Le Freeswerve shares fall on lottery news
What a balls up
Le Freeswerve was quick out of the blocks this morning to announce it would be working with lottery operator, Camelot, as the sole provider of national lottery tickets online.
News that Le Freeswerve was part of the Camelot consortium was announced backed in February - so this is hardly "new news", is it? Indeed, if Le Freeswerve thought that by rushing out an announcement it would impress its new French owners - it was wrong. Shares in Le Freeswerve fell more than ten per cent this morning, down 11 pence to 93 pence by lunchtime. Sounds like Le Freeswerve should keep its mouth firmly shut in future.
Mobile operator Vodafone is to pay $2.2bn for a 15 per cent stake in Japan Telecom, the Financial Times reports this morning. The Japanese market is dominated by NTT DoCoMo and the investment will be used to bolster Japan Telecom, which currently ranks third in the market.
For Vodafone, the investment builds its presence in the booming Japanese telecoms market and positions it to exploit developments in third generation mobile phone technology that occur in the Far East. Vodafone already owns a 26 per cent stake in J-Phone, the mobile phone subsidiary of Japan Telecom. BT has a 20 per cent stake in J-Phone and a 15 per cent stake in Japan Telecom, which leads the FT to speculate that a battle for control of J-Phone may be in the offing.
NewMedia Spark - the British Net investment outfit - announced pre-tax losses of £1.4 million for the six months to 30 September 2000. Not bad going since it made a pre-tax profit of £2.8m for the previous six months. CEO, Michael Whitaker, lamented the "severe turmoil" in the technology, media and telecoms market but remained "optimistic about [its] long term future". That's the ticket, Mike. ®
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