CWC pays price of poor Panama progress

Cable & Wireless Communications (CWC) shares yesterday tumbled more than 16 per cent after the emerging-markets telecoms firm warned that its business in Panama "has not progressed as planned".

Tony Rice, the chief executive, right, blamed growing competition in Panama's mobile market, slower progress on winning corporate contracts and pressure on margins.

CWC suggested that profits from Panama would be $254m (£160m) – below earlier guidance of$270m-$295m.

Another regional division, the Caribbean, is expected only to hit the lower end of expectations. But the group is performing better elsewhere, with Macau and the Bahamas likely to exceed forecasts.