Telecommunications did not fare much better.
The two, who are also former editors of Rupert Murdoch's News of the World, were among five staff of the now-defunct News International title who failed to convince the Court of Appeal that a legal and technical definition concerning the "transmission" of telecommunications did not cover voicemails.
The high-tech side of the junk market, particularly telecommunications, did much better, gaining 5.2% during the first quarter.
Globalisation, as a universal characteristic of our days in which the Internet and telecommunications do play a catalytic role, renders transport, both in terms of transportation of goods and of people travelling for business, leisure or education among countries and across continents, a key pillar of economy and overall quality of life.
The 1996 Telecommunications Act did, in fact, point the United States in the direction of open access.
But it seems the telecommunications authority does not deem such content "objectionable".
Investing in the technology, media and telecommunications sector "does not have to be an extreme sport," Mr. Richardson said.
It mimics China's limits on foreign involvement in telecommunications and does little to promote the flow of venture capital to finance the high-technology start-ups that other developing nations have deemed crucial to taking part in a new economy.
The telecommunications company doesn't want to stay the sole investor for long.
One example, says the partner at Kleiner Perkins Caufield & Byer, is optical networking, which could turn out to be an "optical illusion" if an all-optical telecommunications network doesn't pan out.
The third large sector of the market, telecommunications (28%) does not appear to be as price sensitive nor are production runs as large.
