Word: telecoms
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That Prince is a lawyer who has functioned as Weill's Mr. Fix-It says a lot about financial institutions these days. Citi is still stinging from a string of ethical lapses related to its financing of Enron and to the tainted stock research of former telecom analyst Jack Grubman that helped feed the stock-market bubble. There's also plenty of skepticism, even inside the firm, that Prince is anything more than a seat warmer to get through this turbulent period. A quiet man and a consummate insider, Prince also faces a personal challenge: he will have to step...
...from a coming wave of interest in browsing the Internet on the small screens of cell phones. At its peak a year later, Openwave boasted $500 million in annual revenue and a share price of $125. But by mid-2002, Openwave shares had plunged to 43¢--freighted by the telecom bust and by the firm's particular missteps. "This was not a trusted company," says Listwin. "It had a reputation for 'skip it and rip it'"--grabbing market share first and fixing bugs in the code later...
...inexpensive alternative to the mobile phone in a regulatory environment fuzzier than his facial hair. UTStarcom's Xiao Lingtong (Little Smart) handsets may look and act like cell phones, but in China, where the government allows only two firms to provide cellular service, Wu has had to convince telecom mandarins that cell phones are actually just a wireless extension of fixed-line phones--like household cordless phones on steroids. UTStarcom doesn't provide the actual telephony service, but the handsets, base stations and switching equipment it makes allow China's citizens to receive cell phone-like service at rates...
...Little Smart is based on the "personal handyphone" technology that flopped in Japan in the 1990s. But Wu, who has an electrical-engineering degree from the New Jersey Institute of Technology, refined the system and managed to sell it to China's giant fixed-line firms, China Telecom and China Netcom, both of which wanted to grab a piece of the mobile market but have not yet been granted licenses by China's Ministry of Information Industries (MII). Wu skirted these obstacles by convincing the MII that Little Smart wasn't technically a mobile phone, thus allowing China Telecom...
...disclose that it was financing the sales it made to Telsim. Motorola lawyer Howard Stahl insists that his clients were prudent. "When you looked at the Uzans you found they were tough and hard but not radically different than the other people in developing countries who do oil or telecom. You had to deal with them." Uzan's real venom, however, is reserved for Prime Minister Erdogan, whose Justice and Development Party was founded on Islamic principles. The move to shut down the family's profitable utilities stung. "What kind of a Muslim are you, man?" Uzan told a crowd...