France's postal service is looking at a plan to transform itself into a limited liability company, a move that would clear the way for a possible sale of a stake in the state-owned monopoly.

France Telecom said Monday that it has dropped its proposed $42 billion takeover bid for TeliaSonera, a deal that would have created Europe's largest telecommunications company.

France Telecom withdrew a $40 billion plan to acquire TeliaSonera on Monday, pleasing its own shareholders but casting doubt over the Nordic operator's future.

France Telecom proposed a $41 billion bid for TeliaSonera to create the world's third largest broadband operator and the number-four in mobiles, but the Nordic company rejected the offer.

When Rene Obermann took over Deutsche Telekom at the end of 2006 he was tasked with the firm's struggling domestic operations. But his non-domestic challenges have been—and continue to be—plentiful.

Stocks declined as soaring oil prices triggered concerns about inflation and consumer spending.

Stocks performed a dizzying dance, sliding at the open, improving with economic reports and then doing a do-si-do with oil prices.

Stocks opened mixed Wednesday after a better-than-expected report on U.S. worker productivity. Oil hovered below $122 a barrel.

From the deadline for the Northern Rock bids to the rate decisions by the European Central Bank and the Bank of England, here are the events that have shaped this week:

France Telecom on Wednesday raised its cash flow outlook for 2008 as it posted a 3.1 percent rise in annual underlying profits, driven by resilient sales growth and rigorous cost control.