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In the end Vivendi decided to abstain on the appointment of the Tim board of directors. One day before the meeting – which will be held tomorrow, 23 April, behind closed doors with the designated representative formula – the French shareholder, who holds 23.75% of the ordinary capital, made it known with a statement where he specifies that he will nevertheless continue the case, presented to the Court of Milan, because he disagrees with the decisions taken by the Tim board on the sale of the network. The media company headed by the Bollorè family explains that it now considers itself a “financial investor” and, as such, “is concerned that Tim’s board and management guarantee lasting growth in the share price through management decisions in the interests of the company, respectful of the prerogatives of shareholders and the principles of good governance”.
«Consequently, Vivendi – we read in the note – does not support the list presented by the outgoing board of directors, given the continuity with a board during whose mandate the stock lost half of its value and which is responsible for having approved the sale of the network fixed by Tim in November 2023 at a price that, in Vivendi’s opinion, does not reflect the full value of the asset, without involving the shareholders’ meeting and the related parties committee and without providing, to date, complete and reliable information to the market on the operation and its effects on Tim’s sustainability.”
«It is up to the management in office and its supporters to resolve the delicate situation in which Tim finds himself», underlines Vivendi which in any case does not lay down its weapons, but rather reiterates that «it will decisively pursue the appeal against the resolution of the board of directors of November 2023 (the one that gave the OK to the sale of the network to KKR, ed.) at the Court of Milan and any other legal instrument at its disposal to protect its rights”. The first court hearing is scheduled for May 21st.
As regards the Tim assembly, it is obvious at this point that the board list will express the majority of the new board, with Alberta Figari indicated for the presidency and the reconfirmation of Pietro Labriola as CEO. The only unknown is the distribution of seats reserved for minorities between the two challenger lists, presented by Merlyn and Bluebell, who had both put forward alternative candidacies for both the presidency and the position of CEO.
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Tim, Vivendi abstains on the board of directors but does not give up the cause on the network
Report card of Mukesh Ambani’s children has arrived, how is Jio’s quarterly performance, pass or fail?
– 2024-04-23 05:22:54
2024-04-23 05:22:54
New Delhi: Reliance Jio Infocomm, the telecom company of Reliance Industries, announced its fourth quarter results on Monday. The company’s profit has increased by 13.2%. This became possible due to the continuous increase in the number of customers. The company’s net profit for the January-March quarter increased to Rs 53.37 billion. It was Rs 47.16 billion in the same period last year.
Jio’s revenue from operations grew by about 11% during the quarter. It increased to Rs 259.59 billion. Whereas its total expenditure increased at a slightly slower pace by 10.2 percent. Three analysts had expected revenue to be between Rs 258 billion and Rs 261.29 billion, according to a Reuters report.
ARPU growth estimates
Jio’s average revenue per user (ARPU) and subscriber growth figures will be revealed along with parent company Reliance’s results. Five analysts estimate that Jio attracted 70 lakh to 14 million customers in the January-March period. This expands its customer base from 47.09 crore at the end of last year.
Big companies are avoiding increasing tariffs
According to five analysts, Jio’s ARPU is estimated to be between Rs 181-184. Its ARPU in the same quarter last year was Rs 178.8. In the last quarter it was Rs 181.7. This was more than Vodafone Idea, but less than Bharti Airtel. All three companies have refrained from increasing tariffs from 2021. Analysts estimate the next hike will occur in mid-2024, after the country’s general elections.
Last year, Jio had unveiled a 4G budget-friendly phone called Jio Bharat and a wireless broadband service called Jio AirFiber to boost the services.
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Four days of temporary unemployment at Volvo Car Ghent next week
Automotive
At car manufacturer Volvo Car Ghent, one of the largest industrial employers in Flanders, there will be four days of temporary unemployment next week. This is reported by the Belga news agency.
A majority of the approximately 6,500 workers are unemployed and some of the 650 white-collar workers also stay at home. The production lines are being adapted to the construction of an electric model and the “changed market demand” is also given as a reason.
The temporary unemployment is not a result of the disappointing demand for electric models that other brands are experiencing. Two weeks ago it became clear that sales of electric cars in Europe are experiencing a dip, partly because Germany has abolished a premium.
Mercedes-Benz saw sales of electric cars fall by 8 percent in the first quarter. Volkswagen also saw a decline of 3 percent. And Tesla is seeing declining sales figures for the first time since 2020 and wants to cut 14,000 jobs worldwide.
“Unparalleled sales figures”
But two electric models are being built in Ghent for the European market, the XC40 (recently renamed EX40) and the C40 (recently renamed EC40). And its European sales have not decreased since the beginning of this year. “On the contrary,” says René Aerts Jr. from Volvo Car Belux. There are “unprecedented sales figures” in the first months of 2024, which have made Volvo the third largest producer of electric cars in Europe, after BMW and Tesla.
“By being one of the first car manufacturers to opt for electrification and to develop the right models, Volvo proves that its strategy was the right one,” says Aerts. Volvo wants to achieve half of its global sales volume with electric vehicles by 2025. The last fuel engine must be sold by 2030.
But in the meantime, the factory has to adapt and that also led to temporary unemployment during the Easter holidays. The band has been largely silent for a total of 15 days this year.
Hybrid cars
Fewer electric vehicles will be built this year, mainly because the demand for hybrid cars remains very high. Both the XC40 and C40 are also available in hybrid variants. The factory is responding to this, it sounds.
In the long term, the arrival of the EX30 should anchor and even increase employment in Ghent. The factory is recruiting to further increase its production in the long term. Last year, 230,000 cars were built in Ghent, and next year there should be even more.
The temporary Volvo contracts will be extended by six months. For example, many temporary workers receive a temporary Volvo contract of 6 months, on the condition that they are positively evaluated. Recruitment continues for technical profiles and other shortage professions.
Volvo Car Ghent is one of the largest industrial employers in Flanders. There will also be temporary unemployment later this year to adapt the tire to the needs of the EX30.
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Four days of temporary unemployment at Volvo Car Ghent next week