Several large European telecommunications companies announced plans today to retrench from global ambitions nursed during the stock market boom, by writing down the value of assets, agreeing to suspend unprofitable operations and selling some units.

In a striking reversal of a bold yet improbable plan to build a wireless network across Europe, the Spanish company Telefonica said it would "freeze" mobile operations in Germany, Austria, Italy and Switzerland.

Telefonica and Sonera will each make a US$3.98B write-down on the wireless licenses that will now go unused. Telefonica is playing the executive shuffle in an attempt to "look busy!" while the investors are watching.

France Telecom is trying to reduce its 60+B euros of debt by selling off a stake in its broadcasting division. But there are dangers. BT did this and now struggles to find growth. For the quarter ended June 30, BT earnings fell to 275M euros, from 4.4B euros in the period last year. Revenue fell 17%.

[Various French and Spanish telecoms are also bleeding cash in Latin America and are struggling to find a way out of the economic disasters underway there.]

The president of the American Society for Microbiology has sought the advice of the National Academy of Sciences on whether scientific journals should withhold information that may aid bioterrorists or countries contemplating biological warfare.

He wrote, "We are now being asked to allow authors to withhold critical information because of concern that significant data could be misappropriated or abused."

Genuity, the last of the original Big Three Internet carriers, may be about to go the way of its competitors -- into bankruptcy.

Stock down 89% yesterday, to 29 cents. Now in default on $3B in loans. Bankruptcy could be only months away. Firm suddenly draws $723M in cash on existing credit lines. Deutsche Bank, refusing to participate, brings federal lawsuit against Genuity to halt the transaction.

Shares of AOL Time Warner fell 15% yesterday.

Gloomy ad sales report and outlook; SEC investigates accounting; six brokerages downgrade stock. Analysts see "even more ominous signs" that future ad sales would be "far worse than previously understood."

"If you draw $220 million out of the bank and only put $40 million in, it's not a sustainable business."

AOL's online group is now actually shrinking in sales and profits.

As a handful of telecommunications companies begin to trickle out of bankruptcy protection, analysts fear their financial reorganizations could have unintended consequences that exacerbate the industrywide meltdown.

The spate of bankruptcy filings so far is doing little to solve the industry's underlying problem.

So far, only a tiny fraction of telecommunications companies have survived bankruptcy protection. But those that have are going to make their presence known.

Meta Group: "There's a theory that ... bankruptcy [is] a healthy move and a way to wipe away the debt. But the probability of that happening is very low."

BCE, Canada's biggest telephone and media group, today announced write-downs of close to US$5.68 billion, yet another reflection of the costs of a big diversification drive in the late 1990's.

The biggest write-down was a charge for good will impairment related to the wholly owned Teleglobe, which recently filed for bankruptcy protection. BCE also took write-downs on its media and e-commerce units.

BCE needs to raise Cdn$5B to complete its purchase of Bell Canada. Its debt rating was recently downgraded, and shares are down 33% this year. BCE will sell its directories business to raise cash.

Congress and the Bush administration appear to be frozen in place when it comes to stabilizing telecommunications.

RBOCs battle their rival upstarts and press the government to eliminate restrictions on entry into the markets for long-distance voice and high-speed Internet service.

Long-distance carriers fight against sharing their networks with the locals at low costs.

The FCC remains intent on a slow deregulatory course.

Critic: "This is a disaster waiting to happen. [Deregulation] will ultimately blow up on them."

AOL Time Warner disclosed yesterday that the SEC had begun an investigation into the accounting at its America Online division.

Richard Parsons: "The charges are without merit." The company has said that it did not break any laws.

Quarterly AOL revenue was down 3%, but cash flow is down 27% and ad revenue was down 40% with no sign of recovery.

This article assesses concerns about the potential development of new weapons and risks of mass destruction made possible by nanotechnology - the rapidly evolving field of atomic and molecular engineering.

It will argue that such concerns are valid and will need to be addressed by the international arms control and non-proliferation regime.

The paper concludes with an appeal for such an engagement to begin sooner rather than later. Weapons of mass destruction (WMD) are already banned from outer space under the terms of the 1967 Outer Space Treaty.