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EU lawmakers back textile trade with Uzbekistan

2016-11-11 11:34:00| Daily apparel & textile news and comment - from just-style.com

European Union lawmakers have backed a trade pact with Uzbekistan that could lead to increased textiles imports from the country - despite ongoing concerns over the use of forced labour in the cotton harvest.

Tags: back trade uzbekistan textile

Telia posts SEK 8.8 bln loss on Uzbekistan settlement

2016-10-21 08:53:00| Telecompaper Headlines

(Telecompaper) Telia reported a net loss of SEK 8.81 billion for the third quarter, compared to a profit of SEK 4.59 billion a year ago, due to provisions of SEK 12.5 billion for settling investigations into alleged corruption in obtaining its licence in Uzbekistan. Underlying profit from continuing operations, which excludes its activities in Eurasia and Spain up for sale, was up 0.4 percent year-on-year to SEK 3.60 billion. Telia completed the sale of Yoigo in Spain during the quarter and said it's also nearing a deal to sell its stake in Fintur, the holding company for its Eurasian activities, to minority shareholder Turkcell. An agreement on this is targeted for 2017, the company said.

Tags: posts loss settlement uzbekistan

Telia swings to Q3 loss on Uzbekistan settlement provision

2016-10-21 02:00:00| Total Telecom industry news

Sweden-based telco reports flat revenue, slight decline in EBITDA.

Tags: loss provision settlement uzbekistan

Telia balks at USD 1.4 bln settlement in Uzbekistan probe

2016-09-15 08:43:00| Telecompaper Headlines

(Telecompaper) Telia has received proposed settlement from US and Dutch authorities over investigations into its activities in Uzbekistan that would cost the company around USD 1.4 billion (SEK 12 billion). The company has been under investigation since the spring of 2014 over suspected bribery in obtaining its licence in Uzbekistan. Telia said it received new information from the authorities with proposals on a settlement. The information did not go into much detail, but suggests a total settlement amount of approximately USD 1.4 billion for all investigations. Telia chairman Marie Ehrling said in a statement that the company was prepared to take full responsibility for the "unethical and wrongful way" in which it entered the Uzbekistan market. However, "our initial reaction to the proposal is that the amount is very high", she said. The company will consider the information from the Dutch and US prosecutors before decide how to proceed in negotiations.

Tags: usd settlement probe uzbekistan