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News / TNT takeover could be a ‘match made in heaven’, says FedEx – but there are risks

first_imgStrength in the dollar-euro exchange rate and a more appealing outlook for Europe, spurred by monetary easing, have made the acquisition compelling, according to FedEx, which said the deal was “a match made in heaven.”Chief executive Fred Smith talked of “planets being perfectly aligned”, expressing optimism about global macroeconomic trends as well as anticipated regulatory approval.It is not without risks, however.In fact, at €4.4bn, the price tag for TNT’s equity is generous, even though it stands well below UPS’s €5.2bn offer in 2012. While there may be reasons to be optimistic about the deal’s strategic and financial rationale, I am concerned about the economic merits of the tie-up – which, in fairness, aren’t easy to digest.The offerThe unaffected stock price of TNT was about €6 on 6 April, for an implied total equity value of €3.3bn.So, FedEx is paying a €1.1bn premium to secure all the assets of the Dutch company – which is not much lower than the €1.8bn premium offered by UPS in 2012. UPS’s offer similarly came at a time when TNT stock traded just above €6, although in dollar terms the value of TNT stock is now 20% lower than in 2012. This simply means that UPS would have been paying over the odds – and banking on cost synergies – to snap up TNT.“UPS estimates that the transaction will deliver an annual run rate of approximately €400m-€550m (US$525m-$725m) of pre-tax cost synergies achieved by the end of year four after closing,” UPS said on 19 March 2012, several months before the EU antitrust decision that UPS had not offered adequate concessions.Synergies FedEx may struggle to deliver a tiny fraction of those synergies, because it has minimal exposure to Europe and little overlap by business units in countries where it boasts meaningful presence.On the face of it, the deal may seem a bargain, as it values TNT at 10x forward adjusted operating cash flow – a 30% discount on UPS’s offer in 2012. FedEx is well managed and has a track record in execution, but a low level of projected cost synergies and the significant future investment TNT requires could weigh on the deal’s success.Assuming the combined FedEx/TNT entity hits synergies of €134m a year (2% of TNT’s revenue), the net present value of projected synergies – making certain assumption for the tax rate and the cost of capital – would equate to between €857m and €938m, which remains less than FedEx’s €1bn premium.In M&A, that points to value destruction for shareholders whose hopes hinge on the possibility that the combined entity will be able to find revenue synergies, cross-selling products into each other’s distribution channels.Frankly, I’d expect little revenue synergy in this deal, although Mr Smith said it was meant to be “very revenue accretive” in the long term. So far, what I know is that earnings dilution appears inevitable, and returns may drop on the back of new heavy investment to the tune of €500m.InvestmentAlong with synergies, success hinges on how much heavy investment FedEx will pour into TNT – which, at present, is a money pit.TNT’s economic losses have widened to €195m in 2014 from €83m in 2012, and its cash-burn rate has similarly deteriorated over the period.Investment becomes a hot topic, because shortly after the TNT deal was announced reports suggested that UPS planned to invest €1bn of additional capital to expand its European package delivery network.FedEx has a clear strategy in mind, given that last week its chief financial officer, Alan Graf, said: “We plan to be very aggressive on spending on integration in the first year.” Hence, the short-term risk profile of FedEx heightens for shareholders.According to TNT’s projection, capital expenditure is expected to rise significantly into 2018. TNT expects “€800m to €900m of capital expenditure investments during the period 2015 to 2017,” it pointed out in its annual results – and that compares with €462m between 2012 and 2014.Of course, TNT’s €4.4bn take-out price represents only 9.5% of FedEx’s market cap, so TNT is effectively just a bolt-on. But the real risk for FedEx executives is they may take their eyes off the ball in more lucrative markets while acquiring a company in need of a comprehensive restructuring in a part of the world – Europe – that is running the risk of falling into a deflationary spiral until 2025 or later, particularly if wages do not rise at a faster pace.The good news is that TNT has cash on the balance sheet, while some of its debts could be refinanced by FedEx at cheaper rates.“At the end of 2014, net cash decreased by 4.3% to €449m (2013: €469m). With available cash and cash equivalents of €652m and an undrawn committed facility of €600m, TNT’s financial position is sound, as reflected in its credit ratings of BBB+ (stable) by S&P and Baa2 (negative) by Moody’s,” TNT said in its annual results.FedEx shareholders have seen their holdings rise 3% – some three percentage points above the S&P 500 Index – in the last few days of trading, but short-term gains and long-term value are two very different things.If the deal successfully closes, the gap with European market leader Deutsche Post-DHL (19% market share) will narrow, as FedEx/TNT will likely overtake UPS (16%) into second place with a 17% combined share – yet the price for such an outcome could be much higher than the headline number suggests. FedEx’s €4.4bn offer for TNT Express has been hailed as a great deal, at least on paper, by many pundits, while Tex Gunning, chief executive of the Dutch parcel-delivery company, must be a relieved man.It is no secret that TNT has underinvested in its core Europe operations since the proposed takeover by UPS was blocked by European regulators a couple of years ago. At that point it is fair to say that TNT hit something of a brick wall, and has not fully recovered since.Now, FedEx is coming to the rescue.Fred Smith: TNT “revenue accretive” By Alessandro Pasetti 15/04/2015last_img read more

Traffic Alerts: March 16

first_imgFuture developments cause new Colonial congestion concerns June 10, 2021 AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments Traffic Alerts: May 25 May 26, 2021 Traffic Alerts: May 24 May 25, 2021 RELATEDTOPICS AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Traffic Alerts: May 21 May 23, 2021 AdvertisementTags: traffic Advertisement Advertisement 9:22 a.m.The westbound lanes of Bonita Beach Road SW are completely shut down due to a crash near Luke Street. Take an alternate route if possible, and avoid the area. last_img read more

New Richmond bridge and bypass to cut traffic and create jobs

first_imgNew Richmond bridge and bypass to cut traffic and create jobs Prime MinisterA new Richmond bridge and bypass will now become a reality, cutting travel time and creating jobs, following an additional $250 million investment from the Morrison and Berejiklian governments.The new two lane bridge across the Hawkesbury River will also include a bypass of Richmond and North Richmond, creating an estimated 850 direct and indirect jobs.The funding boost includes $200 million from the Commonwealth and $50 million in the upcoming 2021-22 NSW Budget, and brings the total joint commitment to $500 million.The preferred route will involve a bypass of North Richmond connecting to a new two-lane bridge north of the existing bridge. A new roadway will bypass Richmond to the south, connecting from Old Kurrajong Road to the Driftway.The community has now been invited to give feedback on the proposed route, supporting road alignments, community impacts, and potential revitalisation of the Richmond and North Richmond town centres.Prime Minister Scott Morrison said the Commonwealth’s $400 million commitment to the project would help improve road safety and reduce travel times in the area, and support the future growth of Western Sydney.“This major investment demonstrates our commitment to the Western Sydney economy, its residents, workers and businesses by busting congestion, improving safety and creating jobs,” the Prime Minister said.“This critical infrastructure will alleviate the long-term bottleneck between Richmond and North Richmond created from the existing Richmond Bridge operating at capacity during peak hour, helping make the commute to and from work significantly easier.“Our record infrastructure funding right across Australia is creating jobs, boosting business investment, while securing Australia’s COVID recovery.”Premier of New South Wales Gladys Berejiklian said the Commonwealth and NSW governments have a strong record of working together to deliver crucial road infrastructure right across the state, like this project at Richmond.“The NSW Government is continuing to invest in major road infrastructure projects because we know improving our road network makes a real difference to people’s lives, while also providing much needed local jobs,” Ms Berejiklian said.“The new bridge is proposed to be built 500 metres downstream from the current Richmond Bridge, which currently funnels more than 31,000 vehicles each day directly through the already busy Richmond and North Richmond town centres.”Minister for Communications, Urban Infrastructure, Cities and the Arts Paul Fletcher said this was one of the many congestion busting projects being delivered by the Morrison Government as part of its $110 billion 10-year infrastructure pipeline to help commuters get home sooner and safer.“This additional funding commitment for this critical infrastructure project follows robust consultation with the local community to ensure that the project delivers the greatest travel time savings, has no direct impact to heritage listed properties and has less impact on endangered ecological communities – which were all recurring themes out of the consultation process,” Minister Fletcher said.“Once completed, the bridge duplication and bypass will cut travel time for drivers by up to 12 minutes, boosting productivity and busting congestion for commuters.”New South Wales Treasurer Dominic Perrottet said this year’s Budget will continue the NSW Government’s investment in vital road upgrades to keep people safe while also supporting our state’s economic growth.“We know every dollar spent on these upgrades at Richmond and North Richmond will make a big difference to drivers in this area every day and at the same time will provide much needed jobs during our economic recovery from the pandemic,” Mr Perrottet said.New South Wales Minister for Transport and Roads Andrew Constance said the preferred option includes upgrading six intersections, existing roads and building new road sections, as well as funding active transport.“The new bridge will provide a new connection for road users between Bells Line of Road and the main road network, while the existing Richmond Bridge will continue to provide a vital link between Richmond and North Richmond,” Mr Constance said.“Recent intersection upgrades at Kurrajong and Old Kurrajong roads and Grose Vale and Bells Line of Road are already improving traffic in the area, alongside current works at the intersection of March and Bosworth streets.”Face-to-face community information sessions will be held on Wednesday 16 June from 5pm to 7pmand on Saturday 19 June from 10am to 12pm at the North Richmond Community Centre.An online information session will also be held on Monday 28 June from 4pm to 5pm on the NSW Roads Facebook page. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, Berejiklian, commonwealth, Gladys Berejiklian, Government, Grose Vale, Hawkesbury, Kurrajong, Morrison, Morrison Government, New South Wales, North Richmond, NSW, Prime Minister, Richmond, Scott Morrison, Sydney, Western Sydneylast_img read more

Burning BMW extinguished with – yech! – liquid human waste

first_img The Rolls-Royce Boat Tail may be the most expensive new car ever A Russian driver whose newer BMW SUV caught fire was lucky – we guess? – a passing sewage truck was able to extinguish the blaze using, ugh, liquefied human waste.The vehicle was pulled over to the side of the road when the driver (we assume on his way to drop the kids off at the pool) noticed his SUV’s engine bay filling with smoke. That’s when the proverbial s*** really hit the fan.Luckily, the driver of a tanker truck nearby was able to offer some help. The tanker could have been filled with anything but gasoline and still effectively snuff the blaze — water, milk, ginger ale, anything. PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca Nope. Our poor BMW driver’s “luck” came with a caveat, that the nearby truck dealt in waste disposal, and the tank was filled with – you guessed it – human feces. Y’know, maybe gasoline would have been better after all?The BMW owner, seemingly left with no choice, okayed the truck driver to aim his hose at the vehicle and let it rip. The BMW X6, already infamous for looking like crap, received a healthy dose of deuce to douse the flames.As the vehicle continued to spew smoke out of the engine bay, the driver attempted to open the hood so the truck driver could really let the poo fly. Eventually the fire was put out, thanks to your friendly neighbourhood waste disposal guy.Video of the extinguishing’s garnered the attention of more than 43,000 people, many of whom were likely sitting on the toilet themselves while they watched. Some 7,000 comments were also posted, most proclaiming they would have just let the vehicle burn. ‹ Previous Next › See More Videos If you were standing by watching your car burn, what would you prefer? To have your whole vehicle smattered with scat, or to watch it burn to the ground? Either way, this BMW is toast.Your car’s erupted in flames—would you rather the flames be put out with poop, or wait on the fire department?It’ll rinse off—cover the car in crap, please!That’ll never come out, I’ll wait and watch it burnVoteView ResultsCrowdsignal.comTake Our Poll COMMENTSSHARE YOUR THOUGHTScenter_img Trending in Canada We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. Trending Videos advertisement Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” RELATED TAGSBMWSUVFlexNew VehiclesFlexlast_img read more

Wockhardt Group Hospitals to organise annual conference in Mumbai

first_img Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care app Phoenix Business Consulting invests in telehealth platform Healpha The theme for this year’s confernce ‘Doing It The Right Way’ will be held on December 7-8The experts likely ot be a part of the conference are Dr Clive Fernandes – Group Clinical Director, Wockhardt Group of Hospitals & Consultant Joint Commission International, Kornelia Fiaush – Joint Commission International, Dr Subramanian Swaminathan – Global Hospitals, Dr Swati Rajagopal – Aster Hospital, Mr John Yoo – MD Joint Commission International (Singapore), Dr Nitin Shinde – ALEXIS Hospital, Dr Harish Nadkarni – CEO, NABH, Dr Parag Rindani – Wockhardt Hospitals, Dr Girdhar J Gyani – Director AHPI, Dr B K Rana – Founding CEO QAI (Quality Accreditation Institute), Dr Mahesh Lakhe – Columbia Asia Hospitals, Dr Sanjeev Singh – Amrita Institute of Medical Sciences, Dr Prakash Jiandani – Wockhardt Hospitals, Dr Subrojyoti Bhowmik – Peerless Hospital, Dr Alexander Thomas – CAHO, Dr Behram Pardiwala – Wockhardt Hospitals, Dr Ashok Shukla – IMA, Dr Vipin Checker – AMC, Dr Suganthi Iyer – PD Hinduja Hospital, Dr Ashwini Tayade – Orange City Hospital, Anil Jauhri – CEO, NABCB.Discussions that are likely to be held are as follows: What is a process audit and how it should be done?; How to analyse, interpret and act on collected data?; Medication reconciliation ・how to do it the right way?; What is the Right Process・for High alert medications?; Is there a link between Infection control and construction?; Effective communication do we ever practice it?; Importance of Pharmacovigilance? WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionals Wockhardt Group Hospitals to organise annual conference in Mumbai Share Related Posts Read Articlecenter_img Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” By Prabhat Prakash on November 29, 2018 MaxiVision Eye Hospitals launches “Mucormycosis Early Detection Centre” The missing informal workers in India’s vaccine story News Menopause to become the next game-changer in global femtech solutions industry by 2025last_img read more

Coalition calls for end to California drought emergency

first_imgHomeNewsEnvironmentCoalition calls for end to California drought emergency Feb. 08, 2017 at 7:30 amEnvironmentNewsCoalition calls for end to California drought emergencyeditor4 years agodroughtrainwaterweatherAssociated Press A coalition of state and local leaders is pressing California to lift restrictions on urban water use after the wettest winter for years.Water regulators in Sacramento on Wednesday will decide on a recommendation to extend the drought rules, uncertain if rain and snow will continue through spring.Republican State Sen. Jim Nielsen of Gerber, who leads a swelling coalition of law makers and local water districts statewide, says it’s time for Gov. Jerry Brown to end the drought emergency, or lose the public’s trust.Californians heeded the call during the historic drought, taking shorter showers and ripping out their lawns during the five-year drought, but the weather has dramatically changed, which everybody can see, Nielsen says in a letter to the governor also signed by other officials.“This is an emergency?” Nielsen told The Associated Press. “It’s pretty hard to argue to the public, the citizens of California, that we are now in an emergency.”January rains drenched the state rising reservoirs, and the snowpack measures at 182 percent of normal. Tuesday storms swelled a creek in Marin County, flooding 40 homes. A rockslide blocked two lanes of a highway pass in the Santa Cruz mountains, officials said.Managers of Lake Oroville, one of the state’s largest reservoirs, stopped sending water over the dam’s spillway Tuesday, after spotting bolder-size chunks of concrete falling off at the bottom. Authorities say there’s no damage to the dam itself, and that there’s no danger to the public.So much rain had fallen in Los Angeles by Monday that the yearly total for downtown hit about 15 ½ inches — exceeding the normal annual rainfall, even though the new rain year won’t start until October, the National Weather Service says.The state, however, is “not yet declaring an end to the drought,” California Natural Resources Agency spokeswoman Nancy Vogel said in an emailed statement. The governor’s office referred request for comment to Vogel.Some residents in the San Joaquin Valley still survive on bottled water because their wells are depleted, and swings from wet to dry years is only intensifying with climate change, Vogel said.Brown declared the drought emergency in 2014 during the driest four-year period in California’s recorded history.He later ordered California’s nearly 40 million people to cut water use by 25 percent —the first mandate of its kind in the state’s history.The State Water Resources Control Board, which enacts regulations, relaxed the requirement last year with more normal weather, allowing local districts to set their own conservation measures.Water districts still must to weight their water supplies against demand, among requirements and report their water use to the state. Roughly 80 percent of local water districts in Northern and Southern California say they have ample water supplies, no longer requiring water-use cutbacks.Tracy Quinn, a senior water policy analyst with the Natural Resources Defense Council, wants the state to hold onto its restrictions. She says it’s unclear what weather the spring will bring, let alone next year.She says water districts aren’t always motivated by conservation, because their revenue is often tied to how much water they sell to customers. Many water districts say they’ve invested millions in water efficiency and don’t need the state’s oversight.The healthy snowpack and brimming reservoirs also don’t tell the whole story, she said, adding that the drought decimated groundwater supplies and will take years to be replenished.“This is a long game,” Quinn said. “Although we have had a welcomed respite from the drought, we don’t know whether this is an aberration in an extended drought.”___AP writers Ellen Knickmeyer in Sonoma and Christopher Weber in Los Angeles contributed to this story.Tags :droughtrainwaterweathershare on Facebookshare on Twitteradd a comment“ELLIS” EvictionsRent Control Board to debate requirement to install individual water metersYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall11 hours agoNewsCouncil picks new City ManagerBrennon Dixson22 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter22 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor22 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press22 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press22 hours agolast_img read more

UK heading towards spectrum “crunch”

first_img AT&T scores $14.7B loan for spectrum The UK is at risk of a spectrum “crunch” if growing demand across a number of sectors are not met, warned a group called Spectrum Policy Forum.The group, which serves as an “industry-led sounding board” to the government and regulator Ofcom, warned that “failure to provide adequate spectrum in the sectors that have critical business and social requirements could result in significant economic and social impact for the UK”.The study looked at 11 sectors: public mobile, utilities, business radio, space, meteorology, defence, transportation, broadcasting and entertainment, short range wireless, fixed wireless and amateur radio.According to the body, major users of spectrum in the UK identified business and societal activities which depend on spectrum, and found “pinch points” that must be addressed to maximise future growth in spectrum value.These “pinch points”, which are common across the sectors, include: threats to current services given spectrum demand from other sectors, the need to align the UK spectrum policy with international policies, and addressing tensions between public sector and private use of spectrum.Tensions also exist between exclusive licensing and licence-exempt spectrum access, and between public access and critical communications.There is also “immaturity and lack of regulatory clarity of newer models of spectrum access such as spectrum sharing and policies regarding spectrum pricing”, read the study.To address the concerns, the forum said it will look at exerting a positive influence on the UK position in the EU and ITU, engaging government ministers to ensure spectrum remains high on the agenda, and progressing long term goals to enable greater access to spectrum held by the public sector.UK’s Digital Economy Minister Ed Vaisey talked up the importance of radio spectrum to business, and said it “will play a key role in the continued growth of the UK’s economy”.“This report on the future of spectrum will help us work together to focus on the challenges in getting the best value for the UK from using spectrum,” he added.Earlier this month, Ofcom put a halt on a planned spectrum auction in 2016, until investigations into two proposed mergers (BT/EE and 3/O2 UK) have concluded. Tags Cohere targets spectral efficiency gains Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >> Read more Related Kavit Majithia spectrumUK Previous ArticleBTG Pactual still working on potential merger, says OiNext ArticleHTC set for German sales ban – report AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 16 DEC 2015 Operators align on UK 4G coverage goal Home UK heading towards spectrum “crunch” Authorlast_img read more

Xiaomi talks up return to growth

first_img Xiaomi smartphone surge bears fruits AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 07 JUL 2017 HomeDevicesNews Xiaomi talks up return to growth US backs down on Xiaomi row Tags Xiaomi said that its Q2 shipment numbers represented a “return to fast-track growth”, after the former star performer appeared to have lost some of its lustre.The company shifted a record 23.16 million devices during the period, Wang Xiang, SVP, revealed via Twitter.According to a widely-reported letter from Lei Jun, CEO, the return to growth follows “two years of internal recalibration”. He said that “to date, no other smartphone company had been able to resume growth after a decline in sales”.A target of CNY100 billion ($14.5 billion) in revenue during 2017 was reiterated, with a new goal of 100 million shipments in 2018 added.Xiaomi said it benefited from technology innovation, a new sales model, and “explosive” global growth.With regard to technology innovation, it called out its Surge S1 in-house processor, Mi 6 optical zoom dual camera, and Mi Max 2, with “31-day standby time”. Its online sales have been boosted by a new Mi-com ecommerce platform, while it now has 123 retail stores across China with “industry-leading revenue per square foot”.Global growth resulted in H1 revenue increasing by 328 per cent in India, with expansion in other markets including Indonesia and Russia. Xiaomi off the hook in the US Relatedcenter_img Author Xiaomi Previous ArticleJawbone shuts up shopNext ArticleInterview: Telstra Steve works across all of Mobile World Live’s channels and played a lead role in the launch and ongoing success of our apps and devices services. He has been a journalist…More Read more Steve Costello Devices last_img read more

Wind Tre mulls job cuts as competition bites

first_img Related Wind Tre became the latest Italian operator to buckle to pressure in the country’s mobile market, opening talks with unions over shedding around a fifth of its workforce as part of cost-cutting measures, Reuters reported.Riccardo Saccone, secretary general of trade union SLC-CGIL, told the news agency Wind Tre executives met with union leaders to negotiate redundancies which would affect 1,500 jobs, 21 per cent of the operator’s 7,000 staff, over the next three years.A Wind Tre representative told Reuters the operator wished to manage the process with the cooperation of trade unions.Competition in the country has increased since the entry of Iliad in 2018, which sparked a price war among operators with a range of aggressive promotions.Vodafone Italia announced in March 2019 it could axe 15 per cent of its 7,000 workforce due to massive price drops, particularly in mobile, brought on by extraordinary competitive pressures.GSMA Intelligence estimated Wind Tre had 29.3 million connections by end-Q4 2019, placing it as the nation’s third-largest operator behind Telecom Italia and Vodafone, respectively. Subscribe to our daily newsletter Back Google dismisses Italy claims of market position abuse Manny joined Mobile World Live in September 2019 as a reporter based in London. He has previous experience in telecoms having worked for B2B publication Mobile News for three years where he climbed up to the position of Features Editor…. Read more Home Wind Tre mulls job cuts as competition bites Manny Pham AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 27 JAN 2020 Author Serie A, Google give piracy apps the boot Previous ArticleUS bid to toughen Huawei sales ban stallsNext ArticleTelefonica hunts for tech unit investor Italy probes CK Hutchison, Cellnex tower deal Tags Italylayoffslast_img read more

Charlie Harball’s Double Duty

first_imgCharlie Harball has a vivid memory of being 18 years old and shaking hands with Mike Mansfield, the esteemed former U.S. senator from Montana. “Hi Charlie,” Mansfield said, reciting the name of the young man he had met several years earlier. Harball was awestruck. “It was really important to me that he had remembered my name,” he said in a recent interview in his office at Kalispell City Hall. Growing up, politics were prevalent in Harball’s household. His father, Charles, was a World War II veteran who served as a state legislator. Mansfield and Lee Metcalf, another distinguished U.S. senator from Montana, were colleagues of Harball Sr. and role models for young Charlie. These surroundings drew Harball to where he is today, shuffling duties as city attorney and acting city manager – essentially the top two roles in Kalispell’s local government. Harball, the city’s lead legal counsel since 2001, agreed to work dual jobs and fill the interim city manager position early last month. The position became vacant after the city’s top choice, David L. Nielsen, resigned the day he was going to be introduced because of a misunderstanding over the state pension plan. Jane Howington had vacated the full-time position after taking the same job in Newport, R.I. Harball laughs when asked why he would ever want to take on the burden of working both positions at once. “I didn’t want to take this on,” he said. “It’s not an ideal situation. The best situation is you have somebody in there that can focus full time on it.” But the vacancy came at a problematic time for the city. The city council is currently in the process of tackling several urgent matters, including the future of both the West Side Tax Increment Finance District and the municipal airport and the possible elimination of transportation impact fees. Without a city manager, who implements and informs decisions made by the mayor and council, the processes could be stalled to a certain degree until a full-time hire is made. Once Nielsen withdrew his name, Harball soon surfaced as the most qualified candidate for the position. But it was less than ideal both professionally and personally. He remembers the conversation he had with his wife, Claire, the night he found out about Nielsen’s resignation. “We talked about it,” he said, “and agreed some things you just don’t want to dodge.” With the support of his wife, Harball agreed to take the job and stepped in as acting city manager on Jan. 9. The council officially approved his interim status at a meeting on Jan. 23. The hiring process for a full-time manager has already begun and Mayor Tammi Fisher has said she hopes a candidate is picked by May. More than 40 people have applied. Several city councilors and Fisher have expressed support of Harball in the past. Howington worked closely with him during her tenure as city manager and has faith in him filling her shoes. “He’s very knowledgeable about the city and the laws of Montana and he absolutely has the best interests of the city at heart,” Howington wrote in an email to the Beacon recently. “Charlie has a great ability to provide a calm and caring environment: an important element when working in either a legal or political arena.” Harball’s office reflects the volume of his daily responsibilities. Mountains of paperwork cover his desk. The number of phone calls, from residents and staff, has increased. But he downplays the difficulty of his current juggling act. “Every day is a little bit of a triage,” he said. “You get to the things that are on fire and you take care of those things. But there’s always going to be somebody you didn’t get back to. Most people are pretty understanding, but not always.” “It’s not miserable,” he added. “I enjoy it. I probably enjoy it because I know I’m not doing it forever.” Harball graduated from Polson High School in 1974. Growing up, he watched as his father campaigned with the likes of Metcalf and Mansfield. He has kept a picture of himself as a 4-year-old wearing a cowboy hat with a Metcalf campaign button attached. It’s a fond memory of how he became introduced to local government, but it’s also a reminder of the corrosive nature of politics. “I was interested in government but I was very de-motivated for any involvement in politics,” he said. “It’s hard on a family. I would never even think of running for an office. It’s a fickle world.” After high school, Harball spent five years serving in the military as a corpsman in the U.S. Navy. He graduated from law school at the University of Washington and settled outside of Seattle with Claire, also a Polson native. Harball worked as an attorney for six years before moving to Kalispell in 1991 to be closer to family. After working in private practice for 10 years, he had the opportunity to work in local government when the city attorney at the time asked him to join the staff as an assistant. “People thought I was nuts to come on board,” he said. “I had a perfectly happy successful private practice. There was a lot of turmoil going on in the city at the time.” Within a few months, the city attorney was fired and, like the interim city manager situation 10 years later, Harball became the heir apparent. As Harball describes it, the situation today is far brighter, even if the workload is much heavier. He is trying to carry on Howington’s example of passing on valid information and ideas to city councilors to help them make decisions. He credits his colleagues for making it possible to work both jobs, saying, “I couldn’t do it without a strong staff.” Even if his desk is overwhelmed with paperwork, he isn’t. “I’m a strong believer in the process,” he said. “I love local government. It doesn’t get any better than local government.” RELATED: Harball Steps in as Acting Kalispell City Manager Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. Emaillast_img read more