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TeliaSonera disappoints with profit, revenue falls

Swedish-Finnish telecom operator TeliaSonera on Wednesday announced falling profits in the first quarter as lower-margin equipment sales dropped. The company also blamed falling sales on "lower termination fees", which telecom operators charge each other for calls on their networks. TeliaSonera has expanded to several countries in central Asia including Kazakhstan, Uzbekistan, Azerbaijan and Georgia as its European markets stagnated.

US stocks move higher following Alcoa earnings report

US stocks moved higher in early trade Wednesday after an encouraging financial report from Alcoa unofficially kicked off first-quarter earnings season. About 35 minutes into trade, the Dow Jones Industrial Average rose 26.91 points (0.17 percent) to 16,283.05 The broad-based S&P 500 advanced 2.05 (0.11 percent) to 1,854.01, while the tech-rich Nasdaq Composite Index climbed 15.77 (0.38 percent) to 4,128.76. Stocks appeared set for a second straight day of gains after snapping a three-session losing streak Tuesday.

Alcoa reports loss as it shutters capacity

Aluminum giant Alcoa Tuesday reported a quarterly loss due to heavy restructuring expenses after it shut smelters and rolling mills in response to low aluminum prices. Alcoa said it lost $178 million for the first quarter ending March 31, compared with a profit of $149 million in the year-ago period. The results included $276 million in restructuring costs. The company announced plans to cut smeltering capacity in Australia and Brazil, among other actions.

Aluminum maker Alcoa reports 1Q loss but results excluding special charges beat expectations

DALLAS - Alcoa Inc. lost $178 million in the first quarter as revenue fell on lower aluminum prices, but profit beat expectations after excluding charges to idle capacity at aluminum smelters and mills. The company said the price it was paid for aluminum dropped 8 per cent from a year ago. The weak commodity prices are driving Alcoa to shift away from smelting. It is closing a smelter in New York state and another in Australia and cutting capacity at others in Brazil. When those moves are complete, Alcoa will have shed 28 per cent of its smelting capacity since 2007.

Retiree claims $425.3 million Powerball prize in California

By Laila Kearney SAN FRANCISCO (Reuters) - A retired Northern California man has claimed a $425.3 million national Powerball prize, more than a month after the sixth-highest jackpot drawing in U.S. history was announced, lottery officials said on Wednesday. Raymond Buxton turned up at the Sacramento office of the California Lottery on Tuesday with the winning ticket from the February 19 drawing, California Lottery spokeswoman Melissa Villarin said.

U.S. authorities probe TeliaSonera's Uzbek licence deal

STOCKHOLM (Reuters) - U.S. authorities are investigating TeliaSonera's purchase of a 3G license in Uzbekistan in 2007, the Swedish telecoms operator said, a deal that has forced the firm to replace top management and most of its board. Swedish prosecutors have already launched a preliminary inquiry into corruption allegations related to the 2.3 billion Swedish crowns ($360.5 million) deal, while Dutch authorities raided Telia's offices this month. [ID:nL5N0JE1D4]

TeliaSonera in US corruption probe over Uzbekistan

TeliaSonera said Monday it was under investigation by US authorities over suspect business dealings in Uzbekistan, amid a scandal that forced out the boss of the Nordic telecoms firm last year. "The DOJ (US Department of Justice) has sent a request for documents to TeliaSonera. In addition, TeliaSonera has received a request from the US Securities and Exchange Commission (SEC) to submit documents and information related to Uzbekistan," the company said in a statement.

Alcoa to close Australian smelter and rolling mills because they are not sustainable

SYDNEY - Aluminum giant Alcoa Inc. will permanently close an Australian smelter and two rolling mills because they were not financially sustainable, affecting almost 1,000 workers across the three sites, the company announced Tuesday. The New York City-based company said in a statement a review of its 50-year-old Point Henry smelter at Geelong in Victoria state found it "has no prospect of becoming financially viable."

Alcoa will close aluminum smelter and 2 mills in Australia by year end

NEW YORK, N.Y. - Alcoa Inc. said Monday that it will close an aluminum smelter and two mills in Australia by the end of the year. The company said it has been studying options for a 50-year-old smelter in Geelong, Victoria, for two years and will close it in August. The smelter has about 500 workers. A rolling mill near the smelter and another mill and recycling centre in Yennora, New South Wales, will close by year end. They employ an additional 480 people.

M&A speculation lifts Tele2 shares as Norway uncertainty looms

By Sven Nordenstam STOCKHOLM (Reuters) - Shares in Nordic telecom operator Tele2 <TEL2b.ST> jumped as much as 8 percent on Friday on expectations of a bid for its business in Sweden that would bring about long-awaited consolidation of the country's telecoms sector.
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