MCI to Take $3.5 Billion Charge in 3rd Quarter
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MCI Inc. reported yesterday that it will take a $3.5 billion non-cash charge in the third quarter to reflect the severe downturn in its consumer long-distance telephone business.
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US telecoms company MCI has seen its third quarter loss balloon to $3.4bn (Â£1.8bn) after a price war forced it to reduce the value of its assets.
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An additional 3 percent of staff positions will be "offshored" as part of the company's $1.5 billion cost-cutting drive.
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Continental Airlines Inc  on Monday projected it would end its third quarter with about $3.0 billion in cash and short-term investments.
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Marsh &amp; McLennan Cos. (MMC.N: Quote, Profile, Research) , which has been at the center of a bid-rigging scandal rocking the insurance industry, on Tuesday said it will cut 3,000
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MCI Inc., one of the nation&#39;s biggest long-distance operators, lost $3.4 billion in the third quarter of 2004 due to a previously announced asset writedown of $3.
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SAN FRANCISCO (CBS.MW) -- Corning said late Wednesday it will take $2.8 billion to $2.9 billion in third-quarter charges because of reductions in projected future global demand for its fiber-optic products used in telecommunications networks.
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After settling a portion of a 5-year-old lawsuit involving its pension plan, Armonk, NY-based IBM Corp. (NYSE: IBM) will take a $320 million charge on its third-quarter earnings.
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The company Friday said it expected to post a profit in the third quarter, thanks to Improved pricing and product mix and higher unit volume, reversing a year-ago loss.
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Automaker DaimlerChrysler AG said Friday it will book a charge of 400 million euro in the third quarter to cover the cost of recalls and past quality problems at Japanese truckmaker Mitsubishi Fuso Truck and Bus Corp.
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WASHINGTON, Aug 18  - BellSouth Corp. (BLS.N: Quote, Profile, Research) said on Wednesday its new labor contract had triggered a $3.3 billion increase in its estimates of future retiree medical costs, reducing fourth-quarter ...
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NEW YORK -- MBIA Inc. reported write-downs of $3.5 billion on souring credit derivatives in the fourth quarter Thursday, raising the possibility that the world's largest bond insurer could lose its top credit rating.
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The electronics retailer said it would immediately start a $5.5 billion buyback program and raise its quarterly dividend nearly a third.
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3M Co.  on Monday said third-quarter earnings rose 17 percent due in part to the weak dollar, but the diversified manufacturer's results came in below Wall Street's estimates for the first time in at least seven quarters.
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MCI Inc., the second-largest US long- distance telephone company, will write down assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.
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ASHBURN, Va. -- MCI Inc. plans to write down the value of its assets by $3.5 billion to reflect the decreased worth of the company&#39;s telephone network as its consumer business shrinks.
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Qwest Communications International Inc.  on Sunday hiked its takeover offer for MCI Inc.  to about &#36;7.3 billion in cash and stock, sources familiar with the situation said, while rival bidder Verizon Communications Inc.  responded by altering its lower offer.