Telecoms review frightens UK market lower

UK stocks have a new reason to fall this morning following a report in the Financial Times that Oftel, the phone watchdog, is planning to publish two industry reviews and may demand mobile phone companies cut call charges by £800m. The FTSE 100 index fell 25.8 points or 0.6% at the open to 4670.3 after it was revealed Oftel is assessing whether there is enough competition in the market as well as looking at the cost of calls to mobiles from fixed-line phones or rival networks. Former telecoms monopoly BT fell 11.25p or 3.1% 354.75p and Vodafone lost 2p or 1.4% to 144.5p. US stocks ...