Development: On 5 May Mexican billionaire and the world's richest man, Carlos Slim, in Honduras for a government-organised investment fair, expressed an interest in President Porfirio Lobo's proposed model cities.

Significance:  Slim knows a cheap business opportunity when he sees one and the Hondurans will be hoping that other investors will take his cue. The Lobo government is hoping to capture US$15bn (the equivalent of annual GDP) in new investment in the ‘Honduras is open for Business' event. 

Key points:

• The US undersecretary for international trade, Francisco Sánchez, who attended the fair in the country's main business hub, San Pedro Sula, said that the US government "recognised the important steps taken by the Honduran government to improve the investment climate". The government recently approved five new investment-promotion laws. The US has long been the country's main trade and investment partner, with some 200 US firms operating there. 

• President Lobo yesterday congratulated the judiciary for its move to annul corruption charges against the ousted former president, Manuel Zelaya (2006-2009), which should clear the path for the country's reinsertion into regional forums. The hardline president of the supreme court, Jorge Rivera, said earlier this week that the appeals court ruling was "a happy coincidence" for the government. The equally conservative public ministry, which originally levied the charges, is mulling an appeal.

• Slim's telecoms operator, América Móvil, recently announced the acquisition of 100% of its Irish rival Digicel's operations in El Salvador and Honduras, and will also begin operating in Costa Rica by year-end.