May 12 2017
BT BT.L will cut 4,000 jobs and replace the boss of its global services business in a plan to tackle the source of an Italian accounting scandal that stunned Britain's biggest telecoms group in January.
Current group CEO Gavin Patterson and previous group CFO Tony Chanmugam have lost bonuses as a result.
The moves - described as "difficult decisions" by the firm's remuneration committee - follow BT's accounting scandal in Italy which helped wipe billions from the company's stock market value earlier this year.
BT didn't provide guidance for the fiscal year after this one, as it historically has, given uncertainty about the cost of proposals by communications regulator Ofcom to reduce wholesale broadband prices at BT's network unit, Openreach.
BT made the announcement, which will affect "back office and managerial roles", as it revealed fourth quarter results, which saw pre-tax profit fall 19% to £440 million.
According to BT, the division was now under strategic review with the goal of making it a "more digital business".
Patterson will be paid £1.34m for the year to the end of March, mostly consisting of his annual salary of £993,000, a 74% reduction on the £5.28m he received for 2015/16.
Trump Says Nafta Deal With Canada, Mexico, Is 'Very Possible'
Commerce Secretary Wilbur Ross told CNBC on Thursday that numerous "conceptual flaws" in the treaty needed to be addressed. Indeed, some of the president's fellow Republicans warned Trump that an abrupt withdrawal from NAFTA would be unsafe .
Fireworks Oreo: Company rolls out explosive new limited edition cookie
In 2018, the company will produce and sell three finalist flavors, and the top victor gets $500,000 and a trip to NY . Some ideas already floating around online are orange soda Oreos and Sriracha flavored Oreos.
J&K: Militants give gun salute to slain associate at funeral
Meanwhile, complete shutdown was observed in Kulgam and adjoining areas against the killing of Fayaz Ahmad and three civilians. Ahmed had been on the run since August 2015 after his name cropped up in the Udhampur terror strike case.
"The committee has made a number of hard decisions this year in light of these circumstances and exercised its discretion accordingly".
The jobs cuts would come in managerial and back office areas in a restructuring created to simplify the business, it said. Revenues rose 10 per cent to £6.1 billion.
The group's figures were hit by a £342 million Ofcom fine and related compensation payments.
"We take these issues extremely seriously and are putting in place new measures, controls and people to prevent them happening again".
Excluding one-offs and the impact of mobile network operator EE's acquisition, EBITDA (a measure of core earnings) fell 4.6% for the quarter and 2.9% for the full-year, indicating tough operating environment in "the United Kingdom public sector and global corporate markets".
"The cost savings will provide headroom to offset market and regulatory pressures and support increased investment in delivering great customer experience and leading networks", it added.
"Overall, it has been a tough year for BT", he said.
May 12 2017
Immigration agents aid in arrests of accused gang members
Of the 1,378 total arrested, 1,095 were confirmed as gang members and affiliates, authorities say. ICE said that group included five US citizens and three immigrants in the country legally.
May 10 2017
Canelo Alvarez vs Gennady Golovkin will deliver
Speaking to reporters after the fight, White said , "We just lost our date to "Canelo" and 'GGG, ' but good, that's a good fight". Promoter Oscar De La Hoya likened it to Mayweather-Pacquiao, only this super-fight would live up to expectations.
May 10 2017
Not all students pelt stones, says Mehbooba Mufti as kids clash
The police said the students threw stones at security personnel, who lathicharged them. She said then there was militancy in 1990s. Please Wait while comments are loading.
May 09 2017
Trump to announce federal court nominees
Court of Appeals for the 6th Circuit and perhaps most notably Notre Dame law professor Amy Coney Barrett for the U.S. Trump's other appellate nominees are equally impressive: attorneys Kevin Newsom for the U.S.
May 08 2017
School students clash with security forces in Kashmir
The students peacefully protested within the school premises amidst chanting of pro-freedom and anti-India slogans. Since April 15, more than 200 students have been injured across Kashmir in various Indian forces' violent action.
May 07 2017
715 pounds lighter, Egyptian woman leaves India
When contacted, Dr Muffazal Lakdawala, who treated Eman at Saifee hospital, said that the hospital followed "normal protocols". How was Abd El Aty brought to the Indian hospital? "But they ensured that there was enough drama during the transfer.
May 06 2017
M&S shares surge as ex-Asda boss Archie Norman named next chairman
Former Asda boss Archie Norman has been named as Marks and Spencer's new non-executive chairman. He was also chairman of television channel ITV.
May 06 2017
Apples CEO Pledges $1 Billion Towards Creation of US Manufacturing Jobs
The fund comes as President Trump makes bringing manufacturing jobs to the US a central part of his "America First" agenda. Cook said that he's hopeful the Trump administration can succeed with that push.
May 06 2017
Rashid rampant as England leave sorry Ireland in a spin
However, Ireland have started the English innings in the flawless fashion, taking a wicket in the opening over. They advanced to 81 for two before a dramatic collapse where they lost their last eight wickets for 45 runs.
May 06 2017
Afghan security fires on census workers, killing 1
The Afghan-Pakistani border dispute dates back to the 19th century when Pakistan was part of Britain-controlled India. The Afghan forces used heavy artillery to fire at the Pakistani side of the border, an official said.
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