Nick Vardy, London-based money manager and editor of The Global Bull Market Alert, is also bullish on American Movil, which he notes is also the leading wireless player in Colombia, Ecuador, and Guatemala, the second-largest cellular operator in Brazil and the third-biggest cell phone company in Chile.

He also notes that Verizon is being "squeezed out of Venezuela by Hugo Chavez's anti-American campaign." As a result, he expects Carlos Slim to pay around $3.7 billion for several of Verizon's assets, which he calls "a bargain by almost any measure."

Vardy is also bullish on Telefónica (NYSE: TEF), Spain's dominant domestic telecom, a leading player in Latin America and with "global footprint extends across three continents and 19 countries, with a total population of 670 million."

He notes that the firm is "expanding its profits at a breathtaking rate" with net profits up by 40% in the first six months of this year. He adds, "The stock has turned very strong technically in recent weeks," and recommends purchase.

Carla Pasternak, editor of High Yield Investing, looks to Brazil for her latest income idea - Telecomunicacoes de Sao Paulo (TSP NYSE), commonly referred to as Telesp.

According to Pasternak, "The company holds a virtual monopoly over the traditional fixed-line phone market in Sao Paulo - the country's wealthiest and most densely populated state, accounting for over 20% of Brazil's population."

Meanwhile, she expects future growth as its bundles its fixed-line operations with satellite TV and high-speed Internet access.

Spain's Telefonica also happens to hold a controlling interest in the company, which she points out, "provides strong financial backing and political clout."

Telsp usually declares two dividend payments each year - one in the first half of the year and one in the second half. And while it has not yet declared its dividend payments for the second half of 2006, Pasternak notes that based on 2005's distributions, the stock offers "a gigantic yield of 12.4% at the current share price."

She cautions that investors should consider tax consequences, as Telsp's distributions are subject to a foreign withholding tax of about 15%, which can be recaptured via a foreign tax credit if the stock is held in a taxable account.