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Jul 1, 2004

Embratel Hires New Leadership
The proud new owner of Brazilian long-distance carrier Embratel Participações has hired Carlos Henrique Moreira as the company's new president. Telmex, the Mexican telecom giant, announced the appointment after Brasília approved its acquisition of Embratel from MCI. Moreira already works at Claro, a cellphone operator owned by Telmex. The company also picked José Formoso Martínez to be Embratel's chief executive officer. He was previously vice president for Latin America at Telmex. The two will formally start work at Embratel once the acquisition closes, expected for the end of July. Telmex bought Embratel from MCI, in March, paying $403.4 million. The acquistion gives the Mexican company a firm foothold in South America.

Ecuador Appoints New Finance Minister
Ecuadorian President Lucio Gutiérrez chose Central Bank President Mauricio Yepez as his latest finance minister after Mauricio Pozo resigned in...

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