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"But it's still at least £600M in costs, if accepted. All this is reported as "according to a source", pending a formal announcement later this week."

It's already been provisioned for, so irrelevant in the scheme of things.

"Every four years or so, the amount of crypto that miners receive for solving the algorithmic problems that allow them to record transactions on the blockchain is halved. Every time this has happened, it triggered a parabolic rally. Every successive peak was higher than the last, and when a new peak was put in place, prices never revisited the lows again.

But it’s more than a historical curiosity. It means that, no matter how late you were in the previous cycle, even if you bought at the very peak, as long as you waited four years, you always made money. And of course, every halving has had a smaller upside impact on the price too. If we drop below $19,511 now (or so, exact figures vary by exchange) -- little over 10 percentage points from where we are now -- that will no longer be true.

And that could seriously damage the investment case for Bitcoin, which relies on its ability to make money as its primary means of attracting capital and keeping the cycle going."

https://www.bnnbloomberg.ca/there-s-something-different-about-this-bitcoin-drawdown-1.1778237

Well the BT Strike Ballot letters are due to be sent out on Wednesday, with the ballot closing on the 30th June. The Union are putting out video's on youtube, trying to generate support from members, also drumming up support by encouraging motivated members to canvas their collegues to back strike action. I notice that the CWU have turned off general comments, I wonder why?

https://www.youtube.com/watch?v=dlqHGrNCNEI

Some of the commentary is quite inflamatory, and disingenuous in my opinion; The commentary, i refer to, mentions the dividends for shareholders, with Deutsch Telekom and Patrick Drahi's percentages singled out, but no mention of the many small shareholders who may rely on dividend income to supplement their pensions.
I retired last September, on a Final salary pension. Because I officially retired half way through the year I only recieved a pay increase of just over 2%; Looking at the breakdown of my pension, the maximum pay increase I could recieve is capped at around 4.2%, with my pension from April 2006 capped at 2.5% bringing down the average overall cap of 5%. Going forward, the maximum pay increases I could expect is capped at 4.2% annually, no matter what. Massive pay increases across industry now, leading to an inflationary wage/price spiral, will eventually plunge pensioners capped at a maximum rate into poverty. It isn't just pensioners who'll suffer in a wage/price inflationary environment, anyone with a mortgage could face crippling increases in Mortgage interest rates, as the BOE raises interest rates to hold off hyperinflation. Big pay rises now, could have massive repercussions across the board, and quite rapidly too, my guess is that the BOE can raise interest rates faster than Unions can force pay rises. If the CWU succeed in achieving a 10% pay rise, every other company will be faced with similar demands. I would guess the Unions are well aware of the the economics of wage/price spirals, but how will they help the younger members seeing their mortgage repayments triple, or quadruple, as interest rates are increased to stave off inflation?

"Any ideas why the steady drip south ?"

BT's share price has taken a knock since the start of this month, probably due to the CityFibre Debt raise articles.

https://www.ispreview.co.uk/index.php/2022/06/cityfibre-sign-gbp4-9bn-debt-raise-to-boost-uk-full-fibre-rollout.html#respond

Every time CityFibre articles, like this, are released, the market punishes BT's share price, you can pretty much count on it.
I'm not sure if OFCOM have officially regulated Openreach not to overbuild Altnets, or Openreach have decided themselves, but I get the impression that Openreach are avoiding overbuilding Altnet areas. I live in Bolton, and I can see that CityFibre have been laying Fibre in the area; I noticed a small CityFibre cherrypicker working on a BT pole this morning, so it appears that they've laid their own Fibre, but using Openreach poles to provide the premise connections. Virgin Media also provide service, so CityFibre are overbuilding VM in the area.
Openreach are building faster and cheaper than all the others, and will receive some PIA income in many locations from Altnets utilising their infrastructure.

"Thanks to our engineers and network partners that are using the latest innovations in tools and processes, we’re rolling it out at low cost and at an unrivalled pace. In total we’ve now passed over 7m homes and businesses, including over 2m in rural areas. And every quarter our build rate improves – with the fourth quarter of FY22 being our best yet. Right now, our engineers are building to over 50,000 homes and businesses every week. That’s nearly 300 an hour – faster than every other major fibre builder combined. And we’re doing it at lower cost. Because of productivity improvements, earlier this year we announced our expected build cost per premises was £50 (c. 15% on average) lower than we initially planned."

https://www.bt.com/bt-plc/assets/documents/investors/financial-reporting-and-news/annual-reports/2022/2022-bt-annual-report.pdf

I don't understand the business case for many of the Altnets, since they'll eventually have to compete directly with Openreach/BT, and the incumbant has the scale to undercut all its rivals. BT might have debt, but much of their build is financed through existing earnings, and they're on target to make cost savings of £2 Billion annually by the end of 2024. The debt CityFibre and others are accumulating, will be difficult to pay back unless they successfully grow significant customer bases.

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