Telecom Italia: The Bernabe way

Franco Bernabe has woken Telecom Italia up to its cash squeeze. In cutting the group’s generous dividend by more than 40%, as well as saying the group’s flat E13bn revenues last year were a taste of things to come, the Italian telecoms group’s returning boss has closed the door on the Tronchetti era with a bang. That’s sent TI shares even further into the mire. But Bernabe looks wise to get the bad news out of the way while he’s still in a period of grace. Bernabe appears to have had more reaso...