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The leapfrogging of decrepit state telecoms by profitable mobile telephone companies is one example.
You cannot have an unwritten banking code, or regulate telecoms by fiat.
With finance tight, raising cash from asset sales is harder: Jamaica failed to meet its target of privatising its sugar industry, and the Bahamas its telecoms, by the end of the year.
If Vivendi were forced into a strategic retreat from telecoms by selling its stake in Cegetel, the euro6 billion or so it might raise would have to be used to pay back the euro16 billion of debt that is now in the central holding company.
In December BellSouth stunned the European telecoms by partnering with KPN, the Dutch incumbent, to take control of E-Plus, the German wireless company.
Investors poured billions into the upstarts on the theory that these nimble firms would outmaneuver the traditional telecoms by building cutting-edge networks and offering high-speed Internet services.
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Indian telecom tycoon Sunil Mittal's Bharti Airtel, the world's fourth-largest telecom by number of subscribers, crossed the milestone of 300 million customers in 2014.
By nearly every measure, the company–France's second-largest, after France Telecom, by market capitalization lags behind its peers, (see table).
Jonas got into telecom by offering cut-rate international "call-back" service and carved out a niche with campaigns like 1-800-SCREW-ATT 1-800-SCREW-ATT 1-800-SCREW-ATT 1-800-SCREW-ATT
Vepuri made money in telecom by acquiring broadband spectrum and then flipping that spectrum to regional and national acquirers, who he would not disclose.
It remains to be seen if that gap will be closed now that China Mobile, the world's largest telecom by subscribers, has finally started offering both of Apple's smartphones.
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