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...there are the "noncore" assets: a remaining 20% stake in the water utility it spun off last year, Veolia Environnement, and a shareholding in Elektrim, a Polish telecommunications company. For a while Fourtou seemed to be betting on telecom: last year, even with his mandate to divest, he acquired BT Group's 26% stake in Cegetel, thwarting an attempt by Britain's Vodafone to take control. And last week, Vivendi's board signed off on a plan to increase its stake in a Moroccan telecom firm. But if he wanted to focus principally on telecommunications, then Fourtou's most logical...
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...