Jose Otero News
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Carlos Slim, the world’s richest person, is confronting a mounting backlash from the same Latin American countries that made him wealthy as authorities rein in his expanding mobile-phone empire.
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Billionaire Carlos Slim’s dominance of Colombia’s wireless market is under threat as lawmakers and rivals press for market-share limits and seek to prevent him from getting licenses for faster smartphone speeds.
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The Puerto Rico Aqueduct and Sewer Authority, which carries the lowest investment grade by Standard & Poor’s, plans to issue $1.25 billion in tax-exempt revenue bonds tomorrow in the year’s biggest muni sale.
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Puerto Rico Electric Power Authority had its rating cut one step by Moody’s Investors Service, which cited the issuer’s weakened liquidity and reduced electricity demand.
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Brazil approved plans to hold by June 10 an auction of airwaves for use in fourth-generation wireless networks.
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Carlos Slim, the billionaire banned from providing television service in his native Mexico, is offering shows for free on the Web, drawing protests from rivals wary of his influence in the market.
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Investors who snapped up four times as much Puerto Rico debt this year as in 2011 are imposing higher borrowing costs on the U.S. commonwealth even as its debt outperforms all but one state.
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Satelites Mexicanos SA may pay the highest yield on a dollar bond offering by a Mexican company in almost two years as the satellite operator seeks to emerge from bankruptcy protection for the second time since 2006.
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Puerto Rico, which has a credit rating lower than any U.S. state, almost doubled a debt offering after $1 billion in bids from investors for the commonwealth’s first new money general-obligation issue since 2008.
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Brazilian phone carriers Tele Norte Leste Participacoes SA, Telefonica Brasil SA and America Movil SAB will be forced to share access to their networks with competitors without charging an “abusive” prices, Communications Minister Paulo Bernardo said.
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