Saturday, August 6, 2011

World's richest man, Carlos Slim, lost $6.7 billion this week, stated in Feb. 2011 unhappy with large deficits, high unemployment

.
2/1/11, Carlos Slim does not approve manner in which US economy is being handled: ""What can be more worrying is economic uncertainty, to see that developed countries have huge deficits, high rates of unemployment, undercapitalised financial systems, and that they are merely adopting palliative measures that don't resolve the problems.""...

-----------------

8/5/11, "Carlos Slim Loses $6.7 Billion in a Week," Bloomberg

"Carlos Slim, the world’s richest man, lost about $6.7 billion this week.

The Mexican billionaire’s stock portfolio, measured in U.S. dollars, has dropped about 9.5 percent since July 29 and is valued at about $64.4 billion, according to data compiled by Bloomberg. That compares with a 7.2 percent slide in the Standard & Poor’s 500 Index.

Slim, 71, has taken a hit as Mexico’s benchmark IPC index dropped 6.4 percent and the peso slid 2.3 percent against the dollar on concerns that the flagging U.S. economy will hurt demand for assets in its southern neighbor. The removal of three of Slim’s companies from the IPC index has made matters worse for the billionaire.

He’s been particularly hurt by those companies leaving the IPC,” said Leon Cabrera, a trader at Mexico City-based Vanguardia Casa de Bolsa. “It reflects the nervousness out there. It’s part of being in the market.”

America Movil SAB, the biggest wireless carrier in the Americas and Slim’s largest asset, has declined a relatively benign 6 percent this week....

The drop in America Movil, which has fallen 20 percent this year as regulators seek to put a dent in its 70 percent share of Mexico’s mobile-phone market, is an opportunity for investors to buy stock in a solid company, Cabrera said yesterday in a telephone interview.

Even measured in Mexican pesos, Slim’s holdings have dropped about 7.3 percent this week...

Slim was named the world’s richest man for a second year in a row by Forbes magazine in March. Bill Gates and Warren Buffett, second and third on the magazine’s list, have had better weeks, at least for their biggest holdings.

Gates’s Microsoft Corp. (MSFT) dropped 6.3 percent this week. Buffett’s Berkshire Hathaway Inc. (BRK/A) slid 3.9 percent.

Arturo Elias, a spokesman for Slim, declined to comment in an e-mail."

=====================

2/1/11, "Mexico's Carlos Slim unveils $8.3bn investment drive," BBC

"Violence and insecurity in the country were serious problems, he said, but violence could be found everywhere.

"What can be more worrying is economic uncertainty, to see that developed countries have huge deficits, high rates of unemployment, undercapitalised financial systems, and that they are merely adopting palliative measures that don't resolve the problems.""

from BBC, "Mexico's Carlos Slim unveils $8.3 billion investment drive"

------------------------------

from Editor & Publisher, "Mexican Billionaire Carlos Slim now among biggest NY Times Co. Shareholders", 2/12/10, by Jennifer Saba. via Poynter.org/Romenesko

  • from On the Media Transcript with Andres Martinez, former editorial page editor of the NY Times and LA Times, 1/30/09:
----------------------------------



via Drudge

No comments: