Gapping down
In reaction to earnings/guidance:
- DNMR -11.4% (also announces planned $700 mln investment in manufacturing expansion), BFLY -7.4%, CLDX -6.9% (also provides clinical update), GOEV -5.9%, FDS -0.9%
Other news:
- WVE -24.7% (reports mHTT results from PRECISION-HD trials do not support further development of WVE-120102 and WVE-120101 in Huntington's disease)
- GMTX -4% (stock offering)
- LPRO -3% (stock offering)
- FREQ -1.8% (provides updates on FX-322 clinical trials; also reports 4Q20 results)
- PLMR -1.7% (approves $40 mln share repurchase program; also reaffirms adjusted net income guidance for 2021)
- AZN -1.2% (Some Canadian provinces suspend vaccine for people under 55, according to Forbes)
- ATVI -0.9% (promotes Armin Zerza to CFO; on track to exceed prior outlook for Q1)
Analyst comments:
- APA -2.2% (downgraded to Hold from Buy at Truist)
- ASND -1.6% (downgraded to Perform from Outperform at Oppenheimer)
- BSMX -0.9% (downgraded to Hold from Buy at HSBC Securities)
Gapping up
In reaction to earnings/guidance:
- ABCL +13.5%, BNTX +5.6%, ANGO +3.7%, MKC +3.2%
Other news:
- MBRX +15.7% (receives Fast Track Designation from FDA for Annamycin)
- FPI +7.6% (files for $300 mln mixed securities shelf offering)
- LYRA +5.9% (to present LANTERN phase 2 study results)
- QELL +5.3% (Lilium announces intention to list on Nasdaq through a merger with Qell Acquisition Corp)
- VIPS +5.2% (authorizes $500 mln share repurchase program over the 24-month period)
- JG +5% (has entered into a partnership agreement with the world's largest digital currency trading platform)
- TLSA +4.9% (provides plans for Phase 2 clinical study in moderate to severe Covid-19 patients)
- STOK +4.8% (announced the authorization of its CTA by the UKMHRA to initiate a Phase 1/2a study (ADMIRAL) of STK-001 for the treatment of Dravet syndrome)
- GSM +4.6% (has engaged with the European Works Council; GSM is seeking to reduce or cease production at some of its sites in Europe)
- GME +3.6% (appointed Elliott Wilke to the role of Chief Growth Officer - start date is April 5, 2021)
- CYDY +3.4% (CytoDyn's leronlimab decreased mortality at 14 days by 82% with statistically significant p-value of 0.0233 amongst critically ill COVID-19 patients)
- HZNP +2.8% (FDA has approved a prior approval supplement to the previously approved BLA giving Horizon authorization to manufacture more TEPEZZA drug product resulting in an increased number of vials with each manufacturing slot)
- MAXR +2.3% (announces delivery of Solar Electric Propulsion Chassis for NASA's Psyche mission)
- CUBI +2.2% (COO to step down)
- UFPI +2.1% (to acquire Walnut Hollow Farm)
- AMRN +2% (receives European Commission approval for VAZKEPA to reduce cardiovascular risk)
- PIRS +2% (Pieris Pharmaceuticals and AstraZeneca (AZN) amended non-exclusive Anticalin platform license agreement)
- DGII +1.6% (to acquire Haxiot)
- AKBA +1.6% (submits NDA to the FDA for Vadadustat)
- SLDB +1.5% (Suvretta Capital Mgmt discloses 5.4% stake)
- OSUR +1.1% (submits an application to the FDA for EUA of its COVID-19 rapid antigen test for both Prescription Home Use, and Professional Use in point of care (POC) settings)
Analyst comments:
- DXC +3.4% (upgraded to Buy from Hold at Deutsche Bank)
- YELP +2% (upgraded to Buy from Neutral at Citigroup)
- VIAC +1.7% (upgraded to Neutral from Underperform at Credit Suisse)
- TCBI +1.4% (upgraded to Outperform from Mkt Perform at Keefe Bruyette)
- ECL +1.3% (upgraded to Buy from Hold at Deutsche Bank)
- OVV +1.3% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
- ROKU +1.2% (upgraded to Buy from Hold at Truist)
Early premarket gappers
- Gapping up:
- ABCL +12.6%, JG +8.7%, AMRN +7.7%, FPI +7.6%, PSNL +5.9%, LYRA +5.9%, QELL +5.8%, TLSA +5.3%, VIPS +5.3%, BNTX +4.8%, GME +4.7%, CYDY +3.4%, AKBA +3.2%, VLDR +2.4%, HGEN +2.2%, CUBI +2.2%, UFPI +2.1%, MKC +2.1%, DGII +1.6%
- Gapping down:
- WVE -26.5%, CLDX -9.6%, DNMR -8.3%, BFLY -6.4%, GMTX -4%, GOEV -3.4%, LPRO -3%, FREQ -2.7%, AMTI -1.7%, PLMR -1.7%, SLDB -1.1%, AZN -0.8%, SHAK -0.7%
- Scout24 (G24 TH) +7.5%
- Scout24 to Buy Back Up to $1.1 Billion in Stock in April
- CD Projekt (7CD TH) +2.8%
- TUI (TUI1 TH) +2.5%
- Pfizer, Moderna Vaccines Stop Infections in Real-World Study
- Telefonica (TNE5 TH) +1.9%
- Carnival Plc (POH1 TH) +1.3%
- VW (VOW3 TH) +1.2%
- Volkswagen Plans U.S. Branding Announcement Related to EV Push
- Nel (D7G TH) +1.2%
- Siemens Gamesa (GTQ1 TH) +1.1%
- Solvay (SOL TH) unchanged
- Airbus (AIR TH) -0.3%
- Airbus Faces Medium-Term Challenges, Downgrade to Neutral: Citi
- AstraZeneca (ZEG TH) -0.5%
- Shop Apotheke (SAE TH) -0.7%
- Ericsson (ERCB TH) -0.7%
- Nokia (NOA3 TH) -0.7%
- H&M (HMSB TH) -1.1%
- H&M Should Lay Low Until China Anger Blows Over, EU Chamber Says
DAX:
- VW (VOW3 TH) +1.5%
- Volkswagen Plans U.S. Branding Announcement Related to EV Push
- Adidas (ADS TH) +1%
MDAX:
- Scout24 (G24 TH) +8.7%
- *SCOUT24 TO BUY BACK UP TO ~14M SHARES FOR EU69.66 PER SHARE
- Nordex (NDX1 TH) +1.9%
- Lufthansa (LHA TH) +1.1%
- Lufthansa Considers Extending Feeder Deal With Condor: FAZ
- Porsche SE (PAH3 TH) +1%
- Thyssenkrupp (TKA TH) +0.9%
SDAX:
- Westwing (WEW TH) +6.9%
- Westwing FY Revenue EU433M
- Home24 (H24 TH) +2.9%
- Dermapharm (DMP TH) +2.5%
- Dermapharm Prelim FY Adjusted Ebitda EU201M
- Borussia Dortmund (BVB TH) +2.4%
- RTL (RRTL TH) +2.1%
- Suess MicroTec (SMHN TH) -0.8%
Asia stocks drifted and Treasury yields climbed as investors weighed rapid progress in the U.S. vaccine rollout against the risk of further blow-back from the implosion of Archegos Capital Management.
Shares rose in China and Hong Kong while Japan’s index fell, led by banks. Nomura Holdings Inc. said it’s too soon to estimate the impact of losses tied to a U.S. client, identified by Bloomberg as Bill Hwang, head of the troubled investment firm. U.S. futures fluctuated as traders assessed broader Wall Street exposures. Earlier, the S&P 500 Index lifted off lows on President Joe Biden’s announcement that 90% of adults will be eligible for the Covid-19 vaccine next month.
Ten-year Treasury yields rose to 1.74%, and the five-year hit its highest point in a year. Australia’s benchmark yield jumped 10 basis points. The U.S. dollar held steady.
US After Hours Summary: ABCL +13.4% jump on earnings; DNMR -13%, BFLY -7.4%, CLDX -5.2% fall following earnings
Nikkei +0.04% Hang Seng +1.03% CSI +0.71% Shanghai +0.40% Shenzen +0.37%
Eur$ 1.1761 CNH 6.5744 CNY 6.5699 JPY 109.96 GBP 1.3771 CHF 0.9397 RUB 75.55 TRY 8.2659 WTI$ 61.42 -0.23% GOLD 1705.70 -0.35% BTC 57,500 -100
S&P +0.08% Nasdaq -0.15% EuroStoxx +0.31% FTSE +0.31% Dax +0.39% SMI -0.09%
Macro :
- Goldman, Morgan Stanley Deals Absent After Blocks: ECM Watch
Macro :
- Goldman, Morgan Stanley Deals Absent After Blocks: ECM Watch
- Teng Yue, Fund Run by Ex-Hwang Analyst, Denies Liquidation
- Erdogan Removes Turkish Central Bank Deputy Governor Cetinkaya
- Bolsonaro Ousts Top Ministers as Pandemic Spirals Out of Control
Spacs :
- Hennessy’s Rothberg Frets Over SPACs, Hunt for ‘Next Amazon’
Keep an eye on :
Keep an eye on :
- ACS SM : ACS meets with the council to approve the sale of Cobra to Vinci after six months of discussions
- ALO FP : Alstom Wins EU220M Contract for Mumbai Metro
- ATL IM : Atlantia Main Investors Block Toll-Road Unit Spin Off Plan
- BMW GY : BMW Group to Source Lithium from Livent in EU285m Contract
- BWO NO : BW Offshore: Final Investment Decision Made for Barossa Field
- CLNX SM : Cellnex to Increase Share Capital by EU7 Billion
- CNHI IM : FAW Said to Progress With Potential Bid for CNH’s Iveco Arm
- CUB US : ST Engineering Raises Bid to Buy Cubic at $78 Per Share Cash
- DAI GY : Daimler’s Legal Risks Around Emissions Linger in Midst of Revamp
- DMP GY : Dermapharm Prelim FY Adjusted Ebitda EU201M
- GAMA LN : Gamma Communications Holder Hoxton Assets Offers 2.3m Shares
- GN DC : GN Audio to Hire 100-200 Engineers in Video Push, Borsen Reports
- HMB SS : H&M Should Lay Low Until China Anger Blows Over, EU Chamber Says
- IBE SM : Iberdrola Buys 163MW Polish Wind Farm Portfolio From CEE Equity
- LHA GY : Lufthansa Considers Extending Feeder Deal With Condor: FAZ
- KN FP : Natixis on Trial Over Claims It Misjudged Subprime-Loan Risks
- NHH SM : NH Hotel Reaches Redundancy Agreement Affecting 187 Workers
- NOKIA FH : Nokia Defeats Investor Suit over Alcatel Integration and 5G Tech
- ORSTED DC : Biden Plots Vision of Thousands of Wind Turbines Spinning at Sea
- QDT FP : Quadient FY Ebitda Beats Estimates, Sets Three-Year Targets
- RATOB SS : Ratos Offering Prices at SEK44.5/Treasury Share
- RNO FP : Carlos Ghosn’s Downfall at Nissan and the Aftermath: QuickTake
- RATOB SS : Ratos Offering Prices at SEK44.5/Treasury Share
- RNO FP : Carlos Ghosn’s Downfall at Nissan and the Aftermath: QuickTake
- RR/ LN : Rolls-Royce Intends to Withdraw From Project Fresson
- SPM IM : Saipem: Preliminary Hearing on Accounting Claims Set for May 10
- G24 GY : Scout24 Offers to Buy Back Almost EU1 Billion of Shares
- SIX2 GY : Sixt Sees 2021 Operating Revenue, Pretax Profit Above Prior Year
- UCG IM : Glass Lewis Concerned Over UniCredit Remuneration for CEO: FT
- UN01 GY : German Utility Uniper Replaces CEO and CFO With Immediate Effect
- VK FP : Vallourec: Creditors Committee Approves Draft Safeguard Plan
- VOW3 GY : Volkswagen Plans U.S. Branding Announcement Related to EV Push
- WEW GY : Westwing Sees 2021 Revenue EU510M to EU550M
- WMH LN : GWM Asset to Contest William Hill Takeover: FT
>>> Up
* BAE Raised to Outperform at Bernstein; PT 620 pence
* Compleo Charging Solutions Raised to Buy at Commerzbank
* Deutsche Beteiligungs AG Raised to Buy at SRC Research
* EDP Renovaveis Raised to Overweight at JPMorgan; PT 22 euros
* Entain PLC Raised to Overweight at JPMorgan; PT 1,851.50 pence
* Fiskars Raised to Buy at Carnegie; PT 20 euros
* Fiskars Raised to Buy at Carnegie; PT 20 euros
* Haulotte Raised to Buy at SocGen; PT 7.50 euros
* Klovern Raised to Hold at Handelsbanken; PT 15.40 kronor
* Moncler Raised to Buy at Deutsche Bank; PT 55 euros
* Ryanair Raised to Buy at Berenberg; PT 20 euros
* Secure Raised to Buy at Peel Hunt
* Swatch Raised to Buy at Deutsche Bank; PT 325 Swiss francs
* Victrex Raised to Neutral at Citi
>>> Down
>>> Down
* 888 Cut to Neutral at JPMorgan; PT 400 pence
* Airbus Cut to Neutral at Citi; PT 106 euros
* Continental Cut to Hold at HSBC; PT 118 euros
* Electrolux Cut to Hold at Carnegie; PT 255 kronor
* Fevertree Drinks Cut to Sector Perform at RBC; PT 2,000 pence
* Iberdrola Cut to Hold at HSBC; PT 11.80 euros
* Ontex Cut to Equal-Weight at Barclays; PT 9.70 euros
* Piteco Cut to Neutral at Corporate Family Office; PT 11.30 euros
* SP Group Cut to Hold at Carnegie; PT 345 kroner
* Volvo Cut to Sell at UBS; PT 188 kronor
* Volvo Cut to Sell at UBS; PT 188 kronor
* Yara Cut to Hold at Pareto Securities; PT 450 kroner
>>> Initiation
>>> Initiation
* Airbus Faces Medium-Term Challenges, Downgrade to Neutral: Citi
* Henkel Reinstated Market Perform at Bernstein; PT 83 euros
* ITM Power Rated New Overweight at Barclays; PT 800 pence
* McPhy Rated New Equal-Weight at Barclays; PT 49 euros
* Nel Rated New Overweight at Barclays; PT 40.50 kroner
* Nel Rated New Overweight at Barclays; PT 40.50 kroner
* Unilever Reinstated Underperform at Bernstein; PT 4,000 pence
>>> Call
>>> Call
* Fevertree Cut to Sector Perform at RBC on Worse Margin Outlook
* Klovern Raised, ‘Good Chance’ for Successful Corem Bid: SHB
* Low-Cost Airline Outlook Brighter, Ryanair Up to Buy: Berenberg
* Low-Cost Airline Outlook Brighter, Ryanair Up to Buy: Berenberg
* Payment Consolidation to Continue, Worldline Top Pick: Berenberg
* Victrex Moving Past The Worst, Earnings May Remain Subdued: Citi
After Hours Summary: ABCL +13.4% jump on earnings; DNMR -13%, BFLY -7.4%, CLDX -5.2% fall following earningsAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: ABCL +13.4%
Companies trading higher in after hours in reaction to news: FPI +7.7% (files for $300 mln mixed securities shelf offering), LYRA +5.9% (to present LANTERN phase 2 study results), PLMR +5.3% (approves $40 mln share repurchase program; also reaffirms adjusted net income guidance for 2021), DGII +4.8% (to acquire Haxiot), PSNL +4.2% (announces a collaboration with MapKure), SHAK +3.8% (CFO to depart to become CEO of a private company), CUBI +3.4% (COO to step down), SLDB +3.4% (Suvretta Capital Mgmt discloses 5.4% stake), UFPI +2.1% (to acquire Walnut Hollow Farm), HGEN +1.9% (stock offering), MAXR +1.7% (announces delivery of Solar Electric Propulsion Chassis for NASA's Psyche mission), GCP +1.3% (announces price increases for certain Cement Additives), GE +0.4% (updates investors following recent GECAS deal; expects rev to return to 2019 levels), TMUS +0.3% (announces planned expansion of collaboration with Google), GSM +0.3% (has engaged with the European Works Council; GSM is seeking to reduce or cease production at some of its sites in Europe), WFG +0.2% (provides operational update; also files for $2 bln mixed securities shelf offering), ATVI +0.1% (promotes Armin Zerza to CFO; on track to exceed prior outlook for Q1)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: DNMR -13% (also announces planned $700 mln investment in manufacturing expansion), BFLY -7.4%, CLDX -5.2% (also provides clinical update), SEER -0.9% (also signs non-exclusive commercial agreement with SCIEX), GOEV -0.7%, TGNA -0.1% (reaffirms Q1 and FY21 guidance; also increases dividend)
Companies trading lower in after hours in reaction to news: WVE -21.7% (reports mHTT results from PRECISION-HD trials do not support further development of WVE-120102 and WVE-120101 in Huntington's disease), LPRO -3% (stock offering), AMTI -1.7% (stock offering), AZN -1.2% (Some Canadian provinces suspend vaccine for people under 55, according to Forbes), VLDR -1.1% (stock offering), FREQ -0.5% (provides updates on FX-322 clinical trials; also reports 4Q20 results), MRK -0.4% (receives Complete Response Letter from the FDA for sBLA for KEYTRUDA in high-risk early-stage triple-negative breast cancer), HBM -0.2% (announces significant new discovery at Copper World properties), DOV -0.1% (acquires minority interest in EdgePetrol)
WHO Report Into Covid-19 Origins Leaves Key Questions Unanswered
Long-awaited report says data examined during China mission was insufficient to explain when, where and how virus began spreading
A World Health Organization-led team investigating the origins of the Covid-19 pandemic said in a report that data examined during a recent mission to China was insufficient to answer the critical questions of when, where and how the virus began spreading.
The long-awaited report, which has yet to be made public but was reviewed by The Wall Street Journal on Monday, calls for closer examination of Chinese hospital records and blood samples from before the first known cases in December 2019, as well as more extensive testing of farms that supplied wild animals to a market linked to many early cases.
But the 319-page document, shared with WHO member states ahead of its planned publication on Tuesday, also recommends further studies into evidence, often cited by Chinese authorities, that the virus may have circulated in other countries—including the U.S.—in late 2019, and that it has spread via frozen food.
The report presents the findings of the four-week mission completed earlier this year by a WHO-led team of international experts and their Chinese counterparts in Wuhan, the Chinese city that was the site of the first confirmed coronavirus cases.
The team had little power to conduct a thorough, independent investigation during their trip. China initially resisted international pressure for an inquiry, and later imposed strict limitations, secured China veto rights over participants and expanded its scope to encompass other countries.
The final report represents the attempts by the United Nations agency to find out how a pandemic that has killed 2.8 million people started. Answers could help prevent another pandemic—and satisfy the basic desire to understand how the current one emerged.
Yet the research taps into the sensitive issue of how long the virus was spreading in China before its government reported the disease to the WHO or responded in full. WHO has been caught between Beijing—whose officials have suggested the pandemic may have begun outside China—and Washington, where the Biden administration has raised questions about Beijing’s transparency on the virus’s origins and the integrity of data provided to the WHO-led team.
White House press secretary Jen Psaki said the administration was withholding a response to the report while it was reviewed by nearly 20 government experts from various agencies.
“We have been clear that an independent, technically sound investigation is what our focus is on,” she said.
Zhao Lijian, a Chinese foreign ministry spokesman, defended the report at a regular news briefing on Monday.
“When will the WHO experts be invited to the United States for a visit on origin-tracing?” Mr. Zhao asked, also questioning when they would get access to a U.S. military laboratory where Chinese officials have suggested the virus might have originated.
He said Chinese authorities had provided data of particular concern to the WHO-led team “item by item.”
The final document balanced a proposal for further research into China’s earliest cases while allowing for the possibility that the disease may have started spreading in another country first.
It recommended further scrutiny of how Chinese authorities identified just 92 potential early cases from more than 76,000 respiratory patients in October and November 2019. It called for antibody testing of blood bank samples in Wuhan going back to September 2019, and similar screening elsewhere in China.
But it also suggested further consideration of respiratory-illness data from clinics at the World Military Games in October that year. Chinese officials have suggested that a U.S. delegation to those games might have introduced the virus to Wuhan. Washington has denied that. The annex of the WHO report states that “nothing resembling COVID-19 had been seen” at clinics during those military games.
Citing studies suggesting the virus was spreading in late 2019 in countries including Italy, France, Spain, the U.S. and Brazil, the report said those findings weren’t confirmed and the methods used weren’t standardized. “Nonetheless, it is important to investigate these potential early events,” it said.
“I see the language of diplomacy here more than the language of science,” said Maureen Miller, an infectious disease epidemiologist at Columbia University, who said the report itself was less compelling than the future studies it proposes. “If the research team is not diplomatic it is unlikely they will acquire any further information.”
The report declared that the virus very likely spread from bats and then to humans via another small mammal species such as mink, raccoon dogs or ferret badgers, either on a farm or in the wild. That scenario has occurred with several other emerging viruses, the team noted.
Less likely, they said, was that the virus jumped directly from a bat or other host animal to a human. The virus is genetically quite distinct even from the most closely related viruses found in bats to date, the team said. Only a few SARS-like viruses that have been isolated from bats in recent years have the ability to infect humans.
The report recommended more testing of possible animal sources, including pangolins, in China as well as Southeast Asia and other countries where bats that carry these viruses are found.
It cast doubt on a theory, supported by Chinese officials, that the virus was introduced to Wuhan via frozen food imported from abroad. “This would be extraordinary in 2019 where the virus was not widely circulating,” the report said.
But the report recommended further study into the idea—also backed by Chinese officials—that the virus had later spread via frozen food after it began circulating widely around the globe.
And it recommended no further research into the most politically sensitive hypothesis—promoted by the Trump administration and denied by Beijing—that the virus might have spilled from a Chinese laboratory.
The report stopped short of ruling out a lab accident altogether but said it would be “extremely unlikely” because there is no record that any laboratory, in China or elsewhere, had been working with either the new coronavirus or another, closely-related virus.
The team said it didn’t consider a hypothesis that the virus was deliberately engineered in a lab for release, because analyses of the genome have ruled that out, the report said.
In a statement, WHO Director-General Tedros Adhanom Ghebreyesus said: “We will read the report and discuss its content and discuss next steps.” He added, “As I have said, all hypotheses are on the table and warrant complete and further studies.”
Most of the research for the report was conducted by Chinese scientists, almost all of whom work for the government. Under the terms of the study, that research was presented to the team of international scientists recruited by WHO during their visit in January and February.
The report, presented to member states as the final copy, was broadly consistent with the conclusions announced last month at the end of the Wuhan mission.
Still, there were areas where the team said it didn’t have enough data from China to draw firm conclusions.
Robert Garry, a virologist at Tulane University School of Medicine who has studied the virus’s origin, called the report “outstanding” in identifying future directions for research. “Anyone that wants to claim that the report is lacking in details will be disappointed,” he said.
Ian Lipkin, director of the Center for Infection and Immunity at Columbia University’s Mailman School of Public Health, called it “really detailed and extensively documented.”
“This is a very difficult thing to reconstruct a year and a half later,” he said.
Inmarsat sues Netherlands over 5G switch
UK company told to relocate so spectrum used at ‘big ears’ facility can be sold off
Inmarsat has launched legal action against the Dutch government after the British satellite company was told to move a facility it uses for critical global maritime safety services so that telecoms companies can use its spectrum for 5G.
The company has initiated proceedings in the civil court in the Netherlands to seek an injunction over what it claims is a contravention of national and international law.
The group, which was acquired for $6bn in 2019 by private equity companies Apax and Warburg Pincus, has accused the ministry of economic affairs of “intransigence” after 18 months of talks over the issue.
Inmarsat has for decades operated from a site known as “big ears” in the north-east of the country. The Burum facility, also used by the military, acts as an emergency call centre to manage maritime safety, which Inmarsat provides to ships and boats free of charge. The company says 2m seafarers are supported by the site.
Burum uses spectrum — the frequencies used to carry wireless data signals — within the “C-Band” range that has become an attractive resource for telecoms companies looking to boost 5G coverage. The US C-Band sale raised $81bn this year.
The Dutch government is moving ahead with a sale of spectrum in that band by 2022. The ministry of economic affairs said it had presented parliament with independent research showing Inmarsat’s services and 5G could not coexist, and that Inmarsat must move its operations abroad.
The company argued that it could operate within the spectrum range alongside commercial 5G services and that a relocation would come at huge cost and disruption. It said it had “no choice” but to seek an injunction.
“Should a move be forced on Inmarsat, then the proposed timing of the changeover in frequency use . . . is unrealistic and will require a long transitional term to carry out the wholly avoidable move,” it said.
The spectrum sale could also force private wireless networks that have been built around ports and other locations to vacate that band, according to analysts.
Inmarsat was established in the 1970s as an intergovernmental organisation to improve safety by placing warning beacons on all ships above a certain size.