News

• Telecom NZ up, AIA down on executive move

  New Zealand shares fell, led by Cavalier, which dropped to a three-year low following its profit warning last week. Telecom rose after naming Auckland International Airport boss, Simon Moutter, as its new chief executive.

• Telecom NZ appoints new CEO

  Telecom NZ has appointed Simon Moutter as its new chief executive and managing director after a five-month search which started in December 2011.

• Chorus reveals UFB schedule for 2012

  New Zealand telecom network infrastructure operator Chorus (ASX:CNU) has confirmed it will start building the nation's Ultrafast Broadband network in six more towns this year.

• Telecom NZ begins hunt for new CEO

  Telecom New Zealand (ASX:TEL) has kicked off the search for a new chief executive to replace the telco's outgoing head, Paul Reynolds.

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  NZ Telecom seals Chorus demerger

  Telecom New Zealand (ASX:TEL) has completed the demerger of its Chorus division, making way for its participation in the country’s Ultra-Fast Broadband (UFB) initiative.

• NZ approves Telecom's open access plan

  New Zealand's telecom ministry has approved Telecom NZ's (ASX:HVN) modified pledge to provide open access to the nation's public-private broadband networks.

• Gen-i to provide Westpac NZ data centre services

  Telecom New Zealand (ASX: TEL) subsidiary, Gen-i, has extended its existing IT contract with Westpac NZ to include data centre services.

• Telecom NZ CEO to quit following demerger

  Telecom NZ (ASX:TEL) has confirmed its chief executive officer, Dr Paul Reynolds, will leave the company next year following its demerger process and rebranding as New Telecom.

• Chorus kicks off UFB construction

  Telecom NZ’s (ASX:TEL) Chorus division has kicked of construction of the Ultra Fast Broadband (UFB) initiative following its contract win in May to deploy fibre in 24 of the 33 candidate areas.

• Telecom NZ kept on S&P's credit watch

  Credit ratings agency Standard & Poor's has kept Telecom NZ (ASX:TEL) on its CreditWatch list for a possible downgrade, due to the implications of the Chorus demerger.

• Telecom NZ profits take a 56.8% dive for FY11

  Telecom New Zealand has posted a significant 56.8 per cent drop in net profits to $NZ164 million ($AU130.86 million) for the year ending 30 June 2011.

• Telecom NZ finally scores piece of UFB project

  Telecom NZ (ASX:TEL) has finally secured a piece of the ultra fast broadband (UFB) initiative with the telco’s Chorus business chosen to deploy fibre in the remaining 24 of the 33 candidate areas.

• Telecom NZ looks to boost "free cash", reduce capex

  Highlights of the January-March quarter for Telecom include Gen-i winning the Fletcher Building mobile contract from Vodafone, an increase in the dividend from the Southern Cross cable to $NZ23 million, from $14 million last year, and ongoing reductions in capital expenditure.

• Telecom NZ executive team shuffle

  Telecom NZ (ASX:TEL) has overhauled its executive team with a number of key appointments and reduced the team from 10 to eight.

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  In brief: Telecom fined $12m by NZ High Court

  Telecom [ASX:TEL] has been fined $12 million by the High Court of New Zealand after the Commerce Commission alleged the telco had breached the Commerce Act through high-speed data pricing.