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Euronews: Vodafone Feels Pain in Spain

Vodafone Group plc (NYSE: VOD), Telefónica SA (NYSE: TEF) and Etisalat are good to go in today's helping of EMEA headlines.

  • Strong growth in India and Turkey has helped keep things on an even keel for mobile giant Vodafone, which has reported group revenues up 3.5 percent year-on-year at £11.6 billion (US$18.9 billion) in its fiscal first-quarter results. In cash-strapped Spain, however, revenues were down nearly 10 percent compared with a year ago. (See Vodafone Reports Fiscal Q1, Euronews: Vodafone Takes Control in India and Vodafone Deepens Ties With Verizon.)

  • The Iberian situation is probably also largely responsible for Spanish giant Telefónica forming a strategic partnership with Etisalat, the Middle East carrier based in the United Arab Emirates. The collaboration will cover procurement, technological standardization, research/development and cloud services, among other things. (See Telefonica Teams Up With Etisalat, Euronews: Telefonica's Layoffs Bill Shock and Telefonica Takes $3.8B Hit .)

  • The recent reduction in European mobile termination rates hit the first-half revenues of Colt Technology Services Group Ltd , which dipped 3.5 percent to €766.2 million ($1.1 billion). Net income fell 63 percent to €16.7 million ($24 million), though the comparison is perhaps harsh as net profit in the first half of 2010 was helped by a tax rebate. However, operating profit also fell, by nearly 25 percent to €25.7 million ($37 million). Colt is one of Light Reading's Top 20 Bridge Builders. (See Colt Reports H1 and The Top 20 Bridge Builders.)

  • There are plenty of unhappy bunnies among Cable & Wireless Worldwide plc (London: CW) shareholders, reports Reuters. Almost a third of them voted against the company's proposed incentive scheme, which could give returning CEO John Pluthero shares worth £2 million ($3.3 million) on top of his £675,000 ($1 million) salary. (See Pluthero Back in C&W Hot Seat and C&W Does the Splits.)

  • Private equity firm BC Partners is to acquire Swedish cable operator Com Hem AB in a deal that the Financial Times reckons is worth more than €1.8 billion ($2.6 billion). (See BC Partners to Buy Com Hem.)

  • Sweden-based carrier Tele2 AB (Nasdaq: TLTO) is planning to buy Network Norway AS , a mobile operator, for approximately 890 million Swedish kronor ($141 million) in cash. The acquisition will make Tele2 the third-largest mobile operator in Norway, with more than 1 million customers. (See Tele2 to Buy Norwegian Operator, Tele2 Reports H1 and TeliaSonera v. Tele2.)

  • Five years of litigation have seemingly come to an end with Russian consortium Alfa -- of which Altimo is the telecom investment arm -- winning its case against the Cukorova Group, reports Bloomberg. The case centered on a stake in operator Turkcell Iletisim Hizmetleri A.S. (NYSE: TKC), which Cukorova maintained was obtained illegally. (See Alfa Claims Court Win Over Turkcell Stake.)

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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