| | |  Business News 
President Calderon Proposes Harsher Fines on Monopolies
 Associated Press
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April 06, 2010
| | President Felipe Calderon said the aim is to promote competition and investment. (Gregory Bull/AP) | |
Mexico City — Mexico's president is proposing harsher fines and possible jail time for those running companies as monopolies.
President Felipe Calderon said Monday the aim is to promote competition and investment.
He proposes fines of up to 10 percent of revenues and possible jail time for conspiring on prices and would oblige companies to provide information when under investigation. Mexican law currently sets fines at a maximum of 82 million pesos, or $6.7 million, and providing information is voluntary.
Mexico's competition watchdog already has investigated Telmex, billionaire Carlos Slim's telephone company, cement maker Cemex and beverage maker Femsa.
Calderon plans to send his proposal to Congress later this week.
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