This report examines the medium-term prospects for Cable & Wireless. In 2003, analysts sensed a new dawn for C&W following the arrival of new management and the company's exit from the US.

Happy Birthday iTunes! It is just over a year since Apple launched iTunes and the media continues to talk up the second coming of the music industry, whose saviour appears in the form of affable Steve Jobs. iTunes sold a total of 70 million tracks online in its first year, well below its target of 100 million, but a respectable showing, especially since it spawned a small flock of competitors determined to out-sell iTunes.