Article Abstract:
Deutsche Telekom AG's shares fell 4.6% after the company reported disappointing first half earnings. The earnings reflect continuing losses from its Global One venture, intensifying competition and the Asian crisis. The company's 1998 losses from Global One and Asia could total 800 million marks instead of the expected 550 million marks. The German telecommunications company hopes to raise future profitability by reducing its workforce from 230,000 to 170,000 between 1995 and 2000. "Deutsche Telekom has lost a bigger share of domestic long-distance business than they expected. It will put greater pressure on margins," said James Golob, an analyst at Deutsche Morgan Grenfell, London.
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Article Abstract:
Telecom Italia SpA is no longer interested in buying UK-based Cable & Wireless PLC after both of their share prices plunged due to uncertainty in the stock market. Sources said the talks may resume if the share prices start to rise. The negotiations between the two sides began in August 1998, when Telecom Italia Chairman Gianmario Rossignolo and Chief Financial Officer Fulvio Conti held a meeting with Cable & Wireless Chief Executive Officer Dick Brown and Lebanese-French financier Samir Traboulsi in Monte Carlo, Monaco.
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Is no longer interested in buying UK-based Cable & Wireless PLC after both of their share prices plunged
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Article Abstract:
KPN NV and Qwest Communications International Inc. have teamed up to build a telecommunications network connecting Europe and the United States. The joint venture, called KPNQwest, plans to spend between $1.2 billion and $1.5 billion to construct a network linking 28 cities in Europe which will be connected to Qwest's network in the U.S. using undersea cables.
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