C&W promises to slashes costs in half

NEWS Cable & Wireless, the cash-rich telecoms firm, is looking to cut its spending bill in half as it consolidates its network-building programme. The firm run by Graham Wallace is currently burning cash at a rate of £600m a year - a figure forecast to go up to £900m in the coming year - and is keen to show investors that it will not let its cash pile slip through its fingers. "[Spending] could come to £500m for the year after next partly because we have largely built out the global infrastructure and because some of the capital expenditure needed to expand the web-hosting business has already been done through acquisitions," Wallace told the Sunday Telegraph.