3G licences going cheap in New Zealand

In marked contrast to the frenetic bidding for third generation (3G) mobile phone licences seen in Europe, the New Zealand government has so far attracted offers little in excess of the NZ$10 million ($4.5 million) reserve prices for the three blocks of suitable radio spectrum it is selling. Telecom Corporation of New Zealand, Vodafone New Zeland and Telstra Saturn have each tabled bids of around NZ$10.5 million.