Outlook: Ionica rings the changes
Friday 30 January 1998
Mr Playford's "visionary skills" are apparently better deployed seeking out international opportunities than rolling out its UK network which is where Ionica has the biggest challenge.
The harsh truth is that if it were not for his 6 per cent stake and the need to maintain employee morale, Mr Playford would probably have paid a heavier price yesterday for Ionica's disastrous stock market debut.
The appointment of an experienced telecoms hand in Michael Biden as chief executive bodes better and suggests that Ionica has at last twigged it is in business to offer a service, not play with its science set.
But the challenges remain daunting. Ionica has still to renegotiate its banking covenants, hope that Oftel does not mind it missing its roll-out obligations by a mile and then pray that the software upgrade, the source of its current travails, arrives on time and works. If it passes all those tests it will still be in hock to Nortel, which looks like providing the finance for the remainder of the network roll-out. Its biggest shareholders are locked in. But how long before Nortel makes them an offer they can't refuse?
- 1 Michael Douglas regrets 'embarrassing' Catherine Zeta-Jones with oral sex comments
- 2 Should Apple buy Greece?
- 3 Drummer Lee Rigby's family reject 'extremist' groups using Woolwich murder for political gain
- 4 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 5 Lionel Richie at Glastonbury 2015, review: Like the anti-Kanye he delights in audience engagement
Drummer Lee Rigby's family reject 'extremist' groups using Woolwich murder for political gain
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
Dutch city of Utrecht to experiment with a universal, unconditional 'basic income'
Tunisia hotel shooting video: Dramatic footage appears to show gunman Seifeddine Rezgui running on Sousse beach
Fox News anchor asks 'what's to prevent' three people from marrying after same-sex marriage legalised
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Austerity is essential if Britain wants to reduce inequality – why can't the left-wingers who march against it realise this?
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Extend Right To Buy to tenants of private landlords, Labour's Jeremy Corbyn says
David Cameron struck double blow in his hopes to win Britain a new EU deal
iJobs Money & Business
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...
Negotiable: Recruitment Genius: This extremely successful and well-established...
Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...
Competitive (Freelance) : Guru Careers: An Investment Writer / Stock Picker is...