The pendulum swings again. It was around 10 years ago that the great retreat was in full swing, with US and European telcos retreating from emerging markets (and even masking their investments as France Telecom did by making Mauritius Telecom the holding company for its African operations). Now they’re unloading European businesses to go where the action is. France Télécom, led by Stéphane Richard, is shedding assets in Europe, where phone companies are vying for a shrinking pool of new customers amid tightening regulation, to embrace faster-growing markets in Africa and the Middle East. “It makes sense to exit the difficult Swiss market and may give them more flexibility on the cash-flow side,” said Giovanni Montalti, an analyst in London at Crédit Agricole Cheuvreux.