Brazilian stocks surged to record highs, led by telecommunications companies, after the government announced an increase for local calling rates.
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The proposed plan would have reduced Sunday calling rates on the basic plan to 7 cents a minute from 11 cents.
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Philippine Long Distance Telephone Co . led the decline on concern its international calling rates would be cut by 30 percent.
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Consumers might not see any immediate benefit from a Sprint buyout because long-distance and wireless calling rates are at historic lows.
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The company blamed the setback on a sharp increase in calling rates from the US to Hong Kong during the period.
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The cuts followed talks with regional and international telecommunication companies to introduce lower " per-minute " calling rates, the company said.
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KDD, Japan's largest international phone company, said it wants to cut its overseas calling rates by an average 5 . 1 percent.
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The agency will also lay the groundwork for telecommunications asset sales by setting calling rates and awarding of licenses to operate telecommunications services.
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Changing expectations that international calling rates won't fall as fast as was projected earlier in the year also boosted PLDT, said Peregrine's Diaz.
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The government is still studying whether to increase calling rates before it begins to sell assets in the state-controlled telecommunications industry, Motta said.
