Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

Germany and Russia 'discuss secret Ukraine deal'

Read more

WEB NEWS

Fake Twitter accounts spread Chinese propaganda

Read more

BUSINESS DAILY

Argentina set for deeper recession after default

Read more

THE INTERVIEW

Dr Matshidiso Moeti, Former WHO Deputy Regional Director for Africa

Read more

MEDIAWATCH

Towards a 'Third Intifada'?

Read more

DEBATE

Iraq's Christians: Nowhere to Run? (part 2)

Read more

IN THE PAPERS

France commemorates a hero of the left

Read more

DEBATE

Iraq's Christians: Nowhere to Run?

Read more

FOCUS

What solutions for California's overcrowded prisons?

Read more

  • France remembers murdered socialist hero Jean Jaurès

    Read more

  • Israel calls up 16,000 more reservists as Gaza death toll soars

    Read more

  • Sierra Leone declares state of emergency over Ebola outbreak

    Read more

  • Kiev declares 24-hour ceasefire to aid MH17 probe

    Read more

  • Video: Inside Hamas ‘terror’ tunnels in Gaza

    Read more

  • Scores feared dead in India landslide

    Read more

  • Russia ordered to pay further €1.9 billion to Yukos shareholders

    Read more

  • Iraq's Christians: Nowhere to Run?

    Read more

  • Russia defiant as US, EU unveil 'phase three' sanctions

    Read more

  • US House votes to sue Obama for over-reaching his powers

    Read more

  • Argentina fails to reach deal with creditors

    Read more

  • Women should not laugh in public, Turkey's deputy PM says

    Read more

  • Suspect in Jewish Museum attack charged in 'terrorist' killings

    Read more

  • Rats on the rampage at Louvre museum gardens

    Read more

Business

Media reports say BT to slash 10,000 jobs

Latest update : 2009-04-13

British media reported on Sunday that British Telecom will cut another 10,000 jobs in coming months to reduce costs. BT calls the number "speculative". Preliminary results out next month are likely to be among BT's worst since its 1984 privatisation.

AFP - British telecoms operator BT will cut 10,000 jobs when it reveals its preliminary results next month, reports said Sunday.
   
BT will also make a 1.5 billion pound (2.2 billion dollar) writedown in its under-fire Global Services division and slash its dividend by about 60 percent, according to the Daily Telegraph's website.
   
The job losses, which the report said will be in addition to the 10,000 job cuts BT made last year, are expected to be spread across the company's 160,000-strong global workforce.
   
BT's share price has plunged from 235 pence to 81 pence in just over a year, following a series of bad financial results.
   
The company warned in October that the previous management of Global Services, which supplies telecoms and IT services to multinational companies and government bodies, had overestimated the profitability of some of its biggest contracts.
   
BT's results are likely to be among the worst since it was privatised in 1984, the Telegraph and the Sunday Times reported.
   
Its poor financial performance in the face of the global economic slowdown is compounded by the cost of trying to plug its huge pension deficit.
   
A BT spokesman said the reports of an additional 10,000 job cuts were "speculative numbers."
   
"The company is focusing on cost reductions," he added.
 

Date created : 2009-04-12

COMMENT(S)