Word: bt
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Dates: during 2000-2009
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CHRISTOPHER GENT, outgoing Vodafone CEO, on BT's re-entry into the mobile-phone market almost two years after bailing...
...that 2003 was "the year of the turnaround." DT isn't the only telecom dialing up good numbers: a string of other phone companies have reported positive results, including British Telecom, which last week posted a 40% gain in quarterly profits. But phone companies aren't off the hook. BT's €8.1 billion pension hole dwarfs its income. And better profits owe more to cost cutting and asset sales than to underlying performance - €1.7 billion of BT's €4.2 billion income was from the sale of its stake in France's Cegetel. Long-term debt also remains...
...that 2003 was "the year of the turnaround." DT isn't the only telecom dialing up good numbers: a string of other phone companies have reported positive results, including British Telecom, which last week posted a 40% gain in quarterly profits. But phone companies aren't off the hook. BT's €8.1 billion pension hole dwarfs its income. And better profits owe more to cost cutting and asset sales than to underlying performance - €1.7 billion of BT's €4.2 billion income was from the sale of its stake in France's Cegetel. Long-term debt also remains...
...even eliminate the profits of the world's largest corporations. Fortunately for the employees involved, companies do not have to plug the holes overnight. The shortfalls are in obligations that stretch far into the future. "We have years to address this," says Ross Cook, a spokesman for British Telecommunications (BT), a company whose pension-fund deficit is currently calculated at about $2.63 billion. But experts say the shortfalls should raise alarms about the long-term solvency of some schemes, and serve as a red flag to funds that continue to invest heavily in equities. In 2001, equities constituted...
Since taking the reins at BT in February 2001, Cico has championed a long-term growth strategy. But she is also leading what she calls a cultural revolution, which has cut costs and boosted efficiency and which last year galvanized BT's 5,800 employees to bring in revenues of $2.6 billion--a 65% increase from 2000. According to Whitney Johnson, a telecom analyst at Merrill Lynch, Cico "pushes her managers hard and deploys her capital wisely...