Ecuador fines division of America Movil for anti-competitive practices

Reuters reported that Ecuador’s markets watchdog said on Sunday it fined the local subsidiary of Latin America’s largest phone company, America Movil (AMXL.MX), $138.4 million for anti-competitive practices. The Superintendent of Market Control said the subsidiary, Claro, had “impeded” other local cellphone providers and that the fine represented “10 percent of all its business in 2012.” Claro called the move “unjustified and disproportionate” and accused the authorities of inconsistency. Read Article

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