The NZ sharemarket's benchmark index fell to a two-month low today as the escalating debt crisis in Europe stoked fears of a new credit crunch.

Telecom's XT network failed because the network and supporting operations were not ready to manage the levels of traffic experienced.

An independent review into Telecom's XT mobile network has found it grew too big, too quickly.

Telecom's profits for three months to the end of March have fallen 38 per cent from $159m to $97m.

The Auckland-based telco will report a 47 percent decline in profit and more downbeat news could still come, according to analyst Guy Hallwright.

A low divorce rate shows Kiwis avoid marriage unless they're truly committed, a relationship counsellor said.

Telecom says rumours of up to 2000 people losing their jobs at the company are 'rubbish'.

Vodafone NZ's market share sank below 50 per cent last year as new kid on the block 2degrees mobile entered the market.

The sale of Telecom's Australian business could keep dividends up, says an industry analyst.

Telecom's in-house magazine has published letters from forgiving XT customers as a "happy pill" to boost staff morale.

The Securities Commission's announcement yesterday that it had laid criminal charges against the directors of Lombard Finance & Investments was no surprise.

Telecom is seeking relief from the Government on its regulatory obligations in the face of pressure on earnings.