BT messes with Swiss 3G auction
Emap slashes Net investment
BT has started its £10 billion disposal programme with the sale of a minority share in Swiss telecoms company Sunrise for £460 million. Unfortunately, this had the knock-on effect of pulling Sunrise out of the auction for Swiss 3G licences - just 10 minutes after it started. There are now four bidders left for four licences and the Swiss government is not happy at having lost out on a few billion pounds. In fact, in an eerie echo of the Italian 3G auction, the Swiss government has launched an investigation into BT. Oh dear. We wonder if it will cost BT £1.2 billion this time round.
Magazine publisher Emap has halved its intended Net-based investment after releasing disappointing interim results. Originally expecting to spend £250 million in the next three years on expanding its brands online, Emap will now spend just £120 million and concentrate on eight "key markets", which include Q, FHM and Motorcycle News. Pre-tax profits remain the same at £92 million but on a 3 per cent larger revenue (£567 million). Emap has been criticised for heavy and unsuccessful investment in the US over the last year.
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