Latin America’s economic woes, which peaked in 2001-2002, began to lift in mid-2003. With the return of consumer confidence, telecom spending is on the rise and operators are once again investing in their networks. The areas where expectations are the highest are mobile telephony and broadband. There was a strong drive towards consolidation during 2003-2004. The two most outstanding deals were BellSouth’s sale of all its Latin American operations to Spain’s Telefónica, and AT&T Latin America’s sale to Telmex in March 2004. Telmex also acquired Embratel from MCI in April 2004, and América Móvil acquired over half a dozen different operations throughout the region. ADSL is the rising star for fixed line operators, while GSM has become the fastest growing mobile technology.