Olivetti will sell some of its assets to pay off debt

Article Abstract:

Olivetti is selling off some of its major assets in order to pay its debts. The company hopes to raise $527 million by the end of the year in an attempt to placate its increasingly restless bankers. The sale will include the company's cellular phone company, Omnitel Pronto Italia SpA, and Olivetti's struggling PC division. The company was once Europe's largest PC vendor, but is now experiencing financial problems. Additionally, the Italian government is investigating its financial situation in view of charges of improprieties in its record-keeping practices. The company has reported losses for five straight years and its stock price has dropped 50%. The company's management has been in turmoil, changing its chairmen twice and CEOs three times in just three months. Olivetti has attempted to sell its PC division before, but did not find a buyer. New CEO Roberto Colaninno is committed to returning the company to profitability in 1998.

Telecommunications, Telephone Communication, Computer industry, Mergers, acquisitions and divestments, Olivetti S.p.A., Divestiture, Omnitel Pronto Italia S.p.A., Divestment

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Britain urges Telecommunications field be opened to many local, foreign firms

Article Abstract:

Great Britain's government moves to deregulate the telecommunication industry. The proposed deregulation would reaffirm Great Britain's status as the most liberal telecommunication industry in Europe by scrapping current regulations. The country's biggest telecommunication companies - British Telecommunications PLC and Cable and Wireless PLC - stand to lose if the deregulation is implemented. Those that stand to benefit the most are US telephone companies, which have invested heavily shares of British cable television companies' stock. Most European countries grant monopolies to the telecommunications industry and restrict foreign investment.

COMMUNICATION, United Kingdom, Science and technology policy, Deregulation, Telecommunication policy, Telecommunications policy, Great Britain, Trends, Telecommunications Industry

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