Source Bloomberg News
Verizon Communications, the second-biggest U.S. phone company, won permission to operate an underwater cable system that connects the U.S. and mainland China.
The Trans-Pacific Express network will land at Oregon, Verizon said today in a statement. The New York-based company filed an application for a license last year with the Federal Communications Commission.
The 17,000-kilometer (10,600-mile) fiber-optic cable will allow faster voice, Internet and data connections between the U.S. and the Asia-Pacific region, Verizon said. The cable can transmit 60 times more phone calls than an existing underwater cable linking the U.S. and China.
Verizon fell 19 cents to $43.26 at 11:28 a.m. in New York Stock Exchange composite trading. The shares climbed 17 percent last year.
The company's partners on the cable include China Telecom Corp. and Chunghwa Telecom Co. Construction on the system is under way and should be completed before the 2008 Olympics in Beijing, Verizon said.
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