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In the papers 01 August
Thursday, August 01 2002
by Sylvia Leatham


Former WorldCom execs are expected to face charges from US prosecutors soon |
France Telecom is getting closer to an agreement to take over MobilCom

According to the Irish Independent, the government seems to have removed most of
the details on its Web site concerning the completion of the EUR52 billion
National Development Plan. Up to the start of the year, it was possible to see
the initial tracking system on health, education, public transport and roads
projects on the site, but the information was removed in the run-up to the
general election. The relevant section of the site on now reads: "This section
is currently under construction and will be fully operational in late-spring
2002." 



The paper also reports that German PC sales were better than expected in the
second quarter, according to research firm IDC. PC sales fell just 0.2 percent in
Q2 from the same period the previous year. The market was aided by stronger
notebook sales. IDC also released figures for Spain, showing a decline of 6
percent in PC sales.



The paper also reports that Sky satellite has added up to 1,000 new Irish
customers a week to its digital subscription-based television service, according
to the company's year-end results. Read the full story on href="/news.html?code=8577107">ElectricNews.net.





The same paper also says that Riverdeep's reporting of its first ever full-year
profit did little to boost the company's sagging share price on Wednesday. Read
more about Riverdeep's results on href="/news.html?code=8577309">ElectricNews.net.



According to the Financial Times, France Telecom is getting closer to an
agreement to take over MobilCom after the German mobile operator's four main
banks conditionally agreed to restructure EUR4.7 billion of its debt. MobilCom
said its creditors had decided to roll over the debt for a further two months,
pending a resolution of the dispute with its French partner. France Telecom
confirmed it would assume responsibility for the debt and released details of an
agreement to convert it into quasi-equity. 





The paper also reports that United Microelectronics, the world's second-largest
producer of made-to-order chips, has cut its 2002 capital expenditure and
forecast a fall in third-quarter wafer shipments. The cuts followed similar moves
by Taiwan Semiconductor Manufacturing, the biggest foundry contract chipmaker,
which last week predicted a third-quarter "pause" in the industry's revival.
UMC said it would cut 2002 capital expenditure by USD300 million to USD1.3
billion, maintaining spending on its latest 300 mm fabrication plant but trimming
expansion at less advanced 200 mm fabs.



The same paper reports that Adam Singer has been forced to resign from the board
of debt-laden UK cable operator Telewest. Telewest's non-executive directors,
including chairman Cob Stenham, replaced Singer with Charles Burdick, finance
director. Burdick is regarded as a more suitable leader for the group as it
approaches a restructuring of its STG5.4 billion debt. Singer's departure
increased speculation that the restructuring of the group's balance sheet was
imminent, as he was understood to be opposed to an immediate deal with
creditors.





The Wall Street Journal reports that two of WorldCom's former top financial
officers are expected to be charged by federal prosecutors as early as Thursday
for their roles in the company's USD3.8 billion accounting scandal. Scott
Sullivan and David Myers are expected to be charged with securities, wire and
mail fraud. Sullivan, widely regarded as the architect of the alleged fraud,
could face a sentence of as much as 15 years if convicted, according to people
familiar with the matter. 



Meanwhile, the paper also says that WorldCom and Cingular Wireless have reached a
proposed agreement about the future of WorldCom's wireless customers on
Cingular's network. WorldCom has already reached transfer agreements with a
number of other wireless carriers, including AT&T Wireless Services and Verizon
Wireless, agreeing to provide information to its customers about signing up with
other carriers in order to avoid a disruption in service. Carriers have agreed to
pay fees to WorldCom for customers they successfully sign up. A Cingular
representative said under the agreement, Cingular would obtain the
reseller-customer database from WorldCom. Neither WorldCom nor Cingular would
disclose the dollar terms of the agreement, which still requires the approval of
the US Bankruptcy Court.