Telefónica proclaims a revolution in its global telecoms network

Telefónica has moved to unwind its sprawling global telecoms network after the Spanish company revealed a major overhaul of its business that leaves its future in Latin America in doubt.

The company said it would focus its investment on its domestic market, Brazil and the UK and Germany. The remaining eight Latin American markets in which it operates, including Mexico, Colombia and Argentina, will be carved out into a separate unit and earmarked for potential sale, the Financial Times reports.