U.S. Markets open in 1 hr 59 mins

Mexico Senate committees approve telecoms bill

MEXICO CITY, July 3 (Reuters) - Mexican Senate committees on Thursday gave their general approval to legislation needed to implement a reform of the phone and TV markets that seeks to rein in telecoms tycoon Carlos Slim and broadcaster Televisa.

Reservations raised by the committees over the so-called secondary laws will be debated on the floor of Senate, which is expected to put the legislation to a full vote on Friday.

Lawmakers from the ruling Institutional Revolutionary Party have said they expect the legislation, which has been delayed for more than six months, to pass to the lower house for final approval next week.

Approving the telecoms law would open the door for Congress to pass separate secondary legislation on the government's most ambitious reform, the opening of Mexico's oil and gas industry to private investment after a 75-year state monopoly.

(Reporting by Christine Murray; Editing by Miral Fahmy)