VMed’s Q2 results represent a further step in the recovery of the business, with fixed line churn continuing to fall and operating cash flow (OCF) continuing to grow, helped by a dramatic improvement in OCF at Virgin Mobile

Carphone Warehouse had a solid quarter on the distribution side given the current environment, with 6-7% underlying organic retail growth and roughly stable like-for-like figures

BT’s Q1 results were weak, with declining like-for-like revenue and EBITDA, although cash flow grew strongly thanks to a lull in capex

This report explains Ofcom’s ongoing review of Openreach’s financial framework, why it is important, the myriad factors involved, our view on the likely outcome and the implications for BT and unbundlers, in particular Carphone Warehouse and BSkyB

Vodafone Europe’s service revenue growth dropped by two full percentage points in the quarter to June 2008; Spain plummeted from +5.1% to -2.5%, but the UK and Italy’s underlying growth also fell, with only Germany stable

BT’s announcement of a project to extend fibre beyond the exchange for some existing homes as well as newly built ones is good PR, a useful regulatory gambit, and offers the prospect of regaining some initiative from unbundlers and Virgin Media at the wholesale and retail levels respectively

The current process for a sale of Tiscali Spa in whole or part appears to be breaking down, just as the prospects for standalone ISPs in the UK are becoming less certain

The decline in broadband market growth has accelerated, with market net additions in Q1 down on Q4 for the first time in three years. Household penetration reached 59%

In our view the potential for synergies from an acquisition of Thus by C&W, though more limited than might be supposed, would still have a significant impact on the combined entity at the EBITDA level

Having acquired national broadcast TV rights for premium content, France Télécom’s Orange TV will launch on satellite on 3rd July and introduce subscription football and film and series services from August, in a first for a major European telecoms incumbent