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Peso Rout Shaves $16 Billion Off Fortunes of Mexico’s Wealthiest
The rout in the Mexican peso after the stronger-than-expected victory by President-elect Claudia Sheinbaum has delivered a blow to the country’s wealthiest business people. Since the June 2 election, the collective fortunes of five Mexican moguls among the world’s 500 richest people, including Carlos Slim and German Larrea, tumbled $16 billion to $153 billion through Wednesday, according to the Bloomberg Billionaires Index. The peso rose Thursday for the first time in three sessions — gaining 1% against the US dollar — though the currency is still down 8.5% this year. The “super peso” under outgoing ... (full story)