Slim's cellphone subsidiary hit with $1 billion fine

Mexican telecom giant America Movil says its cellphone subsidiary has been slapped with a 12 billion peso ($1 billion) fine by Mexico's Federal Competition Commission. The company owned by billionaire Carlos Slim says its Telcel subsidiary was informed that the fine is for what the agency deems monopolistic practices associated with call terminations.
America Movil says in a Friday evening filing with the Mexican stock exchange that it is studying the fine and all options for appeal. Slim's companies have come under various allegations of monopolistic practices in the past. America Movil is the largest provider of wireless service in Latin America with 225 million subscribers.