Salinas is the chairman of Grupo Elektra, a banking and retail conglomerate that operates more than 2,000 outlets in Latin America. He is also the majority shareholder of Spanish-language television broadcaster TV Azteca. Through Grupo Salinas Telecom, a closely held investment vehicle, he controls 98.9 percent of mobile-phone carrier Grupo Iusacell.
International Business Machines Corp. was sued by Iusacell SA, Mexico’s third-biggest mobile- phone provider, for $2.5 billion in lost profits tied to a 2010 deal that failed. IBM claims the lawsuit is intended to avoid arbitration over the contract.
Ricardo Salinas, the Mexican billionaire whose banking and retail empire spans eight countries, is looking to bring his microlending business to the U.S. to capitalize on the opportunity with low-income customers.
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.
When Enrique Pena Nieto ran for president in 2012, opponents nicknamed him the Televisa candidate for what they described as favorable coverage from Mexico’s largest broadcaster. Now as president he’s pushing for more competition that will hurt Grupo Televisa SAB’s revenue growth.
Telefonica SA is in talks to combine its Mexico operations with Grupo Iusacell SA to form a bigger mobile-phone competitor to billionaire Carlos Slim’s America Movil SAB, people with knowledge of the matter said.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Cemex SAB and Petroleos Mexicanos are leading a rebound in Mexican corporate debt offerings overseas from the biggest drought in seven months as demand for the country’s higher-yielding assets picks up.
TV Azteca SAB, the Mexican broadcaster controlled by billionaire Ricardo Salinas, fell the most in three months after the country’s exchange said the stock would be removed from the benchmark index next month.