Teleglobe to make massive cost cuts

Article Abstract:

Teleglobe Inc. (Montreal) has unveiled a massive cost-cutting plan, including closing its Montreal head office, aimed at reducing its deepening losses and speeding its integration with BCE Inc. Teleglobe says that it will slash its overall costs by US$140-million as it attempts to make a transition into data transmission, and move away from increasingly intense price competition in the international long-distance market. At the same time, it will spend an additional $125-million this year to construct a global high-speed data transmission network. The wholesaler of telecommunications services also said its loss from core operations, excluding one-time charges, was $86.7-million or 35 cents a share on revenue of $594.6-million for the quarter ended June 30 2000, a sharp deterioration from last year when it reported a profit of $25.9-million or 10 cents on $713.5-million. As part of its restructuring, Teleglobe is eliminating 300 jobs from its total work force of 5,300, including 100 as it combines its head office functions with those of BCE, and 200 from its older voice business, where revenue is declining.

COMMUNICATION, Communications, Broadcasting and Telecommunications, Telecommunications services industry, Telecommunications industry, Teleglobe Inc.

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Merrill Lynch cuts RIM rating

Article Abstract:

Due to a shaky handheld electronics market, Merrill Lynch & Co. drops its rating for Research In Motion Ltd.

United States, Electronic computers, Securities Dealers, Investment Banking and Securities Dealing, Financial analysis, Security brokers and dealers, Handheld data devices, Evaluation, Computer industry, Securities industry, Research in Motion Ltd., MER, Merrill Lynch & Company Inc.

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ATI cuts sales estimate 18%

Article Abstract:

ATI Technologies expects its personal computer sales to decrease by 18% during 2nd qtr 2001.

Sales, profits & dividends, Computer peripheral equipment, not elsewhere classified, Computer Auxiliary Equip, Computer and Peripheral Equipment Manufacturing, Statistical Data Included, Computer peripherals industry, Computer peripherals, Company Profile, ATI Technologies Inc., ATY

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