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BT Group to sack 4,000

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  • BT Group to sack 4,000

Troubled British telecoms giant BT said Thursday it will axe 4,000 jobs worldwide in a new cost-cutting drive, after posting sliding profits in a “challenging” year.

The positions will be cut across three divisions, which comprise global services, group functions, and technology, services and operations, BT said in its annual results statement.

The group, which currently employs 102,500 staff and operates in 180 countries, will take a one-off restructuring charge of £300 million ($388 million, 357 million euros).

Meanwhile, pre-tax profit dived by a fifth to £2.35 billion in the financial year to the end of March, hit by an Italian accounting scandal, troubles at its Openreach broadband unit, and challenging trade both at home and abroad.

“Technology trends mean that we are now less dependent on owning physical local network assets around the world, creating the opportunity to reposition Global Services as a more focused digital business,” said chief executive Gavin Patterson.

The group was, therefore, restructuring its Global Services division and speeding up and expanding its cost transformation programmes, he said.

“This will help offset market and regulatory pressures and create the capacity for future investment,” Patterson said.

BT added Thursday that its remuneration committee has stripped Patterson of his 2016/2017 bonus, totalling £338,398, as a result of a string of problems.

In January, BT revealed news of an accounting scandal at its Italian division which cost the group £530 million.

And in March, regulator Ofcom hit BT with a bill of around £350 million in fines and compensation following delays to high-speed cable installations by its Openreach broadband unit.

“The past year has been challenging,” noted remuneration committee chairman Tony Ball in a separate statement.

“Unfortunately our performance has been significantly affected by the accounting irregularities in our Italian business, the issues that arose in Openreach … and the significant challenges we faced in the UK public sector and international corporate markets.”

The committee had made “a number of difficult decisions this year in light of these circumstances and exercised its discretion accordingly,” Ball said.

Openreach maintains tens of millions of copper and fibre lines connecting telephone exchanges to homes and businesses across the UK.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Tony Elumelu Receives Licence to Kick Start Heirs Insurance Limited, Heirs Life Assurance Ltd

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The Chairman of Heirs Holdings, Tony O. Elumelu, on Friday said the company has received operating licences from the National Insurance Commission (NAICOM) for its two new insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).

The Chairman disclosed this on his social media page.

In his words, he said “I am proud to announce that the Nigerian Federal Government, through the insurance regulator, the National Insurance Commission (NAICOM), has officially issued the operating licences for our new Group insurance companies – Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).

“This represents an important milestone of a long-term strategic journey in providing much needed, quality, & valuable financial services, to a broad demographic in Nigeria. Insurance should not be a luxury, and just as we have democratised other sectors, we will democratise insurance – applying our tried & tested business philosophies.

“Fueled by the determination to improve lives & leave a legacy in the African private sector, we have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding & operational excellence.

“It has been a five-year journey, but with the optimism & the resilience that have brought us this far, it has been worth the wait.

“I would like to warmly thank our new CEOs—Dr. Adaobi Nwakuche, MD/CEO of Heirs Insurance and Niyi Onifade, MD/CEO of Heirs Life Assurance, our Board members, regulatory partners, those who have believed in this dream, despite the obstacles, & those who have cheered us on.”

This is coming barely two weeks after Mr. Elumelu announced Transcorp has acquired Afam Power for N105 billion.

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Ndubuisi Ekekwe Moves to Deepen Capabilities Through Free Weekly Business Lessons

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Ndubuisi Ekekwe

In a bid to deepen business and individual capabilities across the African continent, Prof. Ndubuisi Ekekwe, Founder of Fasmicro and the Lead faculty, Tekedia Institute, on Sunday said he will commence free business lessons to enhance accumulation of capabilities.

In a message forwarded to all members of the platform, Tekedia.com, Prof. Ekekwe, explained that when businesses accumulate capabilities, they move upstream and create new competitive tentacles which eventually form the foundation of their growth.

More so, because of the capabilities, they protect their market shares through strategic moats against competitors and new entrants,” he stated.

Prof. Ekekwe plans to send out two business lessons per week to engage Tekedia’s growing community on the mechanics of business systems. “Each piece would be prepared to pass across a business lesson.”

Prof. Ndubuisi Ekekwe writes regularly in the Harvard Business Review and has spoken at global events — explaining and teaching the mechanics of business systems and nation-building.

To start receiving his free business lessons sign up here.

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FG Introduces NEXIT Portal for Npower Batch A and B Beneficiaries

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The Federal Government has introduced a new online portal for exited Npower beneficiaries of batch A and B.

According to the Minister for Humanitarian Affairs, Sadiya Farouq, the portal was launched in collaboration with the Central Bank of Nigeria (CBN) to enable exited Npower beneficiaries apply for available federal government empowerment options.

This was disclosed in a statement issued by Nneka Anibeze, the media aide to the minister, on Friday.

The ministry said the NEXIT portal will be used to determine the suitability of exited beneficiaries for various CBN-affiliated programmes.

She explained that selection will be based on the conditions and criteria set by the apex bank.

Ms Farouq, therefore, urged interested exited Npower beneficiaries to log on to the NEXIT portal and provide the required additional information for possible placements into central bank’s intervention options.

The Minister expressed her deep appreciation to the CBN Governor Mr Godwin Emefiele CON for his support adding that the Ministry of Humanitarian Affairs remained committed to the vision of Mr President to lift 100 million Nigerians out of poverty in the next 10 years.

“Minister Umar Farouq pledged the Ministry’s willingness to collaborate with relevant agencies of government and other stakeholders towards the realization of that vision and congratulated the exited beneficiaries while wishing them well in their future endeavours.

“The Federal Government of Nigeria is very proud of the milestones you have achieved during your period of service to the nation. As we prepare to exit into prospective endeavours.”

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