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Search resuls for: "British Telecom"


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☆ Factbox: European companies cut jobs as economy sputters
  + stars: | 2023-01-17 | by ( ) www.reuters.com   time to read: +5 min
REUTERS/Stephane MaheJan 17 (Reuters) - Decades-high inflation and the impact of war in Ukraine have forced companies across Europe into lay-offs or hiring freezes. * HUSQVARNA (HUSQb.ST): the garden equipment and tools maker announced in late October it will cut 1,000 jobs, the vast majority of them related to the shift from petrol to battery-powered tools. * SIEMENS GAMESA (SGREN.MC): the Spanish wind turbine maker in late September said it plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability. * CLAS OHLSON (CLASb.ST): the Swedish hardware store chain said in December it would cut about 85 full-time jobs amongst other measures to deliver cost savings and reduced depreciation. BANKS AND FINANCIALS* KLARNA: Dagens Industri reported in May the Swedish payments company would lay off about 10% of its 7,000 employees.
☆ Vodafone plans hundreds of job cuts in cost-saving measures - FT
  + stars: | 2023-01-13 | by ( ) www.reuters.com   time to read: +1 min
Jan 13 (Reuters) - Vodafone Group Plc (VOD.L) is planning to shed several hundred jobs, most of which are located at its London headquarters, the Financial Times reported on Friday, citing people briefed on the discussions. The report follows Vodafone's November announcement of cost-saving measures worth 1 billion euros ($1.08 billion) in the wake of a deteriorating market outlook. Earlier this week, Vodafone agreed to the sale of its business in Hungary to local IT company 4iG and the Hungarian state for a total of 1.7 billion euros ($1.82 billion) in cash, a deal that was first announced in August last year. Vodafone did not immediately respond to a Reuters' request for comment. ($1 = 0.9225 euros)Reporting by Lavanya Ahire in Bengaluru; Editing by Eileen Soreng and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.
☆ Hungary exempts sale of local Vodafone unit from competition scrutiny
  + stars: | 2023-01-10 | by ( ) www.reuters.com   time to read: +1 min
BUDAPEST, Jan 10 (Reuters) - Hungary's government has declared local IT firm 4iG's purchase of a 51% stake in Vodafone's Hungarian unit a transaction of national strategic interest, exempting the deal from competition scrutiny, according to a decree published late on Monday. British telecom group Vodafone (VOD.L) said on Monday it had agreed to the sale of its Hungarian business to local IT company 4iG and the Hungarian state. Under the plan, 4iG will hold a majority 51% stake while the Hungarian state will hold 49%, and the transaction is expected to close later this month. In the decree, the government said 4iG's acquisition of the Vodafone stake served the country's "security of telecoms services supply" and would therefore qualify as a deal of "national strategic significance." "The classification excludes, inter alia, the jurisdiction of the Hungarian Competition Authority," brokerage Equilor said in a client note on Tuesday.
☆ Vodafone to receive $1.8 bln from sale of Hungarian unit
  + stars: | 2023-01-09 | by ( ) www.reuters.com   time to read: +1 min
SummarySummary Companies Sells Hungarian unit to 4iG and Hungarian stateLONDON, Jan 9 (Reuters) - British telecom group Vodafone (VOD.L) said it had agreed the sale of its Hungarian business to local IT company 4iG and the Hungarian state, and would receive a total cash consideration of 1.7 billion euros ($1.82 billion) from the deal. Vodafone said on Monday that the proceeds from the sale would be used to pay down debt. Under Read, Vodafone, once one of the biggest mobile operators in the world, has been selling assets to focus on its core European and Africa operations. The group's interim chief executive Margherita Della Valle said in a statement that the Hungarian disposal would increase competition and accelerate competition in Hungary. Under the plan, 4iG will hold a majority 51% stake while the Hungarian state will hold 49%.
☆ Vodafone sells slice of Vantage Towers to KKR, other investors
  + stars: | 2022-11-09 | by ( ) www.reuters.com   time to read: +1 min
[1/2] Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermidLONDON, Nov 9 (Reuters) - Vodafone (VOD.L) said it would sell a portion of its majority stake in wireless towers unit Vantage (VTWRn.DE) to private equity firms GIP and KKR (KKR.N), and use the minimum proceeds of 3.2 billion euros to pay down its debt. The British telecoms group said its would create a new joint venture with the investors, which would result in the deconsolidation of its 81.7% stake. The joint venture would also buy out the minority shareholders in Frankfurt-listed Vantage, it said on Wednesday. Shares in Vantage jumped 7.8%, while Vodafone was broadly flat.
☆ BT pensions scheme lost $12 bln in assets after UK 'mini-budget' -annual report
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 18 (Reuters) - The British Telecom (BT.L) pension scheme, one of Britain's largest, lost around 11 billion pounds ($12.44 billion) in assets in recent weeks, it said in its annual report on Tuesday, as bond yields soared following the UK government's botched 'mini-budget'. "Prior to the Bank of England's gilt market intervention, there was an estimated 11 billion pound fall in the value of the scheme's assets." Register now for FREE unlimited access to Reuters.com RegisterThe hit to the scheme's assets underscores how dramatic the moves in financial markets were for pension fund users of so-called liability-driven investment. The Bank of England had to intervene to stabilise the bond market on Sept. 28 and stop some pension funds from running out of short-term cash. The BT pension scheme had already lost 10.4 billion pounds in assets to 46.9 billion pounds over its 2021/22 financial year, "largely driven by the performance of our liability hedging investments", it said in the annual report.
☆ BT Group workers announce further strike action over pay dispute
  + stars: | 2022-09-21 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterLogo of British Telecom (BT) is displayed outside a store in London, Britain, November 15, 2019. REUTERS/Simon Dawson/File PhotoSept 21 (Reuters) - About 40,000 British workers for telecoms company BT Group (BT.L) and its networking arm Openreach will hold a national strike over pay in October, the Communication Workers Union (CWU) said on Wednesday. Members of the union, including BT Group's 999 emergency call handlers, will hold a strike for four days in October: Oct. 6, Oct. 10, Oct. 20 and Oct. 24. The dispute centres on workers opposing the imposition by company of an "incredibly low flat-rate pay rise," the union said. ($1 = 0.8836 pound)Register now for FREE unlimited access to Reuters.com RegisterReporting by Akriti Sharma in Bengaluru; Editing by Chris Reese and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
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