Major setback for Mexican telecommunications tycoon and richest man in the world

Telmex, as the Mexico City-based company is known, dropped 6.4% to 10.18 pesos. The shares have risen 1.7% in 2011, compared with the 7.6% slump in the Mexican IPC index. The phone carrier controlled by billionaire Carlos Slim’s America Movil SAB can’t sell TV service because it hasn’t met some conditions of its license, including efficiently providing connections to rivals, the Communications and Transportation Ministry announced on May 27. The ruling followed five years of silence from the government agency, which was forced to respond following a court order this month. Read Article