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AT&T takes $10 billion pension charge

2013-01-18 16:17:01| Telecom - Topix.net

AT&T Inc. reported in a regulatory filing that it took a $10 billion charge in the fourth quarter for its pension plan, and that subsidies it paid on smartphones squeezed profit in the period.

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AT&T takes USD 10 bln pensions charge, sees margin pressure

2013-01-18 09:01:00| Telecompaper Headlines

(Telecompaper) AT&T announced that it will take a USD 10 billion charge in the fourth quarter 2012 for its pensions obligations. The non-cash, pre-tax charge results from a reduction in the assumed discount rate to 4.3 percent, resulting in an actuarial loss of approximately USD 12.0 billion. This was partially offset by an asset gain of USD 1.9 billion. Due to the continued uncertainty in the securities markets and US economy, the operator lowered its expected long-term rate of return on asset assumption to 7.75 percent. In a SEC filing, the US operator also reported fourth-quarter smartphone sales of approximately 10.2 million devices. Due to the high subsidies on these devices, AT&T said it expects pressure on operating income, margins, and earnings per share in the fourth quarter of 2012. In addition, storms, including Superstorm Sandy, are expected to reduce Q4 operating profit by around USD 175 million, impacting especially the Wireless division. AT&T will report full quarterly results on 24 January.

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Tate & Lyle Sugars takes battle against EU to court

2013-01-18 03:53:44| Food - Topix.net

Sugar refiner Tate & Lyle Sugars will take its fight against the European Commission for alleged mismanagement of the European sugar market to court today.

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AT&T takes $10bn pensions charge

2013-01-18 01:23:46| BBC News | Business | UK Edition

US telecoms giant AT&T will put aside $10bn (6.25bn) in the fourth quarter to cover pension fund losses due to lower-than-expected interest rates.

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African coffee champion takes on Uganda challenge

2013-01-17 14:52:40| BBC News | Business | UK Edition

The Ugandan champion barista taking coffee back to its roots

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