Verizon also pushed through a huge charge associated with employee benefits, prompting net income to halve to just under $12bn. Revenues rose 5% to $127.08bn. At the end of the year, the group had 108.

the network bounced back with a new appointment to Verizon's huge US telecoms account. It will join the roster for undisclosed duties, working alongside McGarryBowen (which handles Verizon's mobile service)

Lowell McAdam, CEO of US telecoms giant Verizon, flatly denied a story issued by Bloomberg News that his company had made an approach to acquire struggling internet pioneer AOL. However he did acknowledge