Operator results - 14/1/06

Rogers Communications (Canada) announced slower new subscribers growth (-18%), but reduced reduced its churn rate (most of that change came on the postpaid side),

France Telecom has reduced again its revenue forecast for end-2006; it has trimmed its guidance for its end-2005 and end-2006 revenue targets, to 2-3% and 2% respectively. its profit warning has so far had a negative impact on market sentiment across the telecoms sector. FT share price dropped 8.4% to €19.8. Strong competition in the fixed-line, mobile and broadband markets, and a harsher regulatory environment in Europe, are the main drivers behind the trouble of most European carriers.

Deutsche Telecom is performing well with improved 2005 and 2006 earning outlook. Sales should grow 5%, and EBITDA should progress 8,2%.