Hutch, a pure BOP play that was making very good profits, has reported declining profits and revenue growth. One quarter does not a trend make. But seen together with Dialog’s bad results for the last quarter, it suggests things are not looking good for the telecom sector which is taking multiple hits with tripled spectrum charges, revenue-raising taxes in the name of the environment and all sorts of additional costs imposed in the name of national security. If the government keeps taking JHU advice, they are likely to make the economy slow to a crawl.