Carlos Slim

Carlos Slim

Postby winston » Mon Oct 18, 2010 9:51 pm

I'm surprized that I dont have a thread on the richest man in the world ...

Tycoon Slim Puts Hedges on Gold, Copper

Mexican billionaire Carlos Slim's Grupo Carso conglomerate said on Friday it had bought protection from volatile metals prices through 2013 as the company expands its mining business.

Grupo Carso shares have risen 50 percent to trade at record highs since August after Slim announced plans to publicly list the Grupo Frisco mining unit of his copper wire, retail, construction and real estate conglomerate.

Currently ranked the world's richest man by Forbes, Slim has been ramping up mining projects this year, taking advantage of China's appetite for metals and high prices in commodities fueled by cheap money from major central banks.

The hedging strategy on prices would protect the company from a sharp drop in commodities prices, which could happen once major central banks like the U.S. Federal Reserve start to raise interest rates.

The company has previously sought such protection through derivatives contracts, which is common in the mining industry.

Grupo Carso said in a statement to the local stock exchange that it had hedged price exposure on percentages of estimated production of precious and industrial metals at new mines.

"This decision has been taken due to the strong speculation and volatility in metals markets," the statement said. "In the case that prices fall significantly, these units would have good results that would justify the work and investments in process."

Commodities prices have risen sharply since the U.S. Federal Reserve said in August it may take unconventional steps to restore the economy.

The policies, which amount to printing money by buying securities for the Fed's balance sheet, are widely expected to push commodities prices higher. The Reuters/Jeffries CRB commodities index has risen more than 16 percent since Sept. 1.

Grupo Carso ramped up production this year at mines it has owned for years, as well as new mines that are producing gold, silver, copper and zinc.

Grupo Carso said it had hedged 43 percent of its estimated gold production for the next three years at an average price of $1,189 per ounce, and 26 percent of its silver production over the same period at an average $18.71 per ounce.

The company also hedged 61 percent of its expected copper production over three years at an average $3.32 per pound. It also hedged some expected zinc and lead production.

http://www.moneynews.com/StreetTalk/gol ... /id/373948
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Re: Carlos Slim

Postby winston » Fri Oct 22, 2010 7:42 am

World's Richest Man: Charity Doesn't Solve Anything By Robert Frank

Carlos Slim has always had a complicated relationship with philanthropy.

The Mexican billionaire, who Forbes still lists as the world's richest man, said in 2007 that he could do more to help fight poverty by building businesses than by being a Santa Claus.

Mr. Slim's signature also has been noticeably absent from the Gates-Buffett Giving Pledge. At a conference in Syndey last month, Mr. Slim said that charity accomplishes little.

The only way to fight poverty is with employment he said. Trillions of dollars have been given to charity in the last 50 years, and they don't solve anything.

As for the Giving Pledge, he said: To give 50%, 40%, that does nothing, Slim said. There is a saying that we should leave a better country to our children. But it's more important to leave better children to our country.

In a speech in Mexico City Thursday, he reiterated his point that the best way to fight poverty is to create jobs.

Now Mr. Slim isnâ't un-charitable. He has contributed hundreds of millions of dollars to his foundation and has funded millions of dollars in joint-venture projects with the Bill and Melinda Gates Foundation.

So he clearly isn't against charity entirely. His point seems to be that society would benefit more if the wealthy channeled their creative energies and talents toward building job-creating businesses rather than doling out cash.

It is the 21st century billionaire version of the old adage, give a man a fish and he eats for a day, teach him to fish and he eats for a lifetime.

In these populist times, some might argue that Mr. Slim is being a selfish billionaire who's simply justifying his own wealth accumulation. But he raises two good questions, ones I have heard from an increasing number of wealthy entrepreneurs:

Would Bill Gates and Warren Buffett be doing more for society by putting their time and money into new businesses rather than funding philanthropy?

Has philanthropy solved any major social problems in the past 50 years?

Source: WSJ

http://blogs.wsj.com/wealth/2010/10/15/ ... -anything/
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Re: Carlos Slim

Postby kennynah » Fri Oct 22, 2010 11:08 am

“The only way to fight poverty is with employment,” he said. “Trillions of dollars have been given to charity in the last 50 years, and they don’t solve anything.”


i tend to agree....

give $5 to a poor man...he spends it food and it's gone... prepare him for a job and he can feed himself for a long time..

but we cannot expect poor feeble old people or the very young to be able to work for a living... these unfortunate souls have to be separately taken care of..
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Re: Carlos Slim

Postby winston » Thu Mar 10, 2011 12:31 pm

Here is the Forbes 2011 ranking of the top 10:

1. Carlos Slim (Mexico) - $74 billion, telecommunications

Slim, 71, first showed a business talent as a 10-year-old selling drinks and snacks to his family. After studying engineering, he founded a real estate company and worked as a trader on the Mexican stock exchange.

Cigar-smoking Slim is known for a "Midas touch" in acquiring struggling firms and turning them into cash cows.

His enormous wealth contrasts starkly with his frugal lifestyle. He has lived in the same house for about 40 years and drives an aging Mercedes Benz, although it is armored and trailed by bodyguards.

He has become involved in combating poverty, illiteracy and poor healthcare in Latin America and promotes sports projects for the poor, but has never voiced plans to give away large chunks of his wealth to charity.


Source: Reuters
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Re: Carlos Slim

Postby winston » Sun Aug 21, 2011 12:16 pm

The S&P dropped another 6% since Aug 9 ..

World's richest man loses more than $6.5 billion of net worth within a week

The world would remember well when in 2007-08 the stock markets around the world crashed and many people lost their savings and a sizeable number of them lost even their homes. This time, a crash at major stock markets of the world has re-occurred, which resulted in loosing billions by the investors within weeks including the Mexican telecom tycoon Carlos Slim who lost approximately $6.7 billion in a single week. Since late July this year, his overall portfolio took a hit of close to 9.5% which had previously grown by close to 20% the previous year.

Carlos Helu Slim is majorly known as the Mexican telecom tycoon who owns America Movil, which controls 70% of the total share of the Mexican mobile market, has lost a lot as Mexican standard rating index IPC saw the company’s value fallen by 6.4% overall. Also, since the Mexican Peso fell by 2.3% against the American Dollar, it resulted in the Mexican tycoon losing a lot from his economic value.

His other flagship companies include Inbursa (financial services) which fell by 8.2% in value, Inmuebles Carso (real estate) which took an 11% cut in its value, and the Grupo Carso (Construction) which fell by close to 14%, playing a role in the overall decrement of his stock value. Along with Carlos Helu Slim, fellow billionaires Bill Gates (Microsoft) took a 5% hit, whereas Warren Buffet (Berkshire Hathway) took a 4.3% cut in their overall net worth amongst many others who have lost in various degrees.

But considering the big picture on the outset, the billionaires still haven’t lost it all. Considering that Carlos Helu Slim’s worth is over $ 70 billion, this $6.4 billion hit isn’t going to hurt him as much as small investors whose entire earnings are related to a single source of the stock market.

Source: Independant/ Global Post/ Bloomberg
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Re: Carlos Slim

Postby winston » Thu Oct 11, 2012 6:18 am

The world's richest man just made another big bet on gold

Little more than a month after AuRico Gold announced the Ocampo mine would lose at least 40,000 to 45,000 ounces of gold equivalent production this year and as much as 50,000 GEO in 2013;

AuRico announced it would sell Ocampo and adjacent exploration properties to Carlos Slim's Minera Frisco SAB.

http://www.mineweb.com/mineweb/view/min ... &sn=Detail
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Re: Carlos Slim

Postby winston » Sun May 26, 2013 7:15 pm

Mexico reforms knock Slim off world's richest perch

AFP - Mexican tycoon Carlos Slim held the title of the world's richest man for the past three years until a new president rolled into town with a vast economic reform agenda.

Enrique Pena Nieto's push to overhaul the telecoms industry, a sector dominated by Slim, has weighed down on stock prices of the billionaire's America Movil phone empire, analysts say.

Three weeks after Congress approved the legislation, and a boatload of dollars later, Forbes magazine declared Wednesday that Microsoft founder Bill Gates had reclaimed the wealth throne he bequeathed to Slim in 2010.

Slim's $69.1 billion compared to $69.8 billion for Gates after America Movil shares dropped further -- a spectacular reversal of fortune from just over a month ago, when Forbes put Slim on top of its 2013 rich list with a net worth of $73 billion.


http://www.france24.com/en/20130526-mex ... hest-perch
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Re: Carlos Slim

Postby winston » Fri Oct 10, 2014 7:13 am

Carlos Slim’s Interview With Betty Liu Of Bloomberg

http://www.thetradingreport.com/2014/10 ... bloomberg/
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Re: Carlos Slim

Postby winston » Thu Dec 24, 2015 6:17 am

Mexico's Slim biggest loser among world’s top 400 richest people

MEXICO CITY: Carlos Slim had a tough year, the worst among the wealthiest people of the world.

Since the start of 2015, the Mexican executive lost almost US$20bil, or about the size of Honduras’ economy, according to the Bloomberg Billionaires Index.

The shares of his America Movil SAB telecommunications giant are heading for their biggest decline since 2008. The company has suffered under regulatory pressures in Mexico, where it’s now forced to share the infrastructure that allowed it to dominate the mobile and fixed-line market for more than a decade.

Among conditions working against Mexico City-based America Movil are: a dismal outlook for Brazil’s economy, its second-biggest market; stronger competitors at home; and limited opportunities to expand in Europe.

Slim, now the fifth-richest person in the world – down from third earlier this year – owns 57% of the company.

The stock, down 18% this year, lost its long-held position as the most-weighted stock on Mexico’s benchmark index, making Slim the biggest loser among the world’s 400 wealthiest individuals.

“There really isn’t anything near team to get investors excited so the focus has turned to the deteriorating profitability in the Mexican market,” Kevin Smithen, an analyst with Macquarie Securities USA Inc, said in an interview from New York.

“You really need to see a more credible expansion strategy in Europe or evidence of a financial turnaround in Brazil” to boost stock prices.

Source: Bloomberg
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