NTT details record losses

NEWS NTT, Japan's largest telecoms carrier, has said it will report an annual loss of about Y865bn ($6.5bn), mainly because of international forays by its mobile and long-distance arms. The dip into the red is the largest ever by a Japanese company outside of the financial sector. NTT said it will have to write-down about Y2,095bn ($15.8bn). A large part of the adjustment reflects the dipping value of investments made by subsidiary NTT DoCoMo in AT&T Wireless in the US, Hutchison 3G UK and KG Telecom in Taiwan. Long-distance and international unit NTT Communications will also see write-downs, against web-hosting outfit Verio and its stake in Philippines carrier PLDT.