China Telecom Doubles Budget for Broadband Coverage

China Telecom Corp Ltd (NYSE: CHA, HKG: 0728), the smallest of the nation's top three wireless carriers, has said it will spend an additional ¥15 billion ($1 = ¥6.7) beefing up its broadband business in the second half of the year and 2011. It had already set aside ¥14 billion for 2010 and 2011. Experts say China Telecom's announcement is likely to prod China Mobile Ltd (NYSE: CHL, HKG: 0941) and China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) to follow suit to jokey for a better position amid the nation's merger of its telephone, Internet and telecommunications networks.