Mexico City — Latin America’s richest man, Carlos Slim, owns so many companies that Mexico often seems like «Slim World» — and the magnate’s influence is so pervasive that it will probably endure, even as he gives up board positions and hands control of his companies to his sons.

Diners at one of Slim’s hundreds of chain restaurants can use a Slim wireless service to connect to Slim’s Internet provider to do online banking at Slim’s bank, or pay off credit cards for Slim’s department stores.

Outside in the street, vendors in jump suits bearing the name of Slim’s cell phone company — Mexico’s largest — sell prepaid phone cards to passers-by. Slim’s Telefonos de Mexico, or Telmex, also controls about 95 percent of fixed phone lines. Other street vendors sell Slim cigarette brands.

Some Mexico City shopping malls are also nearly one-man shows — many are anchored by his Sears de Mexico stores, and he recently bought out J. C. Penney operations here.

The malls are filled with Slim-owned record stores, sporting goods stores, drug stores, restaurants and bakeries. Even the ATM machines are linked to Slim’s banks.

«We would like a little more diversity, and not such a monopolistic atmosphere,» said Ricardo Benitez, a travel agent relaxing on his lunch hour in a 17th-century downtown courtyard in the shadow of a Slim-controlled office tower.

Slim himself reacts to the idea of himself as a monopolist with laconic humor. «What would that be like, a ’Slim World’? That would be nice,» he said at a 2003 press conference.

But Slim, 64, worth an estimated $14 billion, is gradually lowering his profile, at least technically. In June, he resigned from the board of Texas-based SBC Communications. Earlier, he stepped down as chairman of the board of Telmex; sons and sons-in-law have assumed command of that and other businesses.

Analysts say those board changes are largely cosmetic, after financial markets reacted negatively to reports of Slim’s health problems a couple of years ago.

«It appears to be a strategic, preventative move to calm the markets, to show there will be an orderly transition in the management of his companies,» said Celso Garrido, an economics professor at the National Autonomous University of Mexico. «It’s hard to think of him retiring, and he appears to remain very active in the companies.»

Slim’s office said he wanted to «devote more time to his project for an infrastructure development fund in Latin America.» He says the fund would help revive local economies.

He has also purchased a stake in the huge construction firm Grupo ICA, which would probably get a share of projects in any infrastructure development; his bank is now positioning itself to do the same. So the development fund idea is thus pure Slim: philanthropy with an eye toward strengthening his businesses.

Slim also heads a private-government effort to restore the ancient downtown district and has snapped up dozens of properties there. Some of those who have worked on the project say Slim wants to go down in history as the man who saved the downtown district — and to populate it wall-to-wall with his stores.

Carlos Slim Helu — better known in Mexico as «Slim» — was listed No. 17 on Forbes magazine’s list of the world’s billionaires earlier this year. While making his fortune in Latin America, he has extended his empire to the United States, where he owns major stakes in companies including retailer CompUSA Inc. and networking company Global Crossing.

Like most Mexicans, travel agent Benitez has mixed feelings about life in Slim-world.

«It’s easier to pay bills now,» he said. That’s in part because so many Slim businesses accept payments for other Slim enterprises. «But at the same time, he’s got his finger in too many pies.»

The verdict on Slim’s legacy as a businessman is still out. Arturo Lomeli, who heads AMEDEC, a consumer-defense group, notes «Slim has improved service in some areas, but at a high cost to the consumers.»

Analysts say Slim has used lawyers and lobbying to defend hefty profit margins.

US officials allege Slim’s Telmex was reaping improper profits by charging inflated connection charges for long-distance calls between the two countries, which may have cost consumers $1 billion (R6.33 billion) per year.

The biggest cable television company, in which Slim long held a stake, has been slow to offer high-speed internet access, which would compete with Slim’s telephone-based ISP.

Mexican regulators also have been slow to allow cable television companies to provide telephone service after Telmex complained about competition from them.

«He has probably limited development in some fields with his market power,» Garrido noted. «He’s certainly not one of the big promoters of innovation, and perhaps we don’t have as good services as we could have.»

Slim and his spokesmen refused to comment on those issues.

But teacher Manuel Sanchez, gave a typical view of the inhabitants of Slim World, as he paid a credit card bill at Sears: «We’re just making this man richer every day.» — Sapa-AP

PEARL RIVER, N.Y. (BUSINESS WIRE) Provo International Inc. (AMEX: FNT), today announced that it has closed a $1 million gross proceeds financing through a private placement of convertible notes to institutional and accredited investors. Provo intends to use the net proceeds to purchase additional inventory for its Provo Mexico subsidiary, as well as for working capital, debt repayment and to strengthen its balance sheet for long-term growth. The Company anticipates that by increasing its inventory of pre-paid phone cards in Mexico, it can satisfy the growing demand for this product and significantly increase its sales revenues. Berry-Shino Securities Inc. served as placement agent for the transaction.

Commenting on the value of this transaction, Ventura Martinez del Rio, Sr., Chairman of Provo International, Inc. stated: «The Provo pre-paid phone cards are very popular in Mexico and it is critical that we increase our inventory in order to keep pace with the growing demand. We believe that these additional resources will allow us to do just that and should result in a significant increase in annual sales.»

Neither the convertible notes, the warrants sold to the investors, nor the shares of common stock to be issued upon exercise of the warrants have been registered under the Securities Act of 1933. Accordingly, these shares and warrants may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Provo has agreed to file a registration statement covering resale by the investors of these shares and shares of common stock to be issued upon exercise of the warrants. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the common stock, warrants or common stock to be issued upon exercise of the warrants. The private placement was made by the company with a selling agent, and any opportunity to participate in the private placement was available to a very limited group of accredited investors.

About Provo International Inc.

Founded in 1995 as Frontline Communications Corporation, traded on the American Stock Exchange under the symbol FNT, Provo International Inc. has two operating divisions, Provo Mexico and Provo US.

The Provo Mexico division (www.provo.com.mx), acquired in April, 2003, is a Mexican corporation which maintains a dominant position within the prepaid calling card and cellular phone airtime markets in Mexico. Provo Mexico and its affiliates have been in operation for over seven years, and had combined audited revenue in 2002 of approximately $100 million, with operating profits of over $800,000. The company currently anticipates expanding existing Provo Mexico services to the continental United States, and intends to begin marketing cash cards, payroll cards and other forms of payroll and money transfer services, through both the Mexico and US divisions, in the near future.

The Provo US division provides high-quality Internet access and Web hosting services to homes and businesses nationwide, and offers Ecommerce, programming, and Web development services through its PlanetMedia group, www.pnetmedia.com. Provo US plans on expanding its current services and offerings beyond the traditional internet sector in the near future. The Provo US division had revenue of approximately $5 million in 2002.