Word: telecoms
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Jeffrey Citron might have been prewired to be a telecom mogul. In 1987 he was a know-it-all high school kid in Staten Island, N.Y., restless and bored with his classes, when an economics teacher organized a stock-picking game. Citron was soon hooked. Just after the market crash of 1987, he bought stock in phone upstart MCI at a few dollars a share. It soared. "I don't know if I was smart or I got lucky, but it was one of the few stocks I picked that brought a profit," Citron recalls. After finishing high school...
...Worse Nortel Networks, the Canadian telecom equipment maker, announced plans to shed around 3,500 jobs - 10% of its workforce - by year's end. The firm earlier said police had begun a criminal investigation into its accounting practices...
...large-scale and ever more costly" financings arranged by banks, often through offshore tax havens. In other massive international bankruptcies, regulators and others have forced big settlements from enabling banks. After its bankruptcy, Enron sued its own lenders; that suit is pending. In May, investors in the bankrupt telecom giant WorldCom received a $2.65 billion payout from Citigroup. So far, Parmalat's other creditors are cheered by Bondi's hardball tactics. "The more value there is in the estate - for any reason - the better it is for us," says Attorney Evan D. Flaschen of the U.S. law firm Bingham McCutchen...
...Financial Market Authority, didn't respond to requests for comment. Vivendi's accounting is just as controversial. The magistrates' investigation asserts that Messier gave an overly rosy picture of the group's finances by including the profits and healthy cash flow of two telephone companies - Cegetel and Maroc Telecom - that it didn't fully control. Messier says the board, Vivendi's auditors and regulators all signed off on the accounts. And the company continues to count the two phone subsidiaries, with the regulator's approval. And what of the 12 directors who sat on Vivendi's board, which signed...
Abdul Halim crossed his arms and listened skeptically to a few more American promises. The construction executive was sitting in a harshly lit room in the Baghdad Convention Center last Wednesday with a few dozen other unhappy Iraqi business-people. The 41 men and two women, representing telecom, engineering and construction firms from all over the city, had come to find out why the fruits of Iraq's reconstruction have so far eluded them. Two months ago, Halim says, he approached Kellogg Brown & Root (KBR), a unit of the Houston company Halliburton, hoping that his construction and engineering firm, Gulf...