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Telefonica to sell bonds to cut Telecom Italia stake
2014-07-17 08:54:00| Telecompaper Headlines
(Telecompaper) Telefonica has announced its intention to sell EUR 750 million of bonds that can be exchanged for Telecom Italia shares, the first time it has showed a willingness to cut its stake in the incumbent Italian operator. In a statement to Spain's market regulator CNMV, Telefonica said the bonds will carry a fixed annual interest rate of between 5.25 percent and 6 percent and would mature in three years. However, they could be converted at any time before that or paid in cash if certain conditions are met. The mandatory exchangeable bond is a way for Telefonica to reduce its near 15 percent stake in Telecom Italia by about 5 percent, according to unnamed sources close to the transaction cited by Reuters. "This is a way for Telefonica to sell part of its stake in Telecom Italia while ensuring against downside risk if the shares lose value in the next three years," said one of the sources, with another adding that the exchangeable bond "is invariably going to lead people to ask what Telefonica plans to do with the rest of its stake in Telecom Italia."
How Badger Meter cut its lighting bill in half
2014-07-16 21:30:15| Industrial Machines - Topix.net
Badger Meter Inc., which makes flow measurement and control products, said it slashed its energy costs for lighting by 50 percent by changing from fluorescent to LED lights -- 8,500 of them at its 315,000-square-foot manufacturing and office facility in Brown Deer.
Chevron to cut 225 jobs in North Sea oil operations
2014-07-16 20:15:25| Energy - Topix.net
U.S. oil major Chevron Corp. will cut about 225 jobs in its North Sea oil operations after reviewing its business in the region where high costs have undermined some field developments.
UPDATE 1-Chevron to cut 225 jobs in North Sea oil operations
2014-07-16 18:57:12| Oil & Gas - Topix.net
U.S. oil major Chevron Corp. will cut about 225 jobs in its North Sea oil operations after reviewing its business in the region where high costs have undermined some field developments.
Swedish Bankers Group in Talks on Joint Bid to Cut Mortgage Debt
2014-07-15 12:35:25| Appliances - Topix.net
Annika Falkengren, the chairman of the Swedish Bankers' Association, is in talks with her members to target reducing mortgage debt.
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