Mexico’s ‘King Midas’ dies

Mexico’s ‘King Midas’ dies

Billionaire Alberto Bailleres, Mexican gold and silver mining tycoon, has died at the age of 90. The cause of death has not yet been revealed.

Bailleres made his fortune across a range of industries, but started out in gold and silver mining alongside his father, which won him the nickname of Mexico’s ‘King Midas.’ He was the founder of the Industrias Penoles mining company, a global leader in silver production, and owned the Fresnillo silver mine and the largest gold deposits in Mexico. 

Bailleres had an estimated net worth of $8.6 billion in 2022, according to Forbes. He owned a number of firms in a variety of sectors from insurance to retail under the umbrella of Grupo BAL.

Bailleres was also known as a prominent supporter of arts and education. He was chairman of the board of trustees of the Instituto Tecnologico Autonomo de Mexico (ITAM) and a key sponsor in many of Mexico’s other prestigious universities.

“His academic legacy at ITAM is invaluable. He transformed each and every sector and life he touched,” Jose Antonio Meade, a former Mexican finance minister and ITAM graduate, told Reuters.

Bailleres retired from Grupo Bal last spring and handed over the business to his son Alejandro. Last year, the Bailleres family ranked as fourth richest in Mexico and 255th in the world.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Authorities in Warsaw have allowed citizens to forage for firewood in forests to keep their homes heated amid spiralling energy costs. Poland is in the midst of a coal shortage after banning Russian
подробнее...

If a fresh wave of government assistance is not released immediately, some 500,000 small businesses in the UK will go bankrupt within weeks, the chairman of the Federation of Small Businesses (FSB)
подробнее...

US technology firm IBM announced, on Tuesday, that it plans to pull out of the Russian market due to the conflict in Ukraine.The company's chief executive Arvind Krishna said in a statement: “Let me
подробнее...

Ukraine is in discussions with the United States on purchasing and financing supplies of liquefied natural gas (LNG) instead of pipeline gas, which the country currently receives from EU states,
подробнее...

Authorities in Sri Lanka have suspended a court order that barred a civilian aircraft leased by the airline Aeroflot from returning to Russia, the local newspaper News First reports.An Airbus A330-343
подробнее...

The Biden administration might let more sanctioned Iranian oil flow into global markets in an attempt to rein in fuel prices at home amid the run-up to the midterm elections in the US, according to a
подробнее...

Gas flow from Germany to France has been halted, French gas transmission system operator GRTgaz reported on Friday, adding that the nation hadn’t received any natural gas from Russia via the pipeline
подробнее...

US gasoline prices have once again refreshed all-time highs, reaching $4.81 per gallon on Saturday morning.According to data from the non-profit American Automobile Association (AAA), which tracks
подробнее...

Many of the currently existing 19,000 cryptocurrencies will disappear in the coming years, several industry experts told CNBC, comparing the market to the early dotcom days. According to the report on
подробнее...

A shortage of cigarette packaging paper could affect smokers in Germany, with some brands almost impossible to find in retail stores, Bild newspaper reported on Friday.According to the paper, one of
подробнее...

Business relations between the US and Russia have been damaged over the past months due to the conflict in Ukraine, and it may take years to rebuild the links between the two countries, US Ambassador
подробнее...

The United States has accused the Kremlin of trying to profit from plundered Ukrainian grain by selling it to drought-stricken countries in Africa, the New York Times reported on Sunday.According to
подробнее...

The losses of international companies from Western sanctions on Russia have exceeded $59 billion, the Wall Street Journal reported on Friday, citing data from public statements and securities
подробнее...

An embargo on Russian gas would hurt Europe and its industries, Christian Kullmann, the head of the Chemical Industry Association and CEO of Evonik Industries AG, Germany’s second largest chemical
подробнее...

Shares of electric car maker Tesla slid 9.2% on Friday, following Elon Musk’s email to executives in which he announced plans to cut 10% of its workforce. Musk also wrote that he has a “very bad
подробнее...

The Polish government was too quick to ban Russian coal, Pawel Poncyljusz, a member of the Civic Coalition of Warsaw's Parliament, told state-run Polskie Radio on Friday. In his opinion, the sudden
подробнее...

Starlink, a firm owned and operated by Elon Musk’s SpaceX, has been granted an operators license in Ukraine to provide an internet service, according to the country’s Minister of Digital
подробнее...

Serbian President Aleksandar Vucic explained, on Monday, that his country has incurred significant losses due to EU sanctions against Russia. He particularly cited restrictions on oil supplies.“Only
подробнее...