The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
* Q4 loss 1.76 bln shekels vs 205 mln profit in Q4 2017
* Posts 1.68 bln shekel write-down on TV unit impairment
* Says in talks with regulator to deploy fibre optics network
* Sees 2019 net profit at 900 million to 1 billion shekels (Adds details, analyst comment)
JERUSALEM, March 27 (Reuters) - Bezeq Israel Telecom on Thursday reported a large fourth-quarter net loss, hurt by a write-down at its TV business, and said it would cancel its dividend policy and look at raising 2 billion shekels from investors.
Israel's largest telecoms group also said it was in talks with the communications ministry on deploying advanced services like fibre optics and 5G mobile networks. Bezeq has long been at odds with the regulator over a request to merge its three units into one company.
Such a move, it believes, would allow it to save money and offer an array of packages but the regulator has been of the view that Bezeq would use its market dominance to stifle competition.
"We are ready to invest huge sums of money for this purpose, and hope that the state will succeed in creating a clear, positive and equal regulatory framework," said Chairman Shlomo Rodav.
"Bezeq is the only company in Israel that is willing and capable of deploying fibre optics nationwide and provide everyone with ultra-fast internet."
Its main rivals, Cellcom and Partner Communications , are also in the process of deploying fibre networks but will likely not cover the whole country.
Bezeq lost 1.76 billion shekels ($485 million) in the final three months of 2018, compared with a 205 million profit a year earlier. Revenue slipped 5.4 percent to 2.33 billion shekels.
Bezeq, whose businesses were already facing fierce competition from rivals, said the loss stemmed from a write-down of 1.68 billion shekels -- 1.64 billion of it coming from an impairment of assets at TV unit YES.
The write-down comes after Israel's markets regulator said the company's subsidiaries were separate cash generating units and not a single entity, as Bezeq had sought.
PATH TO RECOVERY
Bezeq's bottom line was also hurt by a provision for the early retirement of staff.
Its shares were down 4 percent in morning Tel Aviv trading, close to a 21-year low hit last week after Bezeq had warned of the write-down.
"The path to recovery for Bezeqs shares seems longer than ever and we believe investors will want management to demonstrate that it can execute on its restructuring story before becoming more constructive," said Barclays analyst Tavy Rosner.
Bezeq forecast net profit in 2019 of 900 million to 1 billion shekels, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of 3.9 billion.
After cutting its bi-annual dividend to 70 percent of net profit from 100 percent in 2018, Bezeq said it was cancelling its dividend policy.
"The decision was made ... due to the impossibility of distributing a dividend as a result of the expected failure to meet the 'profit test' in the next two years," it said, adding this would not prevent dividend payouts from time to time.
Bezeq also said it was considering issuing new debt and raising up to 2 billion shekels in a rights offering to maintain the financial strength of the company.
($1 = 3.6312 shekels) (Additional reporting Ari Rabinovitch Editing by Jane Merriman and Emelia Sithole-Matarise)