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ShareScope | Telco News: Telstra has confirmed it will cut 1,400 jobs within Australia due to "the increased competitive dynamics of the market and the acceleration of the rollout of the NBN (National Broadband Network)" Telstra chief executive officer Andy Penn said.

Per telecommunications analyst Paul Budde, Telstra's decision to cut jobs was because "for the last few years, growth has been very slow in the telecommunications industry".

"To remain profitable, telcos need to cut costs rather than increase revenue — which is more difficult," he said.

Shane Murphy, the Communications Union's divisional president and NSW secretary, said the move was "appalling" and had "obviously been months in the planning by the executives".


The most at-risk jobs would be in administration, customer service and network operations as they are easily automated by improvements in technology, he explained.

Mr Budde also suggested telcos are finding it difficult to compete with Facebook, Google and Skype which offer more efficient, lower-cost ways for people to communicate.

Telstra has been under pressure since February, when it posted a first-half net profit of $1.8 billion, down 11.8 per cent compared to the same period last year. Its revenue also fell 3.4 per cent to $12.8 billion.

Telstra shares closed nearly 0.5 per cent lower today at $4.36.

#ShareScope #ShareScopeAustralia #ShareScopeReviews
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6/14/17
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June Hike All But Priced In Ahead of FOMC Minutes

The dollar might not experience much volatility whether there is a rate hike in June or not.

Read more here http://www.marketpulse.com/20170524/june-hike-priced-ahead-fomc-minutes/

#Rates #USD #forex #fxtrading #forexnews
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Credit downgrade.

Moody’s Investors Service cut its rating on China’s debt, saying that the outlook for the country’s financial strength will worsen as debt rises and economic growth slows.

Moody’s reduced the rating to A1 from Aa3 and changed the outlook to stable from negative, the company said in a statement on Wednesday.
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The Aussie dollar strengthened against other major currencies in the Asian session today spurred on by data from the Australian Industry Group which showed that the manufacturing sector in Australia continued to expand in April at a faster pace, with a Performance of Manufacturing Index score of 59.2, up from 57.5 in March.

The Australian dollar is currently trading at 0.7535 against the US dollar.

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ShareScope Australia | Market Review: Deutsche Bank soared more than 11 per cent last night as the result of the first round of the French election removed risk of banks operating in the Euro zone.

Citigroup, Bank of America and Goldman Sachs also gained closing aver 3 per cent up for the day.

President Donald Trump is scheduled to release more information on his tax reform plan on Wednesday which should see some volatility in the banking sector.

#ShareScopeAustralia #ShareScopeReview
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