mums and dads behind me ... sol

Hmmm ... you're kidding me right Sol ???

TLS market cap has karked nearly $7billion since you hit town chum and you reckon shareholders are with you.

I sniff a big golden goodbye coming up soon ...


Mum and dad shareholders behind me: Telstra chief
ABC News Online
Sunday 20 November 2005

Telstra chief executive Sol Trujillo is stepping up pressure on the Government over regulation, saying mum and dad shareholders will support his calls.

Telstra is calling for changes to regulation as part of its turnaround strategy, which includes a $10 billion investment in a fibre optic network and the slashing of 12,000 jobs.

Telstra's share price slumped on news of the strategy, and Treasurer Peter Costello has called for the company to concentrate on improving shareholder value instead of fighting the regulatory rules.

But Mr Trujillo has told the ABC's Inside Business program, Telstra's 1.6 million ordinary shareholders will back his campaign.

"They do care about their investment, and they want to be treated fairly," he said.

"They don't want to see a government official, a regulator, a whoever, saying let's take Telstra's value that they create, and send it to Singapore to a company that somebody has decided well we ought to help them out.

"Let the market work, let companies compete."

'Multiple years'

Mr Trujillo says he and his American team are likely to remain at the helm for several years.

Mr Trujillo denies he has taken the job to shake up Telstra in the short-term and says he wants to perform a transition with Telstra's business.

"That's why I'm here and you can't do that in a year, you can't do that in two years, it's going to take multiple years," he said.

"So I understand that, I think the people that I've asked to come understand that, but you can't do it with three or four people.

"There's well over 40,000 Australians that are associated with this company."

Rural concerns

The New South Wales Government says unemployment levels will rise significantly in regional areas if Telstra cuts jobs in rural centres.

Many workers in regional call centres are concerned they will be the first to go when Telstra slashes jobs.

The announcement has angered Regional Development Minister David Campbell, who claims hundreds will be left without jobs in towns where it is hard to get work.

He says poor communication systems in regional areas also makes it difficult to attract businesses to the bush.

"Of course while the NSW Government works very hard to encourage economic development and jobs growth in the bush, we see John Howard and the Nationals attacking country jobs through their desire to sell Telstra," he said.

The NSW Government says Telstra should look at improving its network in the bush before considering job losses at regional centres.

Mr Campbell says the situation will only get worse once the Federal Government sells Telstra.

"Strong telecommunications are important for country communities but it's also important for country economies, for businesses to be competitive they need access to strong telecommunications," he said.

"There's little doubt that once the National Party and John Howard sell Telstra that those telecommunication services for the bush will be harder to come by."
***************************************************************************

Cheers ... tight stops.


This is only my view ... read the red stuff.