Euronews: S&P Cuts Telefonica's Rating

Telefónica SA (NYSE: TEF), Huawei Technologies Co. Ltd. and Alcatel-Lucent (NYSE: ALU) take pole position in today's race through the EMEA telecom headlines.

  • A couple of weeks after Telefónica revealed second-quarter profits had tumbled by 27 percent, credit rating agency Standard & Poor’s has cut the Spanish giant's long-term rating to BBB+ from A-, reports Reuters. The economic turmoil in Spain has hit the carrier hard, a continued strong performance in Latin America notwithstanding. (See Telefonica Reports H1, Euronews: Telefonica's Layoffs Bill Shock and Telefonica Takes $3.8B Hit .)

  • Chinese vendor Huawei continues its push into the European consumer market with the launch of its first own-branded smartphone in the U.K., reports Bloomberg. Huawei hopes to get the Android-driven Blaze device into stores by next month, and has set its sights on a 4-5 percent share of the U.K. mobile handset market. (See Huawei Hikes Device Sales and Huawei Ups Smartphone Target.)

  • Alcatel-Lucent has flicked the switch on Telecom Egypt 's TE-NORTH cable system, which uses AlcaLu's 40G coherent technology to connect Abu Talat in Egypt, to Marseille in France, with a branch to Pentaskhinos, Cyprus. Other branching units are also in place to allow for further expansion. (See AlcaLu Deploys 40G for Telecom Egypt and AlcaLu Grows But Pressures Weigh.)

  • More fallout from the U.K. "late-night shopping" riots: The BBC reports that Prime Minister David Cameron said his government was looking at the possibility of imposing curbs on social networking tools such as Blackberry Messaging and Facebook in the future to prevent them being used to coordinate similar violent unrest. (See Euronews: RIM Acts in Wake of UK Riots .)

  • Rovio Mobile Ltd. , the Finnish developer responsible for Angry Birds, is in talks with an unnamed entertainment business to secure funding that would value the company at around US$1.2 billion, reports Bloomberg. (See Angry Birds Flock to China and When Nokia & NFC Meet Angry Birds.)

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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