The world’s richest man maintains holdings in telecommunications (America
Movil), banking (Grupo Financiero Inbursa) and mining (Minera Frisco), as well as Philip Morris, New York Times, Saks and Caixabank. Through his family’s holding company, Grupo Carso, Slim also commands a large presence in the Mexican construction industry.
Amancio Ortega Gaona, already the world’s fourth-richest person based on the success of his Zara fashion retail stores, has quietly amassed a real estate empire worth as much as $10 billion and is emerging as a formidable competitor for prime properties from London to Beverly Hills.
Billionaire Carlos Slim is using a $45 million acquisition to participate more formally in Brazil’s financial market, betting it’s the best way to replicate his Mexican bank’s business model in Latin America’s largest economy, his son said.
Grupo Financiero Inbursa SAB, the bank controlled by billionaire Carlos Slim, agreed to buy Standard Bank Group Ltd.’s Brazil unit for $45 million, getting a foot in the door in South America’s largest economy.
America Movil SAB, the telecommunications giant that propelled Carlos Slim to the world’s biggest fortune, will lose out on $1 billion in profit over three years because of long-awaited regulations imposed in Mexico, said Sanford C. Bernstein & Co. and Banco Itau BBA SA.
Efforts by Citigroup Inc. senior executives to tighten controls in Mexico were rebuffed by managers there for at least five years before the U.S. bank found the local unit had suffered a $400 million loan fraud last month, four people with direct knowledge of the matter said.
America Movil SAB and Grupo Televisa SAB were ordered by Mexico’s government to share their infrastructure with competitors in a bid to cut the market share of the nation’s dominant phone and media companies.
The world’s 300 wealthiest people lost a combined $44.4 billion yesterday as global stocks tumbled the most in a month and the ruble dropped to an all-time low amid Russia’s growing military presence in Ukraine.