Mexican billionaire Slim says better wages, access to loans key to improving status of Latinos

Juan A. Lozano / The Associated Press
August 17, 2014 12:31 PM

FILE - In this Jan. 14, 2013 file photo, Mexican telecommunications tycoon Carlos Slim speaks during news conference at the Soumaya museum in Mexico City. Slim is scheduled to give the closing speech on Sunday, Aug. 17, 2014, at the annual conference of the Catholic Association of Latino Leaders. (AP Photo/Dario Lopez-Mills, File)

HOUSTON - Mexican billionaire Carlos Slim tells religious and community leaders that increasing workers' earning power and offering Latino-owned companies easier access to funding that can be used for growth and expansion can help improve the social and economic status of Latinos in the U.S. and throughout Latin America.

During a speech Sunday in Houston at the annual conference of the Catholic Association of Latino Leaders, Slim spoke for more than an hour on how to better the plight of Latino workers and Latino-owned businesses.

Slim, a telecom magnate who this year was ranked by Forbes magazine as the world's second-richest person, suggested establishing an investment firm or company dedicated to working with small- and medium-sized Latino businesses in need of financing.

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