But with NTL due to change its name to Virgin Media next year, NTL also has UK commercial broadcaster ITV in its sights as a takeover target, part of its plans to offer television as well as broadband, fixed-line and mobile telecommunications services.

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The phone company's first ethnic Chinese chief executive is also confronted by intense competition as Hong Kong's telecommunications market liberalizes in line with the rest of Asia.

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It is a matter of fact that Mr. Ren is just one of the many CEOs around the world who have served in the military, and it is also a matter of fact that Huawei has only offered telecommunications equipment that is in line with civil standards.

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Given the tough operating climate and reductions in dividends, the Stoxx Europe 600 Telecommunications index, made up of 20 fixed-line and mobile telecom companies from across Europe, has fallen 4.1% over the past year.

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The 166-year-old Philippine property, banking, telecommunications and industrial group has seen competition surge in virtually every major line of business it is in.

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In telecommunications, mobile phones have for years been disrupting the incumbent fixed-line providers, but now they themselves are in danger of overshooting.

ECONOMIST: Stand by for a spot of creative destruction