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Telefonica takes EUR 2.84 bln hit due to bolivar devaluation
2015-02-17 08:43:00| Telecompaper Headlines
(Telecompaper) Telefonica has announced that it has cut the value of its net assets in Venezuela by EUR 2.84 billion following last week's effective devaluation of the bolivar of around 70 percent. In a statement to Spain's market regulator CNMV, Telefonica said its profits and balance sheet would be seriously hit by the Venezuelan government's decision to introduce a new free-floating exchange rate. At 31 December, Telefonica valued its assets and income from Venezuela at 50 bolivares to the dollar, using the Sicad 2 exchange rate system, down from 12 bolivares to the dollar previously. As a result of the write-down and the significant amounts of retained profits that Venezuela barred the company from expatriating to Spain, Telefonica said its full-year operating profit would fall by EUR 915 million and net profit by EUR 399 million, while net financial assets in Venezuela would be reduced by EUR 1.23 billion. Although the write-down leaves the company with cash valued at EUR 390 million in Venezuela, future plans to invest in the country wouldn't be affected, added Telefonica. However, the percentage of the company's total revenue coming from Venezuela has been reduced to around 1 percent, compared to 6 percent of Telefonica's total revenue in 2013. Telefonica is due to report its full-year results on 25 February.
AT&T takes on Google with 1 Gbps Kansas City fibre network
2015-02-16 01:00:00| Total Telecom industry news
U.S. telco matches Internet giant's prices for high-speed Internet service.
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New England storm takes hold with snow across the whole east coast
2015-02-14 23:27:27| Chemicals - Topix.net
The 'alps' of MIT! Huge piles of snow built in Boston as winter storm threatens new blizzard for northeast and wind chill that makes it feel like -20 in New York Lows approaching 0 F were due over the weekend, alongside 75mph winds and as much as a foot of snow New York City could have its coldest day in 20 years Sunday, while upstate wind chill to make it feel like -20 F Another winter storm was taking aim at the winter-weary U.S. Northeast on Saturday, threatening blizzard conditions and severe cold in parts of New England already buried under six feet of snow. Freezing gales were due to hit the snow-blighted Northeast along with as much as a foot more snow.
Avon Takes a Holiday from the Caribbean
2015-02-14 06:00:00| Happi Breaking News
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VF Takes $396 Million Brand Write-Down
2015-02-13 16:16:11| Apparel - Topix.net
VF Corp. said its fourth-quarter profit plunged 67% as it booked a write-down on the value of some of its brands, while the maker of North Face apparel also gave a soft outlook for 2015 amid foreign-currency effects. VF said it expects its per-share earnings to grow 4% in 2015 on 3% revenue growth.
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