It's Day 1 of Nokia World, and it's make-or-break time as the Finnish giant's new Windows smartphones come out of their traps. The flagship phone is the Lumia 800, which is very similar in design to the recently launched N9, while the Lumia 710 is the more "affordable" model. Both are based on the Windows Phone 7.5 operating system (dubbed "Mango"), and they will offer a range of new services, including Drive (a navigation system), Mix Radio (a music streaming service based on pre-set playlists) and ESPN Sports Hub (a sports information service), among other things. OK, bloggers, now get to work ... we want a consensus by lunchtime. (See Nokia Ships First Windows Phone to Europe , Nokia Launches Windows Phones, Nokia Has to Rock Its World and Nokia Puts Microsoft Strategy Into Action .)

Telefónica and Portugal Telecom SGPS SA (NYSE: PT) have been rapped on the knuckles by European regulators for their agreement not to compete against each other in the Iberian market, reports Reuters. The verdict from Brussels was that the agreement "hinders competition in breach of EU antitrust rules that prohibit restrictive business practices" and is therefore illegal. (See Telefonica Takes $3.8B Hit .)

France Telecom and advertising giant Publicis are to set up a venture-capital fund for European technology startups, reports Bloomberg, citing unnamed sources. The pot of money up for grabs could be larger than €100 million (US$139 million).

Third-quarter net profits at Norway-based Telenor Group (Nasdaq: TELN) leapt 52 percent year-on-year to NOK 2.5 billion Norwegian Kroner ($453 million), with organic revenue being maintained at 7 percent. Mobile revenues in its Nordic operations were hit my lower termination rates, however. (See Telenor Reports Q2.)

At Poland's Telekomunikacja Polska SA , third-quarter revenues declined by 3.8 percent year-on-year, but this still translated into a net income for the period of 376 million Zloty ($119 million), a 9.3 percent rise year-on-year for the France Telecom-controlled operator.

A fourth mobile license will be up for grabs in Iraq in early 2012, reports Reuters. Whoever wins it will join Zain Group , Asiacell Telecommunications Co. Ltd. and Korek Telecom Ltd. in the battle for the hearts and minds of subscribers.

— Paul Rainford, Assistant Editor, Europe, Light Reading