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IFS says 'worst of cuts to come'
2015-02-04 12:31:08| BBC News | Business | UK Edition
The Institute of Fiscal Studies' Green Budget says the worst of UK spending cuts are still to come with a "long way to go" before recovery.
Sony plans more job cuts as smartphone sales shrink
2015-02-04 08:57:00| Telecompaper Headlines
(Telecompaper) Sony announced plans to cut another 2,100 jobs at its mobile phone business by March 2016, in order to return the activities to profit. In the past year, the company already reduced headcount by 15 percent at the mobile division. The additional restructuring is expected to cost JPY 30 billion and lead to JPY 90 billion in cost savings by the fiscal year ending March 2017. For the current year to 31 March, Sony forecast an operating loss of JPY 215 billion on sales of JPY 1.32 trillion for the mobile division. The downgrade from its previousl outlook reflects lower smartphoe unit sales, mainly in Asia, and foreign exchange effects. It will also take a JPY 176 billion impairment charge on the activities. In the coming years, sales are expected to shrink to JPY 900 billion to JPY 1.1 trillion in the year to March 2018 and the operatign margin improve to a positive 3-5 percent. In the latest quarter to 31 December, Sony reported sales up 28.7 percent to JPY 429.0 billion, and operating profit improved to JPY 9.3 billion from JPY 6.3 billion a year ago. The results were helped by exchange rate effects as well as an increase in smartphone sales to 11.9 million units from 10.7 million in the year-earlier period. For the full year to March, Sony downgraded its forecast for unit sales to 39.2 million, flat compared to the previous year, from an estimate of 41.0 million in October.
KPN revenues stabilise in Q4, further cost cuts planned
2015-02-04 08:41:00| Telecompaper Headlines
(Telecompaper) KPN reported fourth-quarter revenues flat at EUR 2.07 billion. One-time income including a tax credit of EUR 44 million offset a 2.1 percent drop in underlying sales. EBITDA fell by 3.0 percent to EUR 669 million, and the margin was down 1 percent point to 32.4 percent. EBIT roughly doubled compared to a year earlier to EUR 218 million, and the net loss narrowed to EUR 37 million, impacted by costs for repurchasing debt. Capex increased 17 percent to EUR 482 million, resulting in negative free cash flow of EUR 199 million. Excluding one-time items, free cash flow would have reached EUR 405 million in 2014. Capex over the full year totaled EUR 1.41 billion, slightly above KPN's forecast for less than EUR 1.4 billion. KPN said 2014 was a transformation year, with the sale of E-Plus, acquisition of Reggefiber and new management appointed. Results started to stabilise towards the end of the year and the Dutch operator expects this to continue in the coming quarters. For 2015, the company forecast stable EBITDA by year-end, cost savings of over EUR 400 million (up from EUR 300 million previously), capex of less than EUR 1.4 billion (down from less than EUR 1.5 billion earlier), cash flow higher than the adjusted EUR 405 million in 2014 (excluding any dividend from Telefonica Deutschland) and an increase in the dividend to 8 cents from 7, with a further increase in 2016. In Belgium, KPN plans to reduce investments and target a margin of 25-30 percent in the medium term.
Tags: cost
planned
cuts
revenues
Australia cuts interest rates to 2.25%
2015-02-03 04:52:25| BBC News | Business | UK Edition
The Reserve Bank of Australia (RBA) cuts its key interest rate by 25 basis points to a record low of 2.25%.
Tags: interest
rates
australia
cuts
Oil prices increase as BP announces capital expenditure cuts
2015-02-03 01:00:00| Offshore Technology
Brent crude oil futures increased above $56 a barrel following BP's announcement to cut capital expenditure this year.
Tags: increase
prices
capital
oil
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