capacity sale agreements that extend Telecom Italia's national network further into Europe and South America.

Global Crossing will provide Telecom Italia with 10,000 kilometres of dark fibre on its Pan European Crossing system and 18,000 kilometres of dim fibre on its South American Crossing system.

The Pan European fibre covered by the agreements will be operated and managed by Telecom Italia, providing Milan and Turin with direct connectivity to other major cities in Europe, including Amsterdam, Barcelona, Brussels, Frankfurt, London, Paris, and Zurich.

The South American fibre will be operated by Telecom Italia's Latin American Nautilus joint venture, providing Telecom Italia with direct connectivity to major South American cities.

OCEAN WILSONS PROFIT STK BUC Ocean Wilsons profit Ocean Wilsons Holdings Ltd., which is listed on the Bermuda Stock Exchange, turned a six-month operating profit of 4,474,000 after recording a 200,000 in the same period in 1999.

The company said the principal reason for the improved result is a reduction in exchange losses on foreign currency borrowings held by its Brazilian subsidiaries.

The shipping company said earnings per share based on ordinary activities after taxation and minority interests were 5.98p (1999 -1.59p), up 7.57p on the same period in 1999.