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British American Tobacco to Write Down $31.5 Billion on U.S. Brands

7Dec

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World

British American Tobacco to Write Down $31.5 Billion on U.S. Brands

Updated Dec. 6, 2023 1:54 pm ETBritish American Tobacco is booking a $31.5 billion charge to slash the value of its U.S. cigarette business, one of the biggest corporate write-offs in recent history.The accounting charge, largely stemming from its 2017 takeover of the U.S. maker of Newports and Camels, falls short of the value erased by the failed merger of AOL and Time Warner.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

SoftBank Corp. to Invest $513 Million in Software Provider for Connected Vehicles

5Dec

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World

SoftBank Corp. to Invest $513 Million in Software Provider for Connected Vehicles

SoftBank Corp.is set to invest 473 million euros, equivalent to $513 million, in Cubic Telecom, a provider of software that helps vehicles link to computer networks and analyzes data from connected vehicles, it said Tuesday.The mobile unit of Japanese technology investor SoftBank Group plans to take a 51% equity stake in Cubic Telecom, valuing the Dublin, Ireland-based company at more than EUR900 million.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

CEO of Singtel’s Optus Resigns Following Australian Network Outage

20Nov

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World

CEO of Singtel’s Optus Resigns Following Australian Network Outage

Updated Nov. 19, 2023 7:33 pm ETSYDNEY—The chief executive of Optus, the Australian subsidiary of Singapore Telecommunications, resigned following a network outage in which millions of customers including hospitals and government departments lost services for several hours.Singtel on Monday said that Kelly Bayer Rosmarin would be replaced on an interim basis by the company’s chief financial officer, Michael Ventner. Former Optus business MD Peter Kaliaropoulos will take up the new role of chief operating officer, it added.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Singtel’s Optus Sees No Precedent for Large-Scale Outage Compensation

17Nov

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World

Singtel’s Optus Sees No Precedent for Large-Scale Outage Compensation

Nov. 17, 2023 12:03 am ETSYDNEY—Singapore Telecommunications-owned Optus has paid 36,000 Australian dollars (US$23,299) in customer compensation following an hourslong Australia-wide network outage but said there is no precedent suggesting that it should make widespread financial reparations.The chief executive of Singtel’s Australian subsidiary on Friday said that Optus had received customer claims totaling A$430,000 in relation to the Nov. 8 outage. Millions of customers including hospitals and government departments lost services for several hours, with many small businesses unable to process payments.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Tech, Media & Telecom Roundup: Market Talk

9Nov

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World

Tech, Media & Telecom Roundup: Market Talk

The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.0906 GMT – Telecom Italia’s domestic business continued to show signs of improvement in the third quarter, and retail broadband seems to be pivoting to growth, Jefferies analysts say in a research note. The Italian telecommunications company reported quarterly organic revenue and Ebitda after lease that beat consensus expectations by 2.2% and 4.0%, respectively, but the outperformance came more from Brazil than Italy, Jefferies says. “We are seeing improvements in both domestic fixed and mobile service revenue trends, and within fixed, we finally see an inflection in calculated retail broadband [average revenue per user] to growth after a sustained...

Australia’s Optus Sees No Sign of Cyberattack in Large-Scale Outage

8Nov

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World

Australia’s Optus Sees No Sign of Cyberattack in Large-Scale Outage

Updated Nov. 7, 2023 8:03 pm ETSYDNEY—Singapore Telecommunications-owned Optus has no evidence that a cyberattack was to blame for a network outage affecting millions of customers including emergency services, hospitals and transport systems.The cause of Wednesday’s outage at Australia’s second-largest mobile operator, which in 2022 was hit by a cyberattack in which customer details were stolen, had yet to be identified more than seven hours after customers first complained of problems. There was no sign of an attack and software issues were highly unlikely, Optus Chief Executive Kelly Bayer Rosmarin said.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Telecom Italia Board Accepts KKR’s $20 Billion Offer for Network Assets

6Nov

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World

Telecom Italia Board Accepts KKR’s $20 Billion Offer for Network Assets

Updated Nov. 5, 2023 11:54 pm ETThe board of Telecom Italia SpA has approved the sale of its fixed-line network to KKR & Co. for more than $20 billion, part of a plan by the former monopoly to reduce increasingly unmanageable amounts of debt.The Italian telecommunications company said late Sunday that it had voted 11-3 to accept the binding offer by the U.S. private equity group for Telecom Italia’s fixed-line and other assets.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Vodafone to Sell Spanish Unit to Zegona Communications for Around $5.3 Bln

31Oct

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World

Vodafone to Sell Spanish Unit to Zegona Communications for Around $5.3 Bln

Updated Oct. 31, 2023 4:07 am ETVodafone Group has agreed to sell its Spanish unit to European telecommunications investment company Zegona Communications for an enterprise value of around 5 billion euros ($5.31 billion).The U.K.-based telecommunications group on Tuesday said the deal is for 100% of Vodafone Spain.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Telecom Italia Board to Evaluate KKR Bids for Network Assets Next Month

23Oct

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World

Telecom Italia Board to Evaluate KKR Bids for Network Assets Next Month

Telecom Italia’s board of directors will meet next month to examine a binding offer for its fixed-network business and a nonbinding bid for its stake in Sparkle submarine-cable unit made by private-equity group KKR.The Italian telecommunications said Sunday that its board will meet on Nov. 3 to evaluate the bids, hold an informal meeting the following day to continue discussions with management and advisors and meet again formally on Nov. 5 to deliberate.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8