Slim's America Movil posts big loss, hurt by Colombia payment

Mexican billionaire Carlos Slim’s America Movil reported a net loss of $525 million for the third quarter, as its results were dragged down by a costly Colombian arbitration panel ruling.

While the peso’s depreciation took a toll, the company said the biggest factor in its loss was the arbitration panel ruling. The Colombian panel said America Movil and Spain’s Telefonica failed to return installed telecommunication networks and infrastructure as part of agreements to provide cellular phone service in Colombia more than a decade ago.

Source: Reuters