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LONDON (Reuters) - Britain's biggest telecoms group BT will be forced to give rivals greater access to its core network Openreach to encourage a faster roll-out of high-speed fibre cables, under plans ...
LONDON (Reuters) - Britain's biggest mobile operator EE said on Wednesday it would not offer Huawei handsets as part of its 5G services launch, pausing the use of devices from the Chinese company until ...
The new boss of Britain's BT Group will give each employee 500 pounds worth of shares, at a total cost of 50 million pounds, in one of his first moves to drive better performance at the telecoms giant. Philip Jansen took over the top job at the country's biggest mobile and fixed-line telecoms provider in February, tasked with overhauling the former monopoly and building the next generation networks that are central to the growth of the economy. "I'm asking our colleagues for their commitment to making BT a national champion and I want to give them ownership in our company and a share in our success," Jansen said on Thursday.
A criminal investigation into accounting fraud inside British Telecom's Italian unit has uncovered more evidence of what prosecutors say was the involvement of senior executives in artificially inflating the division’s financial performance. OCTOBER 27 2016: British Telecom says it wrote down the value of its Italian operations by 145 million pounds due to “inappropriate management behaviour” at its Italian division but says the issue will not affect its full-year financial targets. JANUARY 24 2017: BT CEO Gavin Patterson says in a statement an internal audit found “serious accounting irregularities” in its Italian operations that forced BT to write down the value of its Italian business by 530 million pounds and to cut estimated profits and revenues.
A criminal investigation into accounting fraud inside British Telecom's Italian unit has uncovered more evidence of what prosecutors say was the involvement of senior executives in artificially inflating the division’s financial performance. Emails seized by the police and reviewed by Reuters show for the first time why Italian prosecutors allege that top BT employees were at the heart of the problem, contrary to the company's assertions that managers at head office knew nothing about the misconduct.
A preliminary criminal investigation into an accounting scandal at the Italian unit of British telecom firm BT has alleged that three top executives of the group were aware of bookkeeping fraud at the unit, according to a document prepared by Italian prosecutors. The document, which wraps up the preliminary investigation, alleges that a network of people in BT Italy exaggerated revenues, faked contract renewals and invoices and invented bogus supplier transactions in order to meet bonus targets and disguise the unit's true financial performance. The closing of the preliminary probe is the final step before prosecutors press charges against the suspects.
BT Group's outgoing CEO Gavin Patterson said he was handing over a company with the momentum needed to see through a major restructuring and withstand pressures ranging from demands from regulators to aggressive competition in consumer broadband. Philip Jansen, a former Worldpay chief executive, takes the helm at Britain's biggest broadband provider on Friday, eight months after Patterson launched a cost-cutting plan to tackle financial and operational underperformance.
LONDON (Reuters) - British trade minister Liam Fox will use a two-day trip to the World Economic Forum in Davos to meet ministers from around the world to discuss rolling over existing EU trade agreements ...
Investors have expressed disappointment with the company's executive compensation after it gave more than 1 million pounds in bonus to CEO Gavin Patterson in a year when BT's stock has tumbled 30 percent. The company said it would look to take steps, including considering a broader range of performance factors and wider circumstances, when deciding on pay. "The board was naturally disappointed with the overall voting outcome," BT said in a statement, referring to more than a third of the shareholders at its annual meeting in July voting against the remuneration report.
The move by BT will bring its mobile phone business in line with an internal policy to keep the Chinese company's equipment at the edge of telecoms infrastructure, the paper said. BT has also excluded Huawei from bidding for contracts to supply equipment for use in its core 5G network, it said. The Wall Street Journal in November reported that the U.S. government was trying to persuade wireless and internet providers in allied countries to avoid telecommunications equipment from Huawei.
Smartphone sales and cost savings helped BT beat market expectations for first-half earnings on Thursday, with its departing chief executive saying his recovery plan was working. Gavin Patterson, who is being replaced as CEO by Worldpay's Philip Jansen in February, said BT was improving customer service, accelerating the roll-out of full-fibre networks and transforming its operating model. Citi analysts, who have a "neutral" rating on BT shares, highlighted "steady improvements in the underlying trends".