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Telefonica to halt investment. (Argentina).

Spain's Telefonica said that it would freeze investment in Argentina to counter the effects of the country's currency devaluation, but plans expansion in other parts of Latin America.

Argentina's devaluation of the peso has already caused Telefonica's biggest decline since 1991, reducing its fourth-quarter net income by 369 million euros (US$324 million) and halving its quarterly profit.

The company also took a charge of 1.42 billion euros against reserves and warned that the devaluation will erode first-quarter results.

Telefonica said in a pres

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