The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
TEL AVIV, May 28 (Reuters) - Israel's largest mobile phone operator Cellcom swung to a loss in the first quarter, it said on Tuesday, blaming intense competition and price erosion in cellular services.
CEO Nir Sztern said the company has been able to expand activities in fixed-line services, but the "intensity of the competition in the cellular segment continues to have a negative impact on the results of this segment."
Cellcom reported a net loss of 16 million shekels ($4.4 million) for the quarter, in line with a Reuters poll forecast and compared with a net profit of 7 million a year earlier.
Revenue slipped 0.5% to 928 million shekels, but beat a Reuters poll forecast of 907 million shekels.
Israel's mobile phone industry was shaken up in 2012 with the entry of a host of new operators, sparking a price war that led to steep drops in subscribers, revenue and profit for Cellcom and other incumbents.
Last year Cellcom agreed to buy 70% of the Israel Broadband Co (IBC), which has exclusive rights to deploy fiber optics over infrastructure belonging to state-owned Israel Electric Corp. This month it signed a deal with Netflix to distribute the entertainment service on its Cellcom TV platform.
It expects 750,000 households will have access to its fiber network by the end of 2022.
Cellcom's mobile subscriber base gained 1.1% from a year ago to 2.853 million, but revenue per subscriber fell 9% in the first quarter.
Cellcom launched a lower-cost internet-based TV service in 2015 that it says had attracted 227,000 subscribers by the end of the first quarter, up 23.4% from a year earlier. It also has 278,000 customers for its internet services, an 18.3% rise from a year ago.
Sztern said he also hopes an agreement reached with Cellcom's workers' union in the quarter will reduce expenses and have a "positive cumulative effect of approximately 54 million shekels on the company's adjusted EBITDA for the years 2019-2020 compared with the previous collective agreement." ($1 = 3.6074 shekels) (Reporting by Ari Rabinovitch; Editing by Steven Scheer and Susan Fenton)