Business
News Corp has posted a massive $US1 billion ($A1.5 billion) loss in the March quarter after taking a $US1.1 billion ($A1.7 billion) impairment charge against its Foxtel and News America Marketing assets.
Business
Telstra will take a $300 million impairment charge on its 35 per cent stake in Foxtel after the majority owner of the pay TV network, News Corp, wrote down its value.
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Telstra chairman John Mullen has expressed regret that the company helped create the National Broadband Network, which he described as an unreasonably costly public investment, shielded from competition and risking sending resellers broke by operating beyond its mandate.
Telstra says it expects to have told 6000 employees, by the end of next month, that they will lose their jobs – but refuses to reveal how many South Australians will be affected.
Around 45 local jobs will be created with the establishment of a new national Triple-Zero call centre in Adelaide.
Telstra has apologised to shareholders for a lack of clarity about how it calculates executive bonuses and acknowledged that some investors still feel they are too high despite a 30 per cent cut.
Telstra has warned of increased competition and the continued impact of the NBN rollout on its bottom line in the current financial year, after the telco giant’s full-year profit dropped 8.4 per cent to $3.56 billion.
