GigaOM: Flag Telecom, a large international network operator that connected countries in Europe with Middle East and Asia with the U.S., is shelving its $1 billion dollar initial public offering. The cancellation is a huge set-back for its parent company, Reliance Communications, which has been desperately trying to reduce its $7 billion in debt. The IPO was seen as a way to quickly slash that debt. Reliance was looking to list Flag Telecom via Singapore-based business trust, Global Telecom Infrastructure Trust (GTIT) on the Singapore stock exchange. (Industry, Reliance)