Carlos Slim to invest $1 bn in Argentina

GUERRERO, MEXICO: Mexican magnate Carlos Slim will invest $1 billion in Argentina by the end of next year, mainly in the telephone sector, Argentina's government said on Monday.

Slim's America Movil is one of the world's biggest cellphone providers with 225 million wireless customers in countries stretching from the United States to Argentina.

Last month, a local newspaper quoted a government minister as saying Slim was expected to announce an investment of about $1.5 billion in Latin America's No. 3 economy