Word: telecoms
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Dialing for Dollars It's not quite déjà vu all over again, but European tech and telecom stocks are suddenly hot. After three years of gut-wrenching decline, survivors of the late 1990s bubble have reined in debt and are looking to grow again. A flurry of merger activity last week - both real and rumored - demonstrates the new mood. Shares in Britain's mobile-phone service mmO2 soared almost 20% after it rebuffed a merger offer of about €13 billion from Dutch phone operator KPN, while France Télécom boosted the valuations...
...There are 37 foreign and domestic manufacturers, which together can produce twice the number of phones currently sold in China annually. As inventories quadrupled in the first half of 2003, prices fell 20%, according to research firm IDC. Yet more companies are crowding in. Huawei Technologies, China's largest telecom-equipment maker, announced late last year that it is launching its own cell phones on the mainland...
...tracks how much new European money is flowing into these funds, all of them report strong demand. Now that investors are back, Chinese companies are rushing to raise cash. This year will bring a bevy of highly anticipated IPOs, including Ping An Insurance, one of China's largest insurers, telecom company China Netcom Corp. and possibly China Construction Bank, one of the mainland's four largest banks. Accounting firm PricewaterhouseCoopers estimates that Chinese companies will raise $10 billion in IPOs in Hong Kong this year; about 50% more than in 2003. The big question, of course, is whether the current...
...Strong Signals Swedish telecom giant Ericsson announced a quarterly profit of $19.4 million, its first since 2001. Global mobile-phone sales are estimated to have risen...
...there was a market in European business chiefs, it might be time to sell. Deutsche Bank CEO Josef Ackermann in late January flashed a victory sign and a broad smile as he walked into court to face breach-of-trust charges related to the 2000 takeover of German telecom firm Mannesmann by the U.K. 's Vodafone. He created a huge outcry about rich, arrogant executives. "Managers have lost contact with reality and live in an illusory world," railed Hans Leyendecker, a commentator for Süddeutsche Zeitung. Similarly, Italians have been wringing their hands since the discovery of massive fraud...