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Level 3 Communications Inc. said Monday that it is buying Global Crossing Ltd. for $2 billion, joining two major long-distance telecommunications networks that carry massive amounts of Internet and other data traffic in the U.S. and internationally.
Both Level 3 and Global Crossing operate vast networks of optical fiber used by other telecom carriers, corporations and government agencies. The combined company’s reach would extend to 70 countries on three continents. Despite steadily increasing data traffic, the prices Level 3 and companies like it can charge for carrying that traffic have been driven down by competition, said Erik Kreifeldt, a senior analyst with the research firm TeleGeography. Meanwhile, the carriers have high fixed costs, including the cost to lay fiber-optic cables on the bottom of the ocean.
Kreifeldt said the acquisition of Global Crossing will help Level 3 gain scale, enabling it to put more traffic over its networks.
It will also let Level 3 expand its geographic reach. Read more…
Peru’s Camisea natural gas development project came under scrutiny during outgoing President Alan Garcнa’s administration due to the alleged shortfall in domestic gas supply that would result from gas exports, in particular for thermoelectric generation.
Negotiations between the government and the Camisea consortium have kept the issue on the front burner as the two sides became locked in a discussion regarding export quotas, royalties and infrastructure expansion.
The issue is expected to remain in the limelight with this week’s announcement by president-elect Ollanta Humala, who takes office on July 28, that he appointed Carlos Herrera Descalzi to head the energy and mines ministry. Herrera held the same post under president Valentнn Paniagua’s transition government in 2000-01.
“Carlos Herrera has been very critical of the gas policy and Camisea,” Emilio Zъсiga, VP of Lima-based investment bank Latin Pacific Capital (LPC), told BNamericas. LPC participated as an advisor during Camisea’s concession process.
The US Federal expenditures for 2007 were a total of $2.8 trillion. The US Federal expenditures for 2010 were $3.55 trillion. This is a more than 25% increase. Where has all of this increased spending gone, and why are the programs it went to fund so critical that cutting them is not a serious option? Its not like 2007 was the dark day of anarchy, lawlessness, and starving seniors. Originally the increase was stimulus spending of various kinds, but it seems to have morphed from temporary increase into permanent budget baseline, and any talk of serious cutting is treated as beyond the pale by the media and the Democrats alike.
Im of the opinion that going back to the 2007 budget (adjusted to account for population growth) should be a viable option, and would save something like $5-6 trillion over 10 years. It sounds (to me) both simple and feasible. What am I missing?
The CP2 consortium’s $2.2 billion friendly takeover offer for ConnectEast ends a long and disappointing ride for investors in Melbourne’s EastLink tollroad owner and operator.
The company floated at $1 a share on the back of overly-optimistic traffic forecasts in 2004, and if the CPU scheme of arrangement takeover goes through, investors will get 55 cents a share, cash. There have however been far worse results for tollroad investors – the disastrous RiverCity float in Brisbane comes immediately to mind – and the bidders have shaped their offer carefully.
The key is that ConnectEast has gone to shareholders twice with two discounted share issues. A three-for-eight issue in 2008 pitched at 55 cents that raised $450 million, and then a one-for-two at 33 cents in 2009 that raised another $420 million.
Institutions that backed them averaged down, reducing the average cost of their shareholdings.
CPU is a specialty infrastructure investor, and controls 35.1 per cent of ConnectEast already through an investor consortium that counts New Zealand Superannuation Fund, ATP of Denmark and Universities Superannuation Scheme of the UK.
Cable & Wireless Communications (C&WC) saw declines in mobile subscribers in its Caribbean and Panamanian units during its fiscal first quarter, ended June 30, which the company attributed to reductions in prepaid usage and a continued difficult market situation in Jamaica, the company said in a statement.
In an interim management statement, the company gave an update on its operations in the first quarter of its fiscal year, which ends March 31, 2012, in its four markets – the Caribbean, Panama, Macau and Monaco & Islands.
CARIBBEAN
Speaking on a conference call with investors, company CFO Tim Pennington said that first quarter performance in the Caribbean was in line with expectations set out in May and that the decline in mobile subscribers was due to its discontinuing of certain promotional activities.
C&WC’s mobile subscriber numbers in the Caribbean were down 8.14% at the end of June to 1.23mn compared to 1.34mn the same date last year.