Slim pickings as world\'s richest man loses $8b

Carlos Slim, the world\'s richest man, lost about $8 billion (Dh29 billion) this week.The Mexican billionaire\'s stock portfolio, measured in US dollars, has dropped about 11 per cent since July 29, before yesterday, and is valued at about $63 billion, according to data compiled by Bloomberg. That compares with a 7.1 per cent slide in the Standard & Poor\'s 500 Index.Slim, 71, has taken a hit as Mexico\'s benchmark IPC index dropped 7.4 per cent and the peso slid 2.5 per cent against the dollar on concerns that the flagging US economy will hurt demand for assets in its southern neighbour. 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.\" From / Gulf News