Law firm Maddens Lawyers plans to launch a class action against Telstra Corporation Limited over the Warrnambool exchange fire last year. The law firm said the compensation offered by Telstra is inadequate and local businesses will seek to recover the losses they suffered due to the fire through the class action.

Telstra Corporation Limited (ASX:TLS) has abandoned its plans for the sale of Trading Post classifieds business to carsales.com Limited (ASX:CRZ). The Australian Competition & Consumer Commission opposed the sale of the Trading Post assets to Carsales in December on the grounds that it would reduce competition in the car classifieds market. Telstra has now ended the attempted resuscitation, "We are looking at options but Carsales is not an option at the moment,'' Telstra Head of digital content services Adam Good told Media. Adam Good confirmed Telstra was in discussions with other potential buyers of the Trading Post business, but declined to offer any names. "We are working on that at the moment,'' he said. It's reported that Telstra is now looking for a highest bidder to pick up the online classifieds business, with sources close to the deal tipping Fairfax Media Limited (ASX:FXJ) as a prime contender.

Telstra has secured licences in the 700 MHz band and 2.5 GHz band in the spectrum auction held by the Australian Communications and Media Authority. The licences are for a contiguous 2x20 MHz block of spectrum in the 700 MHz band (40 MHz in total) and a contiguous 2x40 MHz block in the 2.5 GHz band (80 MHz in total). In the auction its total package of spectrum was secured at close to the reserve prices and the total investment by the company will be $1.302 billion. The licence for the 2.5 GHz band is set to commence on 1 October 2014 (except in Perth metro and regional Western Australia which commences on 1 February 2016) and for the 700 MHz band on 1 January 2015.