Subsea Cable Damage Causing INternet Slowdown
Technicians are trying to restore full internet and phone services between Europe, the Middle East and Asia.
The services have been seriously disrupted due to an undersea cable which has been severed.
A ship has been sent to a site in the Mediterranean so that repair work can begin.
Officials say they think a ship's anchor may have been the cause of the damage.
This apparently happened over the weekend. So if you are facing severe slowdowns, be ready for more. With the Christmas/New Year holidays, the net should be only up to capacity in 2009.
You would expect ISP's like TMNET to come up with an announcement for this. No, they rather wait for their customer service to be flooded with calls to realise wtf is going on.

More info (In Chinese words):
http://www.chinapress.com.my/content_new.asp?sec=world&dt=2008-12-22