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Politics : Idea Of The Day
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To: jjkirk who wrote (45183)12/11/2003 4:16:14 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Ailing Cable & Wireless pulled out of the American market with the sale of its operations there to Gores Technology for just $125m. The businesses were acquired for $2.5 billion under the auspices of Graham Wallace, who was removed as chief executive in April for this profligacy. C&W may be wishing that it had remained a sleepy British telecoms company.

Global Crossing emerged from Chapter 11 bankruptcy after nearly two years. Government-controlled Singapore Technologies Telemedia paid $250m for a 61.5% stake in the company. Rivals complain that the firm will enjoy an advantage as debts of some $11 billion have been written off.
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