NL Update

Telus to cut staff as it determines fallout from price cap rulingTelus Corp. disclosed last week that it estimates the CRTC’s price cap decision will cost it $45 million this year and $75 million thereafter. As a result, it will offer a voluntary layoff package to its workers to cut costs. AT&T Canada notes downgradedMoody’s Investors Service has lowered the rating on senior unsecured notes from AT&T Canada. The new rate is Ca, down from B3 and the outlook is negative. More details. Nortel raises US$1.3 billion from offeringA stock and equity offering has raised US$1.49 billion for Nortel Networks Corp. The company will be left with US$1.3 billion after costs are deducted. More details. Manitoba Tel files notice of issuer bidManitoba Telecom Services Inc. has filed a normal course issuer bid with the Toronto Stock Exchange. The telco will be able to acquire up to five per cent of the public float for cancellation. More details. Amtelecom ordered to return overpaymentsIn Telecom Order 2002-230, dated June 7, the CRTC ordered Amtelecom Inc. to rebate overpayments on local rates. The Ontario telco had sought clarification of the tariffs independent ILECs are allowed to charge. CRTC telecom fees set at nearly $20 millionThe CRTC announced last week that telecommunications fees for 2002 are set at $19.933 million – Telecom Public Notice 2002-3. The formula was set using operating revenues of $21.341 billion as a base. The fees are due on July 2. Shaw lowers Internet growth predictionShaw Communications Inc. has revised its Internet subscriber target for 2002. It cites intense competition from incumbent telcos using aggressive pricing strategies to acquire DSL customers as a contributing factor for the change. The number is now set at 200,000 instead of the 250,000 first expected, and includes both high-speed and high-speed lite customers. More details. Bell and Cisco to provide IP productsBell Canada and Cisco Systems Inc. are joining together to provide IP telephony to Bell clients. Bell is directing the products and services to large corporate clients. More details. 360networks delays financial results360networks Inc. is deferring the release of its FY2001 and Q1 2002 financial statements. The company is working out a reorganization plan with banks and unsecured creditors. More details. Alcatel shuts fibre optics plant in QuebecAlcatel is closing its fibre optics plant in Gatineau QC, tossing 100 employees out of work. Two years ago, the French equipment manufacturer paid $260 million for the Innovative Fibres company, which employed 450 people at the time. More details.

NL Update

News | 06/10/2002 4:00 am EDT

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