Word: telekom
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...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...
...group managing director Canning Fok, were the same folks who built Orange into a leading mobile carrier in the United Kingdom before unloading their 49% stake for a cool $21.5 billion in 1999. Soon thereafter, Hutchison Whampoa sold its 23% stake in U.S. wireless firm Voicestream to Deutsche Telekom for another $9 billion...
With Deutsche Telekom posting a record €24.5 billion loss for the first three-quarters of the year, just about the only thing going smoothly in Germany's economy right now is music sales. A savage single satirizing Chancellor Gerhard Schröder, The Tax Song, soared toward No. 1, selling over 300,000 copies since its release. The song is part of a wave of sharp criticism that the government has faced since announcing a series of tax increases and benefit cuts only weeks after the general election. Last week members of the Green Party, who are in coalition...
...Wiedeking's unease at the new rules is widely shared among European executives whose companies are traded on U.S. exchanges or are thinking of listing there. (The spokesman says Porsche has not yet made a final decision.) A handful of Germany's biggest firms, including DaimlerChrysler, Allianz and Deutsche Telekom, last month tried to persuade the U.S. Securities and Exchange Commission (SEC) that they should be exempted from the account-certification rule. Their petition was rejected. Now, a broader movement is stirring behind the scenes, as national business federations across Europe seek to coordinate a common position with the European...
Generation Gap The Netherlands' KPN took a ?9 billion write-down on its third-generation mobile phone service. Investors cheered. Will the likes of Deutsche Telekom be next...