Telenor Q3 earnings drop, but sales rise; Nortel gets extended protection from creditors

> FCC Chairman Julius Genachowski and former FCC chair Michael Powell are featured speakers at today's Rainbow/PUSH symposium in D.C. Genachowski's keynote session will address the National Broadband Plan and broadband deployment. Story.

> Google (Nasdaq: GOOG) is among the top bidders for the building it currently occupies in New York City, a 2.9 million square-foot space located in Manhattan's Chelsea neighborhood. The deal could be worth $2 billion, according to the Wall Street Journal. Story (sub. req.).

> Telenor's (Other OTC: TELNY.PK) third quarter earnings dropped 51 percent from last quarter, largely due to one-time charges including its recent launch of operations in India and a NOK 814 million ($138 million) tax provision, an AP report says. But sales rose to NOK 24.1 billion ($4.1 billion) from NOK 22.8 billion ($3.8 billion) and the company raised its full-year forecast. Story.

> Global network integrator Global Telecom & Technology (OTCBB: GTLT) will release its third quarter results on Wednesday, Nov. 10 after the market closes. News release.

> No love for Nortel's creditors, von|xchange reports, as Canada's federal government extended protection for the bankrupt telecom until Feb. 28, 2011. Unfortunately, the stay also means no payouts for shareholders, pensioners and retirees, many of whom stand to lose their benefits at the end of this year. Story.

> Get that carrier pigeon ready again: A "major outage" in the UK's Birmingham and Midlands areas yesterday meant subscribers had reduced or no connectivity for most of the day. The problem was attributed to a fault with the Birmingham Remote Access Server (RAS). Story.

And finally... what will the Nov. 2 midterm elections mean for net neutrality legislation? The Washington Post predicts that if the Republicans see strong gains in Congress as predicted, the hot-button issue is in for a continued hard fight as Republican representatives and senators argue in favor of big telcos and cable companies' right to control data traffic speeds, among other things. Story.

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