Retiree costs to cut BellSouth&#39;s profit
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WASHINGTON (CBS.MW) -- Costs of a new retiree benefit plan will reduce BellSouth&#39;s fourth-quarter profits, the company said Wednesday.
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WASHINGTON -- Individuals and businesses are likely to see their borrowing costs drop further as the Federal Reserve weighs another interest-rate reduction to bolster a sagging economy.
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Break out the calculator and cut your savings expense.
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Time Warner has said that it set aside $500 million to pay for potential penalties from a government investigation into accounting practices at America Online, a step that led to a 7.8 percent decline in profit in the third quarter.
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Verizon Communications, the second-largest U.S. telephone company, said fourth-quarter profit declined 38 percent because of costs to build a fiber-optic network and shed assets.
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AT&amp;T&#160;reported net income of $3.1 billion for the third quarter of 2007, up from $2.2 billion a year earlier, largely due to its&#160;acquisition of BellSouth.AT&amp;T nearly doubled its revenue from a year ago, going from $15.6 billion to $30.1 billion, but those 2006 numbers don&#39;t factor in the BellSouth acquisition and revenue from Cingular Wireless, which AT&amp;T and BellSouth co-owned. The BellSouth deal closed Dec. 29, 2006.AT&amp;T&#39;s revenue was up 3.2 percent from the combined revenue from AT&amp;T, BellSouth, and Cingular in the third quarter of 2006. Comparable earnings per share were $0.50 compared to $0.56 the third quarter of 2006.AT&amp;T&#39;s adjusted third-quarter earnings, which exclude costs and accounting effects associated with the acquisition, were $4.3 billion, or $0.71 per diluted share, up from $2.4 billion, or $0.63 per diluted share, in the third quarter of 2006.AT&amp;T&#39;s third-quarter results were &quot;excellent,&quot; Randall Stephenson, AT&amp;T chairman and CEO, said in a statement. Stephenson cited growth in wireless, broadband, and U-verse TV customers as the reason for a strong quarter.AT&amp;T&#39;s renamed wireless division saw an increase in 2 million customers in the quarter, the company said. The company&#39;s wireless division now has 65.7 million subscribers.AT&amp;T&#39;s merger integration efforts are on schedule, the company said, and cost savings are running ahead of the original estimates. In the first three quarters of 2007, cost savings from the BellSouth merger were about $2.8 billion, and AT&amp;T expects those savings to reach more than $3 billion for the year.Wireless data revenue increased 63.9 percent from last year, driven by increases in consumer and business data usage, including messaging, media bundles, laptop connectivity, and smart phone connectivity, AT&amp;T said.In the broadband space, AT&amp;T&#39;s connections, including DSL (Digital Subscriber Line), AT&amp;T U-verse, and satellite broadband services, increased by 499,000 in the quarter to reach 13.8 million. That&#39;s up 2.2 million, or 18.6 percent, over the past year.
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Research firm says it expects average price to drop from $966 last year to $775 this year.
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Pension costs have caused the country&#39;s second-biggest water utility Severn Trent to post a 6.5-percent fall in first-half profit, though the earnings have been overshadowed
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BellSouth Corp. on Monday said third-quarter earnings fell due to storm damage in its region and costs stemming from Cingular Wirelessâ planned $41 billion purchase of AT&amp;T Wireless Services Inc.. The No.
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The job cuts are a part of the company&#39;s efforts to shift its focus to business services and cut costs amid the competitive long-distance telephone services market.
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BellSouth Corp. BLS.N on Monday  said third-quarter earnings fell due to storm damage in its  region and the sale of some international assets.
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Slashed earnings estimate pulls down shares.
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The Securities and Exchange Commission is looking into the accounting practices six companies&#39; use in calculating pension and other post-retirement benefit costs, according to published reports.
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By Kristi E. Swartz, The Palm Beach Post, Fla.  Dec. 7--BellSouth has made a "very clean" argument for recovering storm  expenses from its customers, a company attorney told state utility regulators  Wednesday.
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THE REGION Average NStar Electric residential and small business customers would save about $32 this year under a rate change the utility plans to file with state regulators. NStar spokeswoman Caroline Allen said the $110 million reduction for 1 million electric customers comes from a move by the utility, the Massachusetts attorney general's office, and others to get federal regulators ...
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Costco Wholesale Corp. , which sells discounted goods to 47 million members, lowered its profit forecast after it cut prices on electronics. Shares fell 4.2 percent, the most in 16 months.
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but winds up costing consumers tens of millions of dollars a year -- is being scaled back by two of the nation&#39;s biggest cell phone carriers.