“Frankly I’m very angry,” says BT boss Gavin Patterson at the end of a tumultuous week January 27, 2017 The accounting scandal plaguing BT’s Italian arm has not spread to other countries, BT’s boss said today, although the firm is considering the future of its overseas operations. BT has had a tumultuous week that kicked off on Tuesday with revelations of a £530m accounting black hole in Italy and a group profit downgrade. Read [...]
BT “overshadowed” by Italy accounting scandal as it takes profit hit January 27, 2017 BT has announced a profit slump in the third quarter to the 31 December, after revealing earlier this week that it was forced to write down the value of its Italian unit by £530m after years of "inappropriate behaviour". Read more: BT Europe boss Corrado Sciolla leaves after accounting scandal The figures Pre-tax profits fell 37 per cent to [...]
BT Europe boss Corrado Sciolla steps down following Italy accounting scandal January 27, 2017 BT's head of continental Europe, Corrado Sciolla, has stepped down from his role following the discovery of an accounting scandal at its Italian operation. Reuters reported the company as saying: "Corrado is leaving the business, this happened on his watch." Read more: BT hit by key cut by credit agency BT revealed earlier this week [...]
Moody’s unable to tolerate BT’s weaker operating trading figures January 26, 2017 A leading ratings agency has cut the outlook of telecoms giant BT after revealing its patience had run out. On the eve of BT revealing its third quarter trading figures, Moody's changed the group's outlook from stable to negative. The news comes as another blow to the FTSE 100 firm after it revealed on Tuesday a £530m accounting [...]
Problems mount for BT as US lawsuits are filed and Italian prosecutors kick-off investigation January 25, 2017 Telecoms giant BT has been hit by at least two US lawsuits after admitting to a £530m black hole in the accounts of its Italian arm. The lawsuits have been filed on behalf of shareholders, Reuters reported tonight, accusing BT and three executives of securities fraud. Earlier today Italian prosecutors confirmed they had opened a [...]
BT’s accounting black hole to be investigated by Italian prosecutors January 25, 2017 Italian prosecutors have launched an investigation into BT’s £530m accounting black hole, according to reports. The scale of the scandal today wiped £7bn off the telecom giant’s market capitalisation. BT’s shares fell over 20 per cent yesterday, closing at 303p. And after markets closed, Reuters cited two sources saying Milan prosecutors have started a probe into the [...]
The Italian job: Analysts react to BT’s £530m accounting slip-up January 24, 2017 BT warned on its outlook for the year this morning, after revealing that the impact of impropriety in its Italian business would be much bigger than previously expected. Shares in the company had fallen 18 per cent by mid-morning following the announcement that the financial impact of problems in its Italian business has inflated to [...]
BT says overstatement of earnings in its Italian business over several years will cost the group £530m January 24, 2017 BT revealed this morning that the financial impact of problems in its Italian business has inflated to £530m, from initial estimates of £145m. Shares in the group plunged 16 per cent at the open as the company said third quarter revenue would be reduced by £120m as a result, and a £100m decline in free cash [...]
Competition for football rights set to eat into Sky’s profits January 22, 2017 Sky is set to report a 10 per cent drop in profits on Thursday, according to a forecast by investment firm UBS. The broadcaster is expected to announce a fall in pre-tax profits to £673m in the six months to December, due to the increased costs of its Premier League coverage. However, the UBS report also predicted [...]
BT has hiked prices and scrapped free TV coverage of Premier League and European football January 20, 2017 Free Champions League and English top flight TV coverage will end from next season as the BT has revealed plans to start charging customers for its BT Sport packages. The telecoms giant has announced a raft of price increases across its line rental and broadband offerings so customers can enjoy what BT called a "better package [...]