Italy's Fastweb and Huawei ink technology deal

MILAN Wed Nov 28, 2012 11:57pm IST

Dongles used with laptops for mobile data transmission as part of Huawei Device products are displayed in one of its offices in the southern Chinese city of Shenzhen September 24, 2012. REUTERS/Bobby Yip/Files

Dongles used with laptops for mobile data transmission as part of Huawei Device products are displayed in one of its offices in the southern Chinese city of Shenzhen September 24, 2012.

Credit: Reuters/Bobby Yip/Files

Related Topics

Stocks

   

MILAN (Reuters) - Italian broadband operator Fastweb and Chinese telecoms equipment firm Huawei Technologies Ltd HWT.UL signed a deal to jointly develop ultra-fast internet technologies, they said in a joint statement on Wednesday.

Fastweb, a unit of Swisscom (SCMN.VX), has earmarked 2 billion euros of investments in innovation and development in four years and aims to bring its broadband network to 20 percent of Italian homes by 2014.

The five-year deal will allow Fastweb to offer connection speeds beyond 100 megabit per second and, in a second phase, to boost that speed by up to 10 times, using the same infrastructure, the statement said.

In a separate statement, the Italian government said the deal between Fastweb and Huawei is worth $557 million.

Italy has long been an Internet laggard and the government is seeking ways to foster investment in fibre optic networks.

Only half the population uses the Internet at least once a week and Italian firms generate only 5.4 percent of sales online compared with 13.9 percent elsewhere in Europe.

In September, Fastweb and Telecom Italia (TLIT.MI) agreed to jointly invest in the rollout of a fiber optic network.

(Reporting by Danilo Masoni; Editing by David Holmes)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

APPLE'S BUSINESS

TECH SHOWCASE

Privacy Lawsuit

Privacy Lawsuit

Google must face U.S. privacy lawsuit over commingled user data.  Full Article 

'Selfie' Boom

'Selfie' Boom

Sony invests in image sensor production amid 'selfie' boom.  Full Article 

Cyber Crime

Cyber Crime

StubHub was victim of cyber fraud ring; arrests to be announced.  Full Article 

Losing Steam

Losing Steam

With sales sputtering, Apple's iPad looks to IBM alliance  Full Article 

N.Y. Forgery Trial

N.Y. Forgery Trial

Zuckerberg to testify at N.Y. forgery trial - prosecutors  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage