The Japanese telecom giant, SoftBank, has announced buyback of shares amounting to $4.4 billion, its biggest repurchase ever. This move is a desperate attempt by the company to regain its footing after its shares plunged to an all-time low following the company's overseas investment in US mobile operator, Sprint.
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S&P rating service on Tuesday downgraded Sprint credit to B, citing a challenging environment for the wireless industry. Morningstar and Moody have also demoted Spring credit rating.
Sprint - the 4th biggest Telco in US - has been taking steps to cut its costs since it first revealed its costs cutting plan in November 2015 to as much as $2.5bil. The latest move saw Sprint's product head leaving after 25 years of service. The reason for his leaving whether it was related to costs cutting measure or something else is still unclear. Sprint praised Owen for his contribution that helped Sprint succeed and evolve into the wireless company it is today. Sprint extended gratitude for all that he has done and wished him best of luck and continued success in future endeavors. CEO Marcelo Claure has indicated more layoffs are in the offing in the coming months. CFO Tarek Robbiate made statement to effect that no one was safe where costs was concerned.
In a wireless world full of competition, it leaves Sprint with no choice but to think of a smart strategy to outwit others. So far, Sprint has the best deal compared with other carriers, but who knows what will happen next with the price war still looming around.
The US wireless major Sprint backed bonds tumbled in the market following the downgrade by Moody's, which sees increasing burden of debt maturities, brutal competitions and lack of operational stability for the third largest US wireless company.
For those who were lucky enough to be given an invite to Project Fi MVNO service, a new version of Lollipop is soon to arrive in all Nexus 6 smartphones.
Japan's SoftBank Corp (9984.T) will soon downsize its Silicon Valley offices, people with knowledge of the matter said, signaling the company won't revive efforts to buy T-Mobile U.S. Inc (TMUS.N).
French low-cost telecoms operator Iliad SA (ILD.PA) abandoned its attempt to buy T-Mobile US Inc (TMUS.N) on Monday because of resistance from majority owner Deutsche Telekom (DTEGn.DE), becoming the third bidder to walk away from the carrier in three years.
New York, US-based web performance monitoring firm Catchpoint Systems will be foraying into China and Russia, based on the pathway provided by their clients, indicating that Asia Pacific and Russia are the emerging markets in the industry.
Petah Tikva, Israel-based ClickSoftware Technologies Ltd entered a deal to add Mountain View, US-based mobile workforce management firm Xora Inc for a cash consideration of around $14.7 million.
Boston, US-based enterprise software maker Mendix nabbed $25 million in venture capital funding led by Battery Ventures to fuel its mission to build a big business in the software industry.
A Sprint and T-Mobile merger will most likely not happen as the former needs to overcome certain hurdles to ensure that a smooth transition could take place, according to a ZDNet article.
US-based telecommunications company Sprint is eyeing the purchase of rival T-Mobile USA next year in a deal worth $20 billion, according to sources cited in a report by The Wall Street Journal.
Sprint's earnings report showed that it lost US$638 million and 1.05 million subscribers due to Nextel's closure.
Analysts said that T-Mobile could potentially gain more customers with the new strategy that would not ask for an upfront payment.
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