GERMANY - Second profit warning at Deutsche Telekom

Deutsche Telekom AG, in which the Blackstone Group holds a 4.5% stake, has issued a second profit warning in six months. The company is blaming fierce competition in Germany and the weak US dollar for a cut of up to EUR 1.2bn from 2007 forecasts. Europe's biggest telecommunications group by sales now expects adjusted EBITDA of EUR 19bn this year, compared with a previous forecast of between EUR 19.7bn and EUR 20.2bn.