China Mobile Ltd, the world's biggest mobile operator by subscribers, said its unlisted parent is beefing up its internal supervision after a government audit office highlighted problems in accounting practices and internal management.
The report by China's National Audit Office comes at a time when the new Chinese leadership led by President Xi Jinping has made tackling corruption a top priority, warning that the problem is so serious it poses a threat to the party's survival.
AT&T seems determined to address its shortcomings in the US prepaid market, having unveiled a new brand called Aio Wireless for customers who want to avoid signing up to long-term contracts.
Announcing the availability of the service in selected stores across Houston, Orlando and Tampa, the operator said it expected to introduce the service in “multiple markets across the US over the next year”.
UK telecoms incumbent BT says it has slowed its sales decline on the back of rising demand for superfast broadband services.
The operator has reported revenues of £4.79 billion ($7.36 billion) for the fourth quarter of 2012, a fall of just 2% since the same period a year earlier.
The figure was boosted by a relatively strong performance at BT Retail amid continuing declines at the operator’s wholesale and IT divisions.
Even so, net profit slid by 6.3% to £591 million.
India’s Reliance Communications has beaten earnings expectations for the fourth quarter thanks to an increase in revenue from one-off gains.
The operator – controlled by Indian billionaire Anil Ambani – said that net income fell to INR3.03 billion ($55.2 million) in the fourth quarter from INR3.32 billion in the same period last year, with revenues up 12% to INR59.56 billion.
Analysts polled by Reuters had been expecting net income of INR1.29 billion on revenues of INR53.47 billion.
Optical network equipment supplier Cyan Inc recovered early losses on its heavily traded market debut as investors look to its ability to reduce dependence on a single customer.
Nearly 3.5 million shares had been traded by 2.00 p.m. ET, making Cyan (Petaluma, CA, USA) the fifth most-traded stock on the New York Stock Exchange on Thursday afternoon.
The Petaluma, California-based company priced 8 million shares in the offering at $11 each, the mid-point of its planned price range, giving it a market valuation of about $490 million.
German telecoms incumbent Deutsche Telekom has heralded signs of a turnaround in its US fortunes, and continued improvements in its domestic market, with net profit up 3.5%, to €564 million ($741 million), for the first three months of the year.
The bottom-line figure was boosted by a fall in depreciation and amortization costs in the USA.
Spain’s Telefonica has reported a 20.6% increase in net income for the first three months of the year, to €902 million ($1.19 billion), but says revenues dropped by 8.8%, to €14.14 billion, largely because of unfavorable exchange-rate movements.
Net profit surged because Telefonica (Madrid, Spain) had reported losses from associates in the prior-year quarter, and the Group’s operating income fell by 17.7%, to €2.07 billion.
Australia’s auction of spectrum for use with 4G services has raised a total of A$2 billion ($2.01 billion) for government coffers, according to a statement from the country’s telecoms regulator.
Announcing the results, the Australian Communications and Media Authority revealed that incumbent operator Telstra (Melbourne, Australia) had spent the most on frequencies, coughing up more than A$1.3 billion for 40MHz of 700MHz spectrum and 80MHz in the 2.5GHz band.
SoftBank Corp President Masayoshi Son may get a frosty reception when he comes to the United States this week to meet Sprint Nextel Corp's major shareholders, as he tries to drum up support for the Japanese company's proposed takeover of the No. 3 U.S. wireless service provider.
Telecom Italia's board is likely to put off making a decision this week on whether to open formal merger talks with Hutchison Whampoa, as key shareholders are divided on the issue, sources with knowledge of the situation said.
The board is due to meet on Wednesday to consider the latest financial results and to hear from a panel of directors that was set up last month to determine whether it should pursue a proposal to acquire Hutchison's Italian mobile business and for Hutchison (Hong Kong) to take a near 30 percent stake in Telecom Italia (Rome, Italy).