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Sprint plans up to cut up to USD 2.5 billion of costs
2015-10-02 09:36:00| Telecompaper Headlines
(Telecompaper) Sprint plans to cut USD 2 billion to USD 2.5 billion in costs in the next six months and will freeze external hiring, CFO Tarek Robbiati wrote in a staff memo seen by the Wall Street Journal. All expenditures must now be reviewed and approved by the finance department. In the memo, the CFO writes, "The main thing to consider when requesting to spend money is take an owner's mindset by treating every dollar as if it were your own." The statement comes days after the operator said it would not take part in the 600 MHz Incentive Auction next March. The company has said previously that it cut USD 1.5 billion in costs in the last 12 months. The company had USD 7.5 billion of operating expenses in the quarter to 30 June.
AT&T may take USD 1.1 bln charge on Venezuela assets
2015-10-01 14:42:00| Telecompaper Headlines
(Telecompaper) AT&T may have to take a charge of around USD 1.1 billion related to the assets of DirecTV's Venezuela subsidiary due to the South American country's economic crisis, reports Reuters. According to an SEC filing, AT&T is considering whether to use a less preferential currency exchange rate to value DirecTV's assets in Venezuela. The value of DirecTV's USD 1.1 billion in Venezuelan assets is currently based on an exchange rate of 12 Venezuelan bolivars (VEF) per USD. In the filing AT&T said it may value the assets at the so-called Simadi exchange rate of around 200 VEF per USD, erasing nearly all their value.
Tags: charge
usd
att
venezuela
Altice raises USD 8.6 bln for Cablevision, confirms targets
2015-10-01 10:04:00| Telecompaper Headlines
(Telecompaper) Altice said it has successfully priced USD 8.6 billion of new debt in connection with its acquisition of Cablevision Systems. The new debt was split into a USD 3.8 billion 7-year senior secured Term Loan B, a USD 1.0 billion 10-year worth of senior guaranteed notes and USD 3.8 billion worth of 7-year and 10-year senior unsecured notes. Altice confirmed its guidance for achieving medium term EBITDA margin targets of 45 percent at Numericable-SFR and 50 percent at Altice International. It also remains confident in its previously announced medium term operating expenditures related cost savings and synergies targets of EUR 200 million at Portugal Telecom, USD 215 million at Suddenlink and USD 900 million at Cablevision.
Tags: usd
targets
raises
confirms
China pledges USD 3 bn to fight climate change
2015-09-26 08:01:00| Climate Ark Climate Change & Global Warming Newsfeed
New Kerala: China has pledged USD 3 billion to help other developing countries combat climate change. The China South-South Climate Cooperation Fund will also enhance their capacity to access the Green Climate Fund (GCF), Xinhua news agency cited a China-US joint presidential statement on climate change signed during Chinese President Xi Jinping's state visit to the US. China and US recognised the importance of mobilising climate finance to support low-carbon, climate-resilient development in developing...
Chinese IoT market reaches USD 90 bln in 2014
2015-09-25 12:01:00| Telecompaper Headlines
(Telecompaper) China's Internet of Things (IoT) industry reached a value of CNY 580 billion (approximately USD 90 bln) in 2014, which represents a growth of 18.46 percent year-on-year, according to a report issued by Xinhua News Agency on an IoT expo in Wuxi City, east China's Jiangsu Province. The study also found that IoT technologies have continued to integrate with both traditional industries (agriculture and manufacturing) and emerging industries (new energy and new materials). The report further shows that the major challenges faced by the Chinese IoT market include its reliance on imports of sensor and chip technology, as well as issues in application, information and data security.
Tags: market
chinese
usd
reaches
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