMPANY No. last year Sector
EMBOTELLADORA ARGOS 50 Beverages
ACCEL, SA DE CV 72 Clothing
EMPAQUES PONDEROSA SA DE CV 83 Packaging
MAIZORO SA DE CV 90 Food
SYNKRO SA DE CV 97 Clothing
AGRO INDUSTRIAL EXPORTADORA SA DE CV 98 Food
GRUPO MAC MA SA DE CV 99 Food
GRUPO NUTRISA SA DE CV 100 Food
COMPANY Reason
EMBOTELLADORA ARGOS delisted
ACCEL, SA DE CV no financial details for 2003
EMPAQUES PONDEROSA SA DE CV no financial details for 2003
MAIZORO SA DE CV delisted
SYNKRO SA DE CV relegated
AGRO INDUSTRIAL EXPORTADORA SA DE CV relegated
GRUPO MAC MA SA DE CV relegated
GRUPO NUTRISA SA DE CV relegated
BY SECTOR
CONGLOMERATES TOTAL POINTS
(out of possible 600)
10 GRUPO CARSO, S.A. DE C.V. 547
11 ALFA, S.A. DE C.V. 529
18 GRUPO IMSA, S.A. DE C.V. 478
28 DESC, S.A. DE C.V. 428
39 GRUPO INDUSTRIAL SALTILLO, S.A. DE C.V. 353
55 SANLUIS CORPORACION, S.A. DE C.V. 272
59 CYDSA, S.A. DE C.V. 250
72 SAVIA, S.A. DE C.V. 186
MEDIA AND ENTERTAINMENT
15 GRUPO TELEVISA, S.A. 502
35 CORPORACION INTERAMERICANA DE 382
ENTRETENIMIENTO, S.A. DE C.V.
37 TV AZTECA, S.A. DE C.V. 375
75 EMPRESAS CABLEVISION, S.A. DE C.V. 164
87 GRUPO RADIO CENTRO, S.A. DE C.V. 117
89 GRUPO DATAFLUX, S.A. DE C.V. 98
97 ECE, S.A. DE C.V. 52
INDUSTRIAL AND MINING
14 GRUPO MEXICO, S.A. DE C.V. 516
22 KIMBERLY-CLARK DE MEXICO, S.A. DE C.V. 456
26 VITRO, S.A. DE C.V. 443
31 GRUPO CONTINENTAL, S.A. 393
32 HYLSAMEX, S.A. DE C.V. 391
33 INDUSTRIAS PENOLES, S.A. DE C.V. 391
43 GRUPO CASA SABA, S.A. DE C.V. 334
48 INDUSTRIAS CH, S.A. DE C.V. 309
51 CORPORACION DURANGO, S.A. DE C.V. 293
56 GRUPO SIMEC, S.A. DE C.V. 268
61 GRUPO LA MODERNA, S.A. DE C.V. 240
63 GRUPO INDUSTRIAL CAMESA, S.A. DE C.V. 232
71 COMPANIA INDUSTRIAL DE PARRAS, S.A. 190
DE C.V.
83 GRUPO AZUCARERO MEXICO, S.A. DE C.V. 125
86 MEXICHEM, S.A. DE C.V. 123
90 DERMET DE MEXICO, S.A. DE C.V. 80
91 EKCO, S.A. 66
92 HILASAL MEXICANA, S.A. DE C.V. 66
95 CONVERTIDORA INDUSTRIAL S.A. DE C.V. 54
96 GRUPO DIXON, S.A. DE C.V. 54
98 INDUSTRIA AUTOMOTRIZ, S.A. DE C.V 50
99 TEKCHEM, S.A. DE C.V. 50
100 REGIO EMPRESAS S.A. de C.V. 42
TELECOMS
1 TELEFONOS DE MEXICO, S.A. DE C.V. 590
2 CARSO GLOBAL TELECOM, S.A. DE C.V. 581
6 AMERICA MOVIL, S.A. DE C.V. 565
8 AMERICA TELECOM, S.A. DE C.V. 562
60 UNEFON, S.A. DE C.V. 249
73 GRUPO IUSACELL, S.A. DE C.V. 180
76 BIPER, S.A. DE C.V. 161
BANKS AND FINANCIALS
5 GRUPO FINANCIERO BBVA BANCOMER, S.A. 568
DE C.V.
16 GRUPO FINANCIERO BANORTE, S.A. DE C.V. 499
24 GRUPO FINANCIERO INBURSA, S.A. DE C.V. 447
CONSTRUCTION
4 CEMEX, S.A. DE C.V. 568
30 HOLCIM APASCO, S.A. DE C.V. 413
41 CORPORACION GEO, S.A. DE C.V. 346
42 CONSORCIO ARA, S.A. DE C.V. 339
44 EMPRESAS ICA SOCIEDAD CONTROLADORA, S.A. 332
DE C.V.
52 GRUPO CEMENTOS DE CHIHUAHUA, S.A. DE C.V. 292
53 CORPORACION MOCTEZUMA, S.A. DE C.V. 287
64 GRUPO LAMOSA, S.A. DE C.V. 228
66 SARE HOLDING, S.A. DE C.V. 217
68 INTERNACIONAL DE CERAMICA, S.A. DE C.V. 201
88 CONSORCIO HOGAR, S.A. DE C.V. 103
RETAIL
3 WAL-MART DE MEXICO, S.A. DE C.V. 570
17 ORGANIZACION SORIANA, S.A. DE C.V. 497
19 EL PUERTO DE LIVERPOOL, S.A. DE C.V. 478
20 CONTROLADORA COMERCIAL MEXICANA, S.A. 473
DE C.V.
21 GRUPO SANBORNS, S.A. DE C.V. 461
23 GRUPO ELEKTRA, S.A. DE C.V. 447
25 GRUPO GIGANTE, S.A. DE C.V. 446
38 US COMMERCIAL CORP, S.A. DE C.V. 357
40 GRUPO PALACIO DE HIERRO, S.A. DE C.V. 351
45 COPPEL S.A. DE C.V. 327
47 NADRO, S.A. DE C.V. 321
58 CORPORATIVO FRAGUA, S.A. DE C.V. 259
65 GRUPO CORVI, S.A. DE C.V. 227
69 ALSEA, S.A. DE C.V. 196
70 FAR-BEN, S.A. DE C.V. 194
77 G COLLADO, S.A. DE C.V. 143
82 GRUPO MARTI, S.A. 131
85 CORPORACION MEXICANA DE RESTAURANTES, S.A. 123
DE C.V.
93 EDOARDOS MARTIN, S.A. DE C.V. 63
94 GROUP COMERSCIAL GOMO, S.A. DE C.V. 59
FOOD
13 GRUPO BIMBO, S.A. DE C.V. 522
27 GRUMA, S.A. DE C.V. 441
34 INDUSTRIAS BACHOCO, S.A. DE C.V. 387
50 GRUPO INDUSTRIAL MASECA, S.A. DE C.V. 294
57 GRUPO HERDEZ, S.A. DE C.V. 266
74 GRUPO BAFAR, S.A. DE C.V. 176
80 GRUPO MINSA, S.A. DE C.V. 135
BEVERAGES
7 FOMENTO ECONOMICO MEXICANO, S.A. DE C.V. 564
9 GRUPO MODELO, S.A. DE C.V. 550
12 COCA-COLA FEMSA, S.A. DE C.V. 529
29 EMBOTELLADORAS ARCA, S.A. DE C.V. 426
62 GRUPO EMBOTELLADORAS UNIDAS, SA DE CV 236
67 JUGOS DEL VALLE, S.A. DE C.V. 203
OTHER
36 GRUPO TMM, S.A. 376
46 CINTRA, S.A. DE C.V. 321
49 GRUPO POSADAS, S.A. DE C.V. 304
54 GRUPO AEROPORTUARIO DEL SURESTE, S.A. 282
DE C.V.
78 G.ACCION, S.A. DE C.V. 143
79 GRUPE, S.A. DE C.V. 136
81 GRUPO MEXICANO DE DESARROLLO, S.A. 134
84 MEDICA SUR, S.A. DE C.V. 125
RELATED ARTICLE: Ranking the Companies A look at our methodology We have used the same criteria for rating the companies as we used last year. The six categories used are: Total assets at year-end 2003; shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. at year-end 2003, as defined as the net worth of a company, the amount by which assets exceed liabilities. (It's also known as "book value"); full-year 2003 net sales; full-year 2003 operating profit (earnings before interest and tax payments); number of employees;and, market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. , as defined as the value of a company's outstanding shares, measured by shares times current price. We first eliminated a number of smaller companies through direct comparison of these criteria to bring down our sample size from 120 to 100. The remaining 100 companies were then awarded between one and 100 points for each of the criteria, with 100 points for the top and one for the bottom. The six point totals were then added to give a final total, with a maximum possible score of 600 points. The final results were then displayed in descending descending /des·cend·ing/ (de-send´ing) extending inferiorly. order to give our 100 Top Companies. As with last year, we have included a Billboard style column to chart a certain company's performance versus last year. Gianluca Baratti is a stock market analyst at Finamex Casa de Bolsa and BUSINESS MEXICO'S Market Moves columnist columnist, the writer of an essay appearing regularly in a newspaper or periodical, usually under a constant heading. Although originally humorous, the column in many cases has supplanted the editorial for authoritative opinions on world problems. . |
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