Tuesday, December 16, 2008

Industry news update

Below are the some of the top industry news during the first two weeks of December.

Dec 1: Indonesian mobile operator PT Mobile-8 Telecom had its credit rating cut by Moody's Investors Service to Ca, from Caa2, after bondholders rejected a debt revamp plan.

"The downgrade reflects the fact that Mobile-8's current liquidity sources are not sufficient to cover early repayment of the notes and therefore a default on the notes after the grace period looks unavoidable," Moody said in a statement.

Dec 3: Italy's biggest phone company Telecom Italia SpA cuts its revenue growth forecast for a fifth time in three years, because of deteriorating economy. It also said it will cut another 4,000 jobs in Italy, to help reduce cost.

In March, it expects 2009 sales to grow by 1-2 per cent. Now, it expects sales to be "in-line" with 2008.

It also added that it may sell as much as 3 billion euros of assets in Europe and Cuba, while keeping its Brazilian mobile-phone company.

Dec 5: Motorola Inc had its credit rating lowered by two levels to BB+ by Standard & Poor's because its declining handset business is eating into its profits.

Motorola's mobile phone business has lost about US$2.8 billion in operating income since the start of 2007.

Motorola lost its top ranking in the US mobile phone market, the world's biggest market, to Samsung last quater. It had a 21.1 market share while Samsung had 22.4 per cent.

Dec 10: South Korea will abolish the Wireless Internet Platform for Interoperability, or WIPI, requirement on mobile phones from April next year.

The WIPI requirement was implemented since April 2005.

This means mobile phones in Korea need not to be embedded with platform, paving the way for Apple Inc, to sell its iPhones in the country next year.

Overseas handset makers have been restricted from selling their products in South Korea because of the WIPI, a wireless Internet platform developed to help content providers avoid additional investment to provide services to different carriers.

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