Vivendi's only agenda at this time is to effect a disposal of its non-core assets for the best price to reduce debt to manageable levels. This note casts a critical eye on prospects for sale of USA Networks (good), Universal Studios (poor) and VU Games (good), as well as the disposal and valuations for other assets such as Universal Music, Groupe Canal+ and Cegetel/SFR.

With the handsets finally available and (to some extent) working, Hutchison 3G's '3' operation has finally launched in the UK. In this report we review the commercial prospects for '3' in particular and 3G in general.

Little research has been done into why consumers move from one supplier to another. Churn, as this phenomenon is known, is much discussed but little understood. We carried out some research to show what types of people churn, why they do it, and whether it is an outcome of a certain type of personality.

In this report we look at the sales and usage of camera phones in Europe, and estimate future sales based in part on the results of our regular survey of UK mobile users. As a consequence of these findings, we have downgraded our forecast of UK MMS revenues.

BT will be announcing tomorrow its latest results on meeting the target of 1 million broadband connections by H1 2003. Some difficulty could be anticipated from the slow monthly pace of connections in H2 2002, mainly due to disappointing take-up of the revolutionary ISP-less BT Broadband product (as we had anticipated), despite high levels of marketing investment.

ISPs have long found it difficult to challenge Wanadoo on its home French market successfully.   Wanadoo has built a commanding lead in the narrowband segment of the Internet access market, and dominates the DSL segment.   This report examines whether 2003 will be any different, and finds that, if anything, the intensity of competitive pressures is likely to grow rather than diminish as market focus shifts from narrowband to broadband. 

We have recently completed our December survey of UK mobile users, which shows increased purchase intentions for handsets in general and camera phones in particular.  We summarise the results in this note, which are good news for handset manufacturers, but more mixed for the operators.

In the next few days, NTL expects to emerge from Chapter 11, relieved of $11 billion of debt. While the long negotiations over financial restructuring have been in progress, NTL management has been conducting a huge cost reduction exercise largely out of the public eye.

Weak revenue growth has been a feature of both European and US fixed line incumbent operators over the last six months, with the root of the problem lying in poor growth, or even decline, in the volume of voice calls. This report looks at the reasons.

In this report, we show that price competition between ISPs is helping to push broadband penetration to higher levels than we expected. BT is likely to achieve at least some of its targets for broadband connections. However, this is at the expense of profitability. We suggest that BT Retail is unlikely to make money on broadband connections, particularly in view of the high acquisition costs and the potential for subscriber churn. We also note that the BT strategy in broadband is crippling other ISPs.