Word: telecoms
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...player in the real estate market, and in retail, telecommunications and power generation. His port operation handles 30% of Hong Kong's trade. His nickname in the press is Superman. Now comes Superboy: Li's son Richard, 33. Last month, Richard took over Cable & Wireless HKT, the territory's telecom giant, using an Internet company he started only 11 months ago called Pacific Century CyberWorks. The deal, valued at $38 billion, was Asia's biggest takeover ever...
...companies controlled by father and son together account for more than a quarter of the capitalization of the Hong Kong stock market. In the telecom business alone, Li-controlled companies have 60% of Hong Kong's mobile-phone market and virtually the entire fixed-line system. Bricks and mortar? Li is Hong Kong's property king. Now he and son have displayed highly advanced knowledge of how to prosper in the new era of telecoms and the Internet. Richard, for one, sees these talents as anything but local. "These are truly global transactions," he told TIME. The message: watch...
...smart card was invented by a former French journalist and technological autodidact, Roland Moreno, in the 1970s. Initial applications centered on ID cards, but by the 1980s--in another example of state-led adoption of new technology--France Telecom introduced prepaid telecartes that rendered coins in phone booths obsolete. Applications quickly blossomed as the association of Carte Bleue debit cards ordered their banks to fight fraud by issuing only chip-embedded cards, and as France Telecom issued the Minitel with smart-card readers to enable online purchase of everything from opera tickets to train reservations--well before anyone had heard...
...device is made by Research In Motion, and used to be available only with Blackberry's wireless service, over the BellSouth Data Network. But last week major wireless retailers across the country began selling an upgraded and even cooler RIM-made gadget for a telecom company called American Mobile, based in Reston, Va. The new device, dubbed the eLink, should shame young Marshall and her fancy Blackberry-toting crowd...
Chambers thinks it's important that people such as Sumner do know, especially now that Cisco wants to be successful in its other bold strategy: a march into the telecom business, where it will face a whole new level of well-entrenched competition. The $250 billion-a-year telephone-equipment business is where giants like AT&T's equipment-making spin-off, Lucent, and Canadian counterpart Nortel have built powerful, decades-long relationships with telephone companies and service providers. As voice and data networks converge--and data come to account for more than 90% of network traffic--Cisco has boasted...