Telecom Italia warns of continued revenue declines as write-downs balloon

Telecom Italia warned that its finances will fall faster than the operator previously expected due to continued economic sluggishness in Italy and the ongoing mobile price war there. Perhaps even worse, Bloomberg noted that Telecom Italia will write down 2.2 billion ($2.92 billion) in the first half of this year--an action that increases to 14 billion the operator's impairment charges since 2011. The news hits just a few days after talks broken down between Telecom Italia and Hutchison Whampoa to combine their respective mobile businesses in Italy. "Telecom Italia should aim to solve its financial issues by exploiting the most valuable markets like Brazil and Argentina," Oreste Pollicino, a professor at Bocconi University, told Bloomberg. Standard & Poor's and Moody's Investors Service have both given Telecom Italia's debt their lowest rank. Article

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