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London (pte040/04.06.2003/15:15) - British telecoms operator Cable & Wireless (C&W) http://www.cw.com is cutting 1,500 jobs in Great Britain, as reported by Financial Times (FT) today.
The ailing group will also postpone its dividend payment for a year. The company further announced it was planning to shut down its US subsidiary, but released no further details on this measure. C&W says it intends to focus on core business in Great Britain and retain its Japanese and Caribbean locations.
C&W's US branch posted an operating loss of 255m dollars at the end of the fiscal year 2002. Earnings before interest, taxes, depreciation and amortisation were reported at minus 211m dollars. In total, C&W booked a loss of 6.5bn pounds (9.3 bn euros) last year. Early in May, Francesco Caio, former head of Omnitel, replaced Graham Wallace as CEO of C&W.
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