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Canada’s wireless industry needs more foreign capital to support emerging challengers to the country’s established carriers, Industry Minister Christian Paradis said.
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BCE Inc. and Rogers Communications Inc. are building cash reserves and making strategic acquisitions as Canada’s biggest carriers prepare to spend as much as C$1.8 billion ($1.8 billion) on an auction of wireless spectrum critical to their growth.
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Rogers Communications Inc., Canada’s largest wireless carrier, fell the most in a month after the company added fewer subscribers than analysts expected amid stiffer competition from BCE Inc.
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Telus Corp. , the wireless carrier that refinanced C$1 billion ($956 million) in debt to reduce interest payments, expects its competitors to do the same as they look to cut expenses and fend off new low-cost players.
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Canada may release the rules for its next wireless spectrum auction by the end of the year after consulting with telecom company executives on how to loosen foreign-ownership restrictions.
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BCE Inc. , Canada’s largest phone company, reported a 29 percent decline in first-quarter profit as it lost prepaid customers and didn’t repeat asset-sale gains it had a year earlier.
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Canadian stocks rose for a second day as banks gained as surging European bonds signaled concern over debt is easing and precious-metals producers rallied as the U.S. dollar slipped.
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BCE Inc. , Canada’s largest phone company, rose to its highest level in two and a half years after raising its full-year sales and profit forecasts.
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BCE Inc ., Canada’s largest phone company, said third-quarter profit dropped less than analysts anticipated, as the company signed up more customers on lucrative smartphone data plans amid growing competition.
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Canadian telecommunications companies are keeping a close eye on the foreign ownership levels of their competitors as they look to raise capital for the faster networks that consumers demand.
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