The Argentine business Olmos Group, the owner of the news channel Crónica TV, Diario Crónica, Evolución Seguros, and other companies in the health care business in Argentina, have begun negotiations to buy over Telefónica's Uruguay, the subsidiary announced Wednesday.
Leading mobile company Telefonica Brasil and three firms in its supply chain have been found guilty of engaging in slave labor, authorities said this week. A panel of labor judges in Espirito Santo state ruled that Telefonica, publicly traded as Vivo in Brazil, was guilty after workers toiled in slavery-like conditions during the building of a cellphone tower in 2014.
The Argentine government signed the decree on Thursday formalising the decision for the state to begin to control a part of the mobile phone sector, a measure announced on Wednesday by Planning Minister Julio De Vido.
Argentina announced the government has rejected the proposals made by bidders seeking to gain a public contract to manage up to 25% of the 3G telecommunications frequency nationwide. Instead the federal government satellite and communications company Arsat will get 20% of the available 3G spectrum.
The slowdown in Latin America’s once booming economies could take a heavy toll on profits for Spanish and Portuguese companies whose two-decade investment spree abroad has provided a lifeline during a deepening crisis at home.
Argentina has fined Telefonica 43 million dollars for a mobile phone service interruption last month, which threatens to further exacerbate tensions between the two countries.