Slim’s cellphone subsidiary hit with $1 billion fine by Mexico’s competition commission

Mexico’s anti-trust commission has hit billionaire Carlos Slim’s cellphone subsidiary with a 12 billion peso ($1 billion) fine. The Federal Competition Commission said the cellphone subsidiary, Telcel, engaged in monopolistic practices associated with call terminations, America Movil said in a filing with the Mexican stock exchange. The company said it is studying the fine and all options for appeal. America Movil is the largest provider of wireless service in Latin America with 225 million subscribers. Its 2009 revenue totaled $30 billion.