Telecommunications

Telstra (ASX:TLS) is starting to gun for shareholder approval of its deal with NBN Co at the telco's annual meeting next month, despite reservations by the competition regulator.

An independent expert report released by Telstra recommends that shareholders approve the NBN Co deal to avoid a potential $4.7 billion loss and add another $1 billion in costs. Cooperating with NBN Co on its fibre rollout would make Telstra gain around $5 billion than if it chose the competition route.

Telstra (ASX:TLS) has announced a plan to take a big chunk of the growing cloud computing market. The telco is reportedly spending 800 million to cement its role as a major data storage provider in the country.

Chief executive David Thodey wants the house to generate 25 to 30 percent of the company's overall revenue in the next three to five years in an ambitious target plan. The cash out will mean a 40 percent rise in Telstra's data capacity.

NBN Co and Telstra (ASX:TLS) may finally ink their massive agreement next week. The final deal worth $11 billion to Telstra could be completed "in about a week," according to NBN chief Harrison Young. A Telstra spokesperson declined any confirmation, however.

The imminent agreement boosted Telstra shares by nearly 2 percent, adding 6 cents and closing at $3.08. It is the telco's highest share jump in almost 10 months.

Perth based Internet Service Provider, iiNet (ASX:IIN) is looking for acquisitions as the company aims to obtain 15 percent of the Australian fixed broadband market.