Word: kingdoms
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...ahead undeterred. The company just launched pilot 3G (for third-generation) networks in England and Italy, and has aggressive plans to initiate similar services in seven other markets across the globe over the next several years. Even allies have doubts about the strategy. Hutchison's partners in the United Kingdom?Japan's NTT DoCoMo and the Netherlands' KPN Mobile?have written down the values of their portions of the business by 80% and 86%, respectively...
...which, for its part, spent a hefty $10 billion for all of its European licenses). The company is moving ahead with its plan to build and introduce the world's first multinational 3G network, with operations in Australia, Austria, Denmark, Hong Kong, Ireland, Israel, Italy, Sweden and the United Kingdom. It has introduced a confident new brand name, "3," along with a snazzy logo and enough empowerment-through-technology hype to make you think it's 1999. "What we are doing is without precedent," says Hutchison 3G spokesman Matt Peacock in London. "3G is, in our view, a new medium...
...Pronouncements like that sound crazy after the bursting of the Internet bubble. But the pitch for 3 in the United Kingdom nevertheless emphasizes a number of flashy features, like those video calls, plus video clips of English Premier League football delivered to your phone every time your favorite team scores, and maps that move with you as they direct you to the nearest...
...Considering what Hutchison 3G is up against, the company will be hard pressed to meet its target break-even date of 2005. According to estimates by Nomura, Hutchison 3G will have to capture a minimum of 6.4 million subscribers in the United Kingdom, or a 13% market share, just to start making a positive return on its investment by 2010. The forecast out of technology consultant Forrester Research is even grimmer, pushing Hutchison 3G's break-even date in the United Kingdom back...
...wins. A large portion of the money Li is using to build a 3G network comes from the successes of his 2G investments. Li and his team, led by group managing director Canning Fok, were the same folks who built Orange into a leading mobile carrier in the United Kingdom before unloading their 49% stake for a cool $21.5 billion in 1999. Soon thereafter, Hutchison Whampoa sold its 23% stake in U.S. wireless firm Voicestream to Deutsche Telekom for another $9 billion...