Euronews: July 20

7:25 AM -- Nokia Corp. (NYSE: NOK), its offspring Nokia Networks , Telia Company , and Telefónica SA (NYSE: TEF) loom large in today's European telecom news.

  • Nokia appears to be looking for a new CEO to replace Olli-Pekka Kallasvuo, reports Reuters, citing The Wall Street Journal. Nokia's shares have rallied on the back of the news, reports Bloomberg.

  • Europe’s equipment vendor community, which of course includes global giants Alcatel-Lucent (NYSE: ALU) and Ericsson AB (Nasdaq: ERIC), will be mulling over Monday’s news that Nokia Siemens Networks is set to swallow a chunk of Motorola Inc. (NYSE: MOT). Of particular interest to the likes of AlcaLu and Ericsson will be the additional Long Term Evolution (LTE) and professional services leverage NSN could get from Moto’s mobile and WiMax customer base. (See NSN & Moto: It's All in the Execution , NSN Back in Love With WiMax, NSN Expands in North America With Moto Buyout, and NSN to Buy Moto's Wireless Biz for $1.2B .)

  • But it's not all raw excitement up in Scandinavia -- Swedish operator TeliaSonera had a steady second quarter, reporting slightly lower revenues, but an impressive 17 percent year-on-year hike in net income. (See TeliaSonera Reports Q2.)

  • The latest twist in the Vivo Participacoes SA stake saga could involve Portugal Telecom SGPS SA (NYSE: PT) investing in Brazilian operator Oi so that it can sell its stake in Vivo's holding company, Brasilcel, to Telefónica, reports Reuters, citing El Economista.

  • UK-based Cable & Wireless Worldwide plc (London: CW) has issued an interim management statement warning that its figures are likely to be adversely affected by the British government's draconian public sector cuts. (It's not the only thing that's going to be adversely affected -- juicy public sector pensions are going the way of the dinosaurs, for a start.) (See C&W Worldwide Updates on Q1.)

    — Paul Rainford, freelance editor, special to Light Reading

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