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Euronews: Italy Seeks Jobs Guarantee From Telefónica

Paul Rainford
10/29/2013
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Also in today's EMEA roundup: Nokia in the black; Numericable IPO shares in demand; "li-fi" breakthrough; EE fans out 4G.

  • The Italian prime minister, Enrico Letta, is to seek assurances today from Telefónica SA (NYSE: TEF) CEO Cesar Alierta that the Spanish giant will do all it can to avoid cutting jobs if it succeeds in its apparent aim of gaining control of Telecom Italia (TIM) , reports Bloomberg. Last month Telefónica agreed to gradually buy out its fellow investors in Telco, a holding company that owns nearly a quarter of Telecom Italia. (See Euronews: Telefónica Ups Stake in Telecom Italia.)

  • Nokia Corp. (NYSE: NOK)'s third-quarter financials, out today, show the group is still turning a profit, despite sales being down pretty much across the board. Group net sales were down 22 percent year-on-year to €5.62 billion (US$7.73 billion), though underlying profits were up 139 percent to €215 million ($295 million). On the soon-to-be-sloughed-off devices side, volumes were up slightly compared to the immediately preceding quarter, but the high-end Lumia models apart, sales volumes are well down year-on-year. It will be interesting to see what Microsoft Corp. (Nasdaq: MSFT) does with the lower-end handsets when it gets its mitts on Nokia early next year. For the full details, including the numbers for the Nokia Networks and HERE units, click here. (See Nokia Sells Devices Business to Microsoft .)

  • The omens are good for Numericable-SFR 's IPO, which opened for subscriptions yesterday. Bloomberg reports that the French cable operator received sufficient demand to cover all the available shares up for grabs in the €652.5 million euro ($900 million) sale. (See Numericable Preps IPO.)

  • British boffins claim to have achieved data transmission speeds of more than 10 Gbit/s using so-called "li-fi," reports the BBC. The team, made up of researchers from several UK universities, used a micro-LED light to transmit data at a rate of 3.5 Gbit/s via each of the three primary colors that make up white light.

  • UK mobile joint venture EE has brought 4G LTE to 14 more British towns and cities. Among them is Canvey Island, mainly famous for oil and, more importantly, Dr Feelgood. Take it away, fellers…

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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    EuroCableGuy
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    EuroCableGuy,
    User Rank: Light Beer
    10/30/2013 | 5:51:52 PM
    Re: Numericable IPO
    My old cynical self says: just long enough for Carlyle and Cinven to cash in, thanks to the IPO, then take the money and run. As for Numericable, well, it's their new shareholders problem now. Hopefully there's some money left from the IPO.

    On the French ISP landscape, Numericable is not doing too bad: FTTH deployments from telcos have slowed down due to high Capex; NC is leveraging their HFC and can match FTTH offers thanks to their DOCSIS 3.0 CPEs.
    albreznick
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    albreznick,
    User Rank: Blogger
    10/30/2013 | 2:51:39 PM
    Re: Numericable IPO
    Interesting. Given the hotly competitive French and overall European market, gow long can this strategy possibly work? they havre to re-invest in their networks at some point, no? 
    EuroCableGuy
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    EuroCableGuy,
    User Rank: Light Beer
    10/30/2013 | 4:19:18 AM
    Re: Numericable IPO
    PE companiess cash in and reinvest it elsewhere; this is called 'capitalism', I believe. Numeribale is notorious for operating with very little cash (this, and not paying its suppliers).
    albreznick
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    albreznick,
    User Rank: Blogger
    10/29/2013 | 6:08:16 PM
    Re: Numericable IPO
    So that means they'll keep the money for themselves rather than invest in new services and operations?
    DOShea
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    DOShea,
    User Rank: Blogger
    10/29/2013 | 4:01:56 PM
    Nokia
    Looks like Nokia did ok on the networks side and offered a decent outlook for the future. The stock is up, too. Is it too early to call it a comeback? (I will answer my own question--yes.)
    EuroCableGuy
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    EuroCableGuy,
    User Rank: Light Beer
    10/29/2013 | 2:18:04 PM
    Re: Numericable IPO
    Numericable is majority owned by private equity companies Cinven (UK) and Carlyle (USA). You have your answer...
    PaulERainford
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    PaulERainford,
    User Rank: Light Sabre
    10/29/2013 | 12:41:45 PM
    Re: british boffins?
    <a href="http://newsimg.bbc.co.uk/media/images/40199000/jpg/_40199841_wolff203.jpg"target="new">This</a> is classic unkempt boffin baldness.
    albreznick
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    albreznick,
    User Rank: Blogger
    10/29/2013 | 9:24:52 AM
    Re: british boffins?
    Thanks for bringing me and everybody else up to speed, Paul. One more question, tho. How can you be quite bald in an unkempt way? I mean, there's no hair to be kempt, is there? No offense, of course.  
    PaulERainford
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    PaulERainford,
    User Rank: Light Sabre
    10/29/2013 | 9:20:35 AM
    Re: british boffins?
    Oh come on Alan, get with the program. Living in Canada is no excuse. Anyone who's anyone knows that a 'boffin' is a very clever man (sorry, it has to be a man) in a white coat, usually quite bald in an unkempt way, who carries out experiments into things normal mortals can barely understand. Feel free to drop it into your conversations from here on in.
    albreznick
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    albreznick,
    User Rank: Blogger
    10/29/2013 | 9:09:27 AM
    Numericable IPO
    Good to see the demand for IPO shares is there. Now let's see what Numericable does with the money. 
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