Fergie's Tech Blog

Telstra Not Having a Good Day

Nichole Willing writes on Light Reading:

Australian incumbent Telstra Corp. faces an uncertain future, as the government this week considers whether it's worth selling off its 51 percent stake in the carrier.

Telstra stock dropped to a nine-year low on the Australian stock exchange this morning, opening 2.2 percent lower at A$3.55. The falling value of Telstra's shares has put off the Australian government's plans to privatize the company, which were approved by the Parliament last September.

Australian Prime Minister John Howard told Australian Broadcasting Corp. (ABC) radio this morning: "...we certainly wish to go ahead with the sale -- just when of course, is another matter, and there are a range of options that can be followed. We are going to talk about it this week."

posted by Fergie @ 8/21/2006 10:49:00 AM