Euronews: July 22

8:45 AM -- Nokia Corp. (NYSE: NOK), Cable & Wireless Communications , Vodafone Group plc (NYSE: VOD), and, yes, Telefónica SA (NYSE: TEF) feature in today's roundup of European telecom news.
  • Nokia reported its second-quarter revenues. The Finnish giant is feeling the smartphone heat, but says it's feeling confident about the future. (See Nokia Reports Q2.)

  • Nokia Networks , meanwhile, improved its revenues compared with the first quarter, but has had to temper its previously bullish outlook for 2010 growth. (See NSN's 2010 Confidence Slips.)

  • The Independent reports that Cable & Wireless Communications had to face the wrath of investors yesterday at its annual meeting, as more than a fifth of them voted to reject the pay packages proposed for the management. Finally, fat cats are getting a hard time.

  • Angry shareholders part two: The Ontario Teachers' Pension Plan, a leading investor in Vodafone, is demanding a boardroom cull at the mobile operator to address various issues, not least what it calls a "disastrous" track record in acquisitions, reports The Daily Telegraph.

  • In the latest twist to the Vivo Participacoes SA story, Portugal Telecom SGPS SA (NYSE: PT) is insisting it has a strong legal case as it faces up to the threat from Telefónica to disband PT's Brazilian joint venture, reports Reuters. (See Vivo Offer Expires, Is Vivo Deal Back On?, and Telefónica's $8.8B Brazilian Deal Blocked.)

  • Pan-European business services provider Colt Technology Services Group Ltd reported a slight dip in revenues for the first half of the year, but is seeing "positive signs in the market which indicate an improvement in the second half and into 2011." (See COLT Reports H1 and Colt Wins NYSE Euronext Deal.)

  • Healthy smartphone sales and increasing use of said phones for surfing the Internet has prompted Mobistar SA , Belgium's second-biggest mobile operator, to raise its 2010 targets, reports Reuters.

  • Some alarming news for telcos in Eastern Europe, again from Reuters, citing the daily Nepszabadsag: The Hungarian government is apparently planning to levy a special tax on the telecom sector (naughty-banks style) to help deal with the country's budget deficit.

    — Paul Rainford, freelance editor, special to Nepszabadsag

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