Word: ntt
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...private investors in the largest stock sale ever. Last week the Japanese Diet joined the trend. It voted to end the state monopoly of Nippon Telegraph and Telephone (fiscal 1983 sales: $18.4 billion), the country's phone company. Beginning in April the government will offer half of NTT's shares for sale over a five-year period, and could eventually sell up to two-thirds of the stock. The firm will immediately become Japan's largest private employer, with 318,000 workers-six times the work force of Toyota...
...foreign companies. Said Harry Edelson, managing partner of Edelson Technology, a venture-capital firm: "It's equivalent to opening up the U.S. postal system to competition." Japanese and foreign firms will be able to sell products and services that until now have been the exclusive province of NTT. Corporate powerhouses like the Japan Highway Public Corp. (1983 sales: $2.9 billion) already plan to offer long-distance services. Kyocera, an electronic-products company, intends to build microwave transmission systems...
...Government will be closely watching the NTT spinoff. Washington has long urged Tokyo to open the important telecommunications market to American companies. This year Japan is exporting some $38 billion more to the U.S. than it is buying from Americans...
...breakup of NTT's monopoly could prove a boon to Japanese telephone users. The 32-year-old NTT has been slow to innovate, sometimes leaving customers with costly service. The price for a call between Tokyo and Osaka, which is currently 40? for 45 seconds, could soon be slashed in half...
...immediate focus of U.S. ire is Japan's reluctance to open up enough of its government contracts to foreign bidders. Specifically, the U.S. wants to be allowed to bid on high-technology items like computers and switching equipment bought by the Nippon Telegraph and Telephone Co. (NTT). But NTT vigorously opposes foreign bidding because the company has worked closely with several Japanese suppliers in developing its computer technology, which it protects like a mother bear guarding her cubs. Yet such technology is precisely where the U.S. has an edge, and could expand in what will be a growing industry...