Billionaire Carlos Slim has donated millions to help rebuild Mexico but critics are questioning his motives.
Mexico City is still reeling from the effects of a massive earthquake which left the country devastated and torn. The nation clearly needs help. According to Forbes, this prompted billionaire business tycoon Carlos Slim to donate $110 million at first. However, a fundraiser which collected $21.1 million from 217,000 people who contributed was eventually matched by Slim and increased it five times to reach $130 million.
Telecom companies owned by Slim such as Telmex and Telcel have also waived fees for calls, text messages and data. Those who want to donate can send their money through texts.
Mexico City Mayor Miguel Angel Mancera revealed a real estate developers group is tasked to rebuild the buildings in the city. Impulsora del Desarrollo y el Empleo en America Latina is part of the real estate developers group and its vice-chairman and executive officer is Carlos Slim’s nephew, Alfonso Salem Slim. The real estate industry in Mexico City was poised for a breakout months prior to the earthquake. Experts have predicted would double from $11 billion in 2017 to $22 billion in 2018.
Mexico City is no stranger to strong earthquakes. Back in 1985, a devastating earthquake struck and flattened 400 buildings and damaged another 3,000. The fatalities reached 5,000. As a result, the new buildings were constructed to withstand the occasional tremors that hit the city. That belief crumbled when the deadly September 19 quake hit. Buildings which initially withstood the onslaught broke down minutes after residents returned after deeming it safe.
New buildings that were damaged are going to be inspected by the government for using substandard materials. Initial estimates of the damage revealed about $906 million is needed for rehabilitation efforts. The Southern States of Oaxaca and Chiapas were damaged heavily from the ordeal. Mexican President Pena Nieto called for residents to stay calm. “The priority at this moment is to keep rescuing people who are still trapped and to give medical attention to the injured people,” he added.
So far, the tally from the government resulted in 7,649 properties were damaged. This led some experts to believe that real estate industry in some areas such as Roma and Condesa could suffer. Living in these areas are considered hip for the millennials but they are also highly vulnerable to earthquakes due to the unstable foundation.
President Donald Trump expressed his message to Mexico in a tweet. Trump, last month, suspended the Deferred Action for Childhood Arrivals (DACA) which allowed children which entered the country illegally to become safe from deportation under the administration of former president Barack Obama. Slim naturally opposed the decision as he had been critical of Trump’s immigration policies in the past. His foundation pledged to help Mexicans living in the U.S. to apply for citizenship and pay for naturalization fees.
Coca-Cola donated $4.3 million while Google, AT&T, Apple, and Facebook have pledged $1 million each to help Mexico City. Mark Zuckerberg has been coordinating with UNICEF and the Mexican Red Cross. “Thanks to everyone in our community who’s doing their part to help people recover. #FuerzaMéxico,” he posted on his Facebook account.
Why is the stock market up?
A global pandemic. The President impeached. Raging wildfires across the west coast. Riots throughout major cities. The Olympics cancelled. The...
The biotech sector in Bavaria has strongly developed over the last years
Bavaria has been able to establish itself as a location for biotechnology and innovation in recent decades. However, at an...
How the coronavirus pandemic impacted the German Fintech sector
The coronavirus pandemic has clearly affected the Fintech sector in Germany. However, some of the companies that are currently struggling,...
What’s the problem with the Dow Jones? Maybe it’s overvalued
So far, the Dow Jones has yet to exceed the high of its current advance on August 3rd. Who knows...
Fruitbox Africa: Frankfurt investor and Siemens to create jobs in Ethiopia
The Frankfurt investor Lutz Hartmann and the technology giant Siemens want to invest in Ethiopia. Creating jobs, training young people,...
Featured6 days ago
Qonto registered over €900 million value of transactions on Italian current accounts
Cannabis7 days ago
Cannabis light company to sponsor Italian soccer league teams
Crypto7 days ago
Why are Ethereum fees higher than Bitcoin ones?
Business7 days ago
XRApplied sitting pretty on the precipice of the XR boom