Telecom

Telecom is slashing about 120 Gen-i Australia jobs as it starts to implement the new strategy announced at its half-year result release last month.

Telecom's first-half 2013 report today is likely be to scrutinised for its strategic outlook and review process, as much as its bottom-line result.

Telecom says the threat of regulation on roaming charges will not change its plans for more changes to rates for its customers travelling overseas.

Telecom is planning to upgrade its mobile data network in Wanaka this year.

Telephoning, skyping, texting and emailing in Queenstown, Frankton and Arrowtown on devices just became free and easy thanks to a new service introduced by Telecom this summer.

Broadband services are returning for hundreds of thousands of Telecom customers following an outage this morning.

Telecom investors appeared frightened off yesterday by the release of a complicated set of annual accounts, dumping the stock and forcing the share price down 9% soon after the June year profit was filed.

Telecom's CDMA network officially closed last night and Dunedin cellphone retailers have experienced a rush of customers not wanting to be left without working cellphones.

Telecom has lost an appeal against a court ruling that resulted in it being slapped with a $12 million penalty for using its market dominance to kneecap competitors a decade ago.

Telecom remained on track to deliver a second-half operating profit of about $560 million, acting chief executive Chris Quin said yesterday.

Telecom said it plans to de-list its shares from the New York Stock Exchange (NYSE) and to re-list them on the Amercian over the counter (OTC) market to save costs.

A newly-demerged Telecom reported an adjusted net profit of $240 million for the first half to December 31, up 51 percent, and said it would buy back $300m worth of shares this year.