August 14, 2014
Carlos Slim, the Mexican billionaire who ranks as the world’s second-richest person, has introduced a campaign to integrate about half a million young immigrants into the U.S. workforce.
About 1.1 million people in the U.S. are eligible for work authorization under a program known as Deferred Action for Childhood Arrivals, or DACA, for undocumented immigrants who arrived to the country as children. Only about half have been approved, Carlos Slim Foundation Chief Executive Officer Roberto Tapia-Conyer said in a phone interview.
July 16, 2014
Carlos Slim Helú is once again the world’s richest person, thanks in large part to a sharp increase in telecom giant América Móvil’s share price both in U.S. and Mexican markets. Slim bumped Microsoft (NYSE:MSFT) cofounder Bill Gates from his perch as the world’s richest, a post Gates has held since May 2013.
The move happened on Tuesday when the value of Slim’s phone company América Móvil’s (NYSE:AMX), his largest holding, rose 1% or $805.6 million, pushing his net worth to Forbes estimate of $79.6 billion, against Gates’s estimated $79.1 billion net worth.
July 15, 2014
Elementia SA, the Mexican cement maker backed by billionaires Carlos Slim and Antonio del Valle, is in talks to buy out partner Lafarge (LG) SA in their joint venture, people with knowledge of the matter said.
Elementia has the right to buy Lafarge’s 47 percent stake under an option described in the original terms of the Mexico partnership, said two of the people, who asked not to be identified discussing private negotiations. Lafarge wants to avoid competing with itself in Mexico after agreeing in April to a $40 billion merger with Holcim Ltd., which already operates in the Latin American nation, two people said.
July 11, 2014
07/09/14 Los Angeles Times
Mexican legislators on Wednesday passed a sweeping overhaul of the telecommunications industry that officials maintain will help break up monopolies and provide better service and more competition in the TV and telephone market.
Anticipating the approval, Mexican telephone tycoon Carlos Slim — listed by Forbes magazine as the second-richest man in the world thanks to the near-monopoly he and his family hold — announced he would sell off part of his empire to avoid a series of regulatory restrictions the new laws impose on any company with more than a 50% market share.
July 9, 2014
Billionaire Carlos Slim is bowing to imminent antitrust legislation by planning a breakup of America Movil SAB (AMXL)’s phone operations in Mexico rather than risk profit-crushing restrictions if his company did nothing to curb its dominance. The shares soared.
America Movil, the Americas’ largest operator with 272 million wireless subscribers, decided to divest some assets to an independent company, reducing its market share in Mexican landlines and mobile phones to below 50 percent to appease regulators, America Movil said yesterday in a filing. Slim’s carrier will also separate its wireless towers from the rest of the business and will renounce its rights to acquire control of satellite-TV provider Dish Mexico. Slim and his family hold 57 percent of America Movil.
July 2, 2014
Billionaire Carlos Slim will buy out AT&T Inc. (T)’s stake in America Movil SAB for $5.57 billion, propping up his Latin American mobile-phone company’s stock price as his longtime partner from the U.S. exits the business.
Slim’s holding company, Inmobiliaria Carso, told America Movil’s board it will acquire AT&T’s 8.3 percent stake, which includes 24 percent of the company’s voting shares, according to a filing yesterday. AT&T will receive $4.57 billion at the close of the sale and another $1 billion within 60 days of the closing, the Dallas-based company said in a separate filing.
June 26, 2014
Carlos Slim’s America Movil (AMXL.MX) said on Wednesday it had created a committee to evaluate options in response to an overhaul of Mexico’s telecommunications sector which aims to curb its dominance.
The committee will study “structural, commercial, technological and other options … as well as the opportunities offered by the new Mexican regulatory framework,” the company said in a statement.
June 24, 2014
Atara Biotherapeutics Inc., which is developing therapies for illnesses such as kidney disease and cancer, has filed for an initial public offering (IPO), The Wall Street Journal reported on Friday. Through a family trust that owns 9.3% of Atara shares, Mexican telecom tycoon Carlos Slim Helú is one of Atara’s key investors, according to the regulatory filing.
In the filings Atara said that the proceeds from the IPO would be used for development and clinical studies of two of its drug candidates and to expand its research for other drug candidates. Asked by email whether Slim plans to increase his participation in Atara, Arturo Elías Ayub, Slim’s spokesperson, declined to comment.
May 21, 2014
For a generation, AT&T and Mexican billionaire Carlos Slim’s telephone business stood side by side and grew to become giants of the industry north and south of the Rio Grande.
Now, AT&T Inc’s planned $48.5 billion purchase of U.S. satellite provider DirecTV is severing a connection with Slim that goes back to 1990, and turning them into competitors.
AT&T said on Sunday it would sell its 8.4 percent stake in America Movil, Slim’s main cash cow, and withdraw its board members from the company to avoid conflicts of interest with the Mexican’s TV operations across Latin America.
April 10, 2014
Carlos Slim, Latin America’s wealthiest businessman, has long enjoyed a dominant position in Mexico’s telecom sector. New rules spearheaded by the administration of Mexican President Enrique Peña Nieto, however, could threaten Slim’s position in the market.
Right now Slim and his company, America Movil, have a behemoth presence in Mexico. According to The Economist, “América Móvil controls 80% of fixed-line and 70% of mobile subscriptions, giving it a massive advantage when it comes to selling internet access. Although his businesses are exceptionally profitable by global standards, the services are slow and expensive, and their uptake low, even by Latin American standards.”
Slim’s net worth is estimated at $71 billion, more than double the annual revenues generated by Mexico’s entire telecom sector. According some estimates Slim’s companies cost Mexico $129 billion over the course of four years, an amount that is equal to 2% of Mexico’s GDP.