Slim to merge Brazil fixed, mobile business

Mexican billionaire Carlos Slim, the world's richest man, plans to merge his mobile and fixed-line businesses in Brazil in a bid to slash costs, Folha de S.Paulo newspaper reported. Slim plans to merge fixed-line company Embratel with Claro, the local unit of America Movil, in up to two months, Folha said. Jose Formoso Martinez, the chief executive of Embratel, will likely be named to head the combined company. Slim has been dissatisfied with the results of his Brazilian units and plans the restructuring to fend off competition from France's Vivendi, Spain's Telefonica and Portugal Telecom, Folha reported.