Thursday, December 04, 2008

Business News

The Italian telecommunications giant, Telecom Italia, has confirmed that it’s considering selling its 27 per cent stake in the Cuban telephone monopoly, Etecsa.

According to this Bloomberg story, Telecom Italia has been hit hard by the global economic downturn, announcing a drop in profit for the next year and the likelihood of sacking as many as 4,000 staff in Italy alone.

Telecom Italia said it plans to raise as much as 3 billion euros by selling some of its assets around the world, including its stake in Etecsa, which is majority owned and tightly controlled by the Castro regime.

Telecom Italia’s holding in Etecsa has been controversial almost from the start, of course.

Human right activists such as Reporters sans Frontieres ahve persistently questioned the Italians’ investment in a Government-controlled monopoly whose activities involve widespread eavesdropping on telephone conversations and routine censoring of Internet access.


Blogger Nacho said...

Interesting, I wonder who will buy that stake in ETECSA, probably China?

I contacted the press/PR people of Telecom Italia some time ago in connection to the role of the company as stakeholder in ETECSA in internet censorship and human rights violations in Cuba. The exchange was published here. They never replied to me

12:10 am  

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