• Most Popular
  • Most Shared

Telecom Italia's Brazil unit to invest less in '09

Wed Dec 3, 2008 2:40pm EST

Stocks

   

SAO PAULO, Dec 3 (Reuters) - Telecom Italia's (TLIT.MI) Brazilian unit will invest less and seek to cut costs in 2009, when Brazil's economy is expected to slow significantly, the company said on Wednesday.

Stocks  |  Global Markets

TIM Participacoes (TCSL4.SA), as Telecom Italia's Brazilian unit is known, has earmarked 2.3 billion reais ($929.3 million) for investments next year, down from 3.3 billion reais in 2008, according to a filing with Brazil's securities regulator.

The filing said TIM will also take steps to reduce overall costs as a percentage of revenue by 1 percentage point by 2011.

To claw back market share that was lost to the Brazilian unit of Mexico's America Movil (AMXL.MX), TIM said its main focus in 2009 will be improving customer service and the coverage of its network.

Earlier on Wednesday, Telecom Italia dismissed reports that it might sell its Brazilian unit, one of its main engines of growth in recent years.

($1=2.475 reais)

(Reporting by Tais Fuoco, Writing by Todd Benson, Editing by Leslie Gevirtz)

Stocks
Global Markets


More from Reuters

Photo

GMAC to get $3.5 billion more in government aid

WASHINGTON (Reuters) - GMAC Financial Services is expected to get about $3.5 billion of additional U.S. government aid to help the troubled lender absorb mortgage losses, a financial industry source familiar with the matter said on Wednesday.

» More Top News
A sign informs passengers of a "High Risk of Terrorist Attack" at the departure security line at Reagan National Airport in Washington December 29, 2009. REUTERS/Kevin Lamarque (

Body scans are Obama's call

The Dutch are doing it. So what's taking the U.S. so long to make airport body scanners mandatory?  Full Article | Video 

U.S.
Disgraced financier Bernard Madoff is escorted by police and photographed by the media as he departs U.S. Federal Court after a hearing in New York, January 5, 2009. REUTERS/Lucas Jackson

I beg your pardon ...

Bernie Madoff became the poster boy of crooked investment schemes this year -- but he wasn't alone. Here's a look at the 10 most notorious cases of 2009.  Full Article 

Corporate Crime