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To: TobagoJack who wrote (24684)	10/29/2002 2:11:42 AM
From: elmatador	Respond to of 74559

Qwest plans to write down assets by $35bn (Caramba! And they wrote the bubble have been purged already!!) By Peter Thal Larsen in New York Published: October 29 2002 0:50 \| Last Updated: October 29 2002 0:50 Qwest on Monday revealed plans to write down the value of its assets by almost $35bn as the troubled telecommunications group cleans up its financial statements following the collapse of the telecoms bubble. The company expects to write down the value of goodwill on its balance sheet by $24bn after the precipitous fall of telecoms valuations. Qwest has also concluded that its network assets - including its local telephone and long-distance fibre networks - are worth $10.8bn less than currently implied by the company's balance sheet. The restatement, which was announced two days before Qwest is due to report its earnings, comes as the company continues to grapple with the fall-out of an accounting scandal that forced its chief executive to resign and has left its shares trading at a fraction of their value at the height of the bubble. Qwest said that, in consultation with KPMG, its new auditors, it had decided to defer $531m of revenue recognised in previous years related to the sale of telecoms capacity. The company has previously reversed $950m of revenues related to controversial capacity "swaps" which were designed artificially to boost reported revenues. Additionally, in the latest of a series of adjustments to previously reported results, Qwest also wrote off $120m of revenues which had been booked by its wireless division in 2000 and 2001. The revenues were adjusted to reflect "the impact of certain promotional campaigns", the company said. The latest charges and restatements are likely to be largely ignored by investors, who have already discounted the value of Qwest's assets. However, they may offer further evidence for investigators at the Securities and Exchange Commission and the Department of Justice who have been examining whether Qwest's accounting was designed deliberately to mislead investors. Dick Notebaert, the chief executive who took over from Joe Nacchio earlier this year, has moved quickly to ease concerns over the company's liquidity position. In August, Qwest set aside worries that it might be forced into bankruptcy when it sold its telephone directories to a consortium of private equity groups for $7bn. However, Qwest said on Monday it would not yet be able fully to restate its results for 2000 and 2001 because KPMG would first have to re-audit its financial statements for those periods. The company's previous auditor, Andersen, was forced to resign amid the controversy over the accounting scandal.

To: TobagoJack who wrote (24684)	10/29/2002 2:19:16 AM
From: elmatador	Read Replies (1) \| Respond to of 74559

The high paid jobs of Sweden's Volvo and Scania are subsidized by the Brazilian who make the gear boxes and transmission. So the cushy jobs at Philips NV in Holland are subsidized by the people who toils for a low wages in foreign countries. If you earn high enough? You can't have the privilege of subsiding the fat cat employee in the mother country. The employees of the developed countries when they saw their jobs being exported, they said the foreign countries employed children didn't offer 36 days of holidays, didn't allow for one week sick leave had you been sick or not and other perks. But I think they've got tired of that and just go to the malls and buy good cheap stuff made abroad..