Egyptian telecoms tycoon Naguib Sawiris has reportedly offered to spend as much as €5 billion ($6.4 billion) on a stake in Telecom Italia, Italy’s debt-ridden telecoms incumbent, according to a report in Italy’s Il Corriere della Sera newspaper.
Citing sources close to the matter, the Italian daily reports that Franco Bernabe, the Italian operator’s chief executive, has put the offer before the board.
AT&T Inc will boost capital spending by about 16 percent to $22 billion a year for the next three years to upgrade its wireless and wireline networks, the company said on Wednesday.
Its shares fell more than 3 percent after the news.
Rival Verizon Communications Inc (New York, USA) is ahead in high-speed mobile services, and AT&T (Dallas, USA) also must improve rural phone lines, comprised of outdated copper technology.
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For the first time in the history of telecommunications, consumer spending on mobile data has surpassed spending on mobile voice services. This surging need for data – which the Telecommunications Industry Association (TIA) predicts will lead to a 34 percent jump in infrastructure spending over the next four years – is placing unprecedented demands on the network. With this challenge as the backdrop, TIA is bringing together influential industry executives, thought leaders and policymakers for the only event focused purely on The Future of the Network.
After reporting losses a year earlier, Spain’s Telefonica entered profitable territory last quarter, with net income of €1.38 billion ($1.77 billion), while chipping away at its mountain of debt.
The company had reported losses of €429 million in the third quarter of 2011, largely due to expenses incurred as a result of laying off thousands of workers in its domestic market.
It also managed to lower its net debt by €2.3 billion, to €56 billion, and anticipates a further reduction of €3.2 billion, following several divestments and the IPO of Telefonica Deutschland.
AT&T reached a tentative agreement on wage increases and benefits with 22,000 employees in southeast States represented by the Communications Workers of America (CWA) trade union.
Under a three-year arrangement, the two sides have agreed to wage increases of 2.25% in the first year, 2.75% in the second year and 3% in the third.
For most employees, the contract also includes a 1% pension band increase in each year, while service technicians and outside plant technicians will be upgraded to new wage scales.
KT Corp reported healthy gains in net income and revenues for the third quarter thanks to the strong performance of its non-telecoms interests.
The operator, which runs South Korea’s biggest fixed-line network and its second-largest mobile-phone operation, reported a 45.6% year-on-year increase in net income, to 372.3 billion won ($341 million), while revenues grew 30.6% to 6,519.4 billion won.
Vodafone New Zealand has completed its NZ$840 million ($690 million) takeover of TelstraClear, giving it a fixed-line business to complement its mobile-phone operation and allowing it to better compete with market leader Telecom New Zealand.
The transaction received regulatory approval earlier this week after authorities judged there would be no lessening of competition in fixed-line and broadband markets as a result of the acquisition.
Power outages and flooding caused by Hurricane Sandy disrupted telecommunications services in Northeastern states on Tuesday, resulting in spotty coverage for cellphones, television, home telephones and Internet services.
While all the region's telecom service providers were having problems, Verizon Communications (New York, USA), which serves many of the states in the hurricane's path, may have suffered some of the worst damage from the storm to its wireline network.
Japan's Softbank said on Wednesday it plans 700 billion yen ($8.8 billion) in capital expenditure in the year to next March 31.
Softbank (Tokyo, Japan), which announced this month it would buy a 70 percent stake in Sprint Nextel Corp, the third-largest U.S. carrier, said it plans capex of 550 billion yen ($6.9 billion) in following year to March 2014.
(Reporting by Mari Saito; Editing by Michael Watson)