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Telkom shares rise, to cut staff

Companies

Johannesburg - Shares of Telkom SA gain more than 5 percent after the landline provider says it urgently needs more cost cuts.

Its new chief executive Sipho Maseko has initiated a turnaround plan that would include lay-offs and cutting bottled water to staff.

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091010 Telkom is before the Competiton Tribunal on Monday - fighting against the Internet Solutions charges that were referred by the competition commission last year .photo by Simphiwe Mbokazi 7

Telkom's shares are up 5.3 percent at 33.92 rand, bringing total gains this year to more than 20 percent. - Reuters

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