International Business Machines Corp. was sued by Iusacell SA, Mexico’s third-biggest mobile- phone provider, for $2.5 billion in lost profits tied to a 2010 deal that failed. IBM claims the lawsuit is intended to avoid arbitration over the contract.
America Movil SAB, the phone giant controlled by billionaire Carlos Slim, tumbled on concerns that profits would suffer in its home market under a proposal sent to Mexico’s Congress by President Enrique Pena Nieto.
America Movil SAB and other Mexican phone companies would have to phase out long-distance charges and other fees under a bill proposed by President Enrique Pena Nieto, who is pushing ahead with a plan to boost competition.
Grupo Televisa SAB, Mexico’s biggest broadcaster, rose to the highest since at least 1994 on speculation proposed regulations will hinder America Movil SAB’s television expansion plans for at least two years.