Telecom NZ Must Give Rivals More Access to Network
Posted on May 3, 2006
Tags: New Zealand, Politics |
Finally..
Telecom stock fell 6.9 percent after the government said the company will have to give rivals access to the so-called local loop, the copper wires that link telephone exchanges with homes and businesses. That allows rivals such as Australia’s Telstra Corp. to sell their own Internet and voice services rather than resell Telecom’s.
“This is very, very bad news for Telecom,” Graeme Woodbridge, an analyst at Commonwealth Securities Ltd. in Melbourne.
This is very, very good news for the majority of New Zealanders.
Communications Minister David Cunliffe released the results of a review into high-speed telecommunications at short notice today, saying he brought forward the announcement after learning that Telecom got a leaked copy of the report. He didn’t elaborate.
This, on the other hand, is very, very funny :)
Bloomberg.com: Australia & New Zealand
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Ah, it’s amazing what competition will do. The old telco gravy train has ended — or soon will.
This story is going to remain top news here for a while. Apparently a hard copy of the document was leaked from the closed cabinet meeting and delivered to Telecom. There was also a nice volume spike in the share before the news hit the wires..
[…] If you remember, Telecom NZ has been hit with a deregulatory blow a couple of weeks ago. The share price dropped from 5.5 to 5. It was a very popular topic at work on that day and I discovered that a few people were still going to hold on. I don’t normally talk about stocks at work but I couldn’t resist offering people to ‘borrow’ some shares from them - as shorting is not allowed in (socialist) NZ. Unfortunately, no one agreed to. The share price has since lost another 10% or so and trades around the 4.57 mark. You can check out quotes on yahoo. […]