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Fresh from reporting Deutsche Telekom's first profit in two years - after making a European-record €24.6 billion loss last year - CEO Kai-Uwe Ricke promised last week 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...
...RICKE Telecom Titan The new CEO of Deutsche Telekom, Ricke, 41, has swiftly shaken up the debt-burdened telephone giant: he eliminated three board positions and added two division heads to give those closest to the markets more influence. He's also considering reducing DT's stake in T-Mobile USA (formerly VoiceStream) to shift some debt off the balance sheet. Investors hope Ricke can duplicate the magic he performed as DT's wireless boss in Germany, where he recaptured market leadership from Vodaphone...
...Players: Leonard Davis, OT, Texas Deuce McAllister, RB, Ole Miss Justin Smith, DE, Missouri Koren Robinson, WR, N.C. State David Terrell, WR, Michigan LaDainian Tomlinson, RB, TCU Michael Vick, QB, Virginia Teach Kenyatta Walker, OT, Florida Gerrard Warren, DT, Florida...
...heat is turning up now because Sommer has turned his affections toward VoiceStream Wireless, reportedly offering $53 billion in stock and cash for the Bellevue, Wash., firm. That works out to a pricey $20,000 per customer, high enough to send DT's stock plunging 9% last week. Still, VoiceStream may be worth it. "To fulfill its global ambitions, Deutsche Telekom needs a stable position in the U.S. market," says analyst Holger Grawe at German bank WestLB, adding that the supply of U.S. companies is limited. DT reportedly hired a Washington law firm last week to lobby Congress. Sommer...
With 3 million customers, VoiceStream is the largest U.S. wireless service that uses the same GSM standard as European phone companies, making it easier for DT to deliver integrated global services like Internet access on mobile phones. But that won't make it much easier for U.S. customers to roam the globe. While the standard is the same, the frequency isn't. You'll need a dual-band phone, or else you'll have to take the chip out of your phone and put it in a European one to make calls from overseas...