Southern telecom inc

This was in breach of Telecom's Kiwishare Agreement where residential customers are allowed free local calling. The decade was rounded off with Theresa Gattung being appointed new CEO of Telecom, with Rod Deane moving to the position of chairman.[citation needed]2000sThe original Telecom logoIn 2000, Xtra signed up its 300,000th customer.[citation needed] Telecom also raised its shareholding in AAPT to 100%.[citation needed]Evidence emerged in early 2002 of Telecom having exploited an ill-considered, or fraudulently made to order, accounting standard (FRS38) to inflate its year 2001 reported profit by some $263 million.[14] This standard required holding companies to incorporate profits and losses of associate companies into their group accounts by way of "equity accounting" except when the associate is insolvent. Being insolvent has been wrongly taken as substantial evidence that the holding company will no longer share in the associates profits and losses. The associate company Southern Cross Cables paid Telecom $263 million in dividends as per (note 2 of) Telecom's 2001 annual accounts,[15] $US200m as per Southern Cross's annual accounts.[16] Southern Cross opened for (limited) business in November 2000 and its income from operations to 30 June 2001 was only $US13 million ($US55 million for the 2002 year). Southern Cross were insolvent to the extent of $US24 million as at 30 June 2000 and this increased to $US280 million as at June 2001 as a result of the dividends and other (net) expenses ($328 million in 2002). The dividends were treated as income in Telecom's accounts there being nothing in FRS

First mobile network to compete with Telecom.[citation needed]Clear Communications reached an agreement with Telecom in 1995 on local service interconnection. Also in 1995, Telecom created First Media Ltd to develop a cable television network across Auckland and Wellington, called First TV. In 1996 Telecom established a telephone exchange in the United States for international traffic, and launched Xtra.[citation needed]1997 saw Telecom buy back NZ$1 billion of its shares. The following year, Ameritech sold down its 24.8% shareholding in an international public offering, and Bell Atlantic issued exchangeable notes that were convertible into the Telecom shares that it owned.In December 1997[11] Patricia Reddy was appointed to the Telecom board. She remained on it until 2008.[12] In September 2016 as Dame Patsy Reddy she became the Governor General of New Zealand.[citation needed]In 1998, Southern Cross Cables Limited (half owned by Telecom) announced plans to build a fibre-optic cable linking New Zealand with Australia and North America.Vodafone Group bought BellSouth and started a campaign to attract Telecom customers to its network. [13]In 1999, Telecom established a presence in Australia, buying 78% of AAPT, Australia's third-largest telecommunications company. Telecom upgraded its nationwide payphone network to smart card technology. Telecom's broadband Internet service based on ADSL technology, called JetStream, was launched and rolled-out progressively in local exchanges. Also at this time, Telecom began charging customers who connected to the Internet using a local dial up number, forcing all ISPs in New Zealand to change to an 0867 dial up number. This resulted in complaints that

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