Brazil pulls plug on telecoms license auction

Brazil's telecommunications regulator Anatel is to suspend its auction of three wireless licenses for the second time this year after no companies applied to bid.

The minimum price for the three licenses, which were being bundled as one nationwide license to attract more interest, was 2.19bn reals (£600m).

Anatel President Renato Guerreiro says there is no new date fixed for the auction.

The three licenses, known as Band C, also failed to sell in January.

Of the nine licenses using European GSM technology that Anatel has put up for sale this year, only four have found buyers.

Analysts say the asking price is high for a market that already counts two mobile carriers in most cities.