The Vancouver, British Columbia-based telecom Telus Corp. behemoth began 2002 with a weak share price, trying its best to cope in an industry plagued by bankruptcies and billion-dollar losses. In early June, regulators issued the first of three rulings that sucked an estimated $320 million out of the company. Soon after, management moved to eliminate 6,000 jobs, 25% of the workforce. Then Moody's slashed the company's debt to junk status, causing the share price to plummet in late July to an all-time low of $5.76. By the time Telus president and chief executive officer Darren Entwistle met with 'Canadian Business' in early November to discuss the company's plight, there were hopeful signs that the worst was over. Life has been frustrating for Entwistle since he left his former company, Cable & Wireless in Great Britain, and took the top job at Telus on July 10, 2000. At Cable & Wireless, Entwistle was the point man for the largest telecom merger in British history, a four-way deal involving cable and telephone companies. The Canadian Radio-television and Telecommunications Commission (CRTC), which denied Telus the ability to raise local rates and gave competitors cheaper access to its network, takes costs into consideration when deciding how much an incumbent phone company can charge consumers and resellers. Telus reported a 6.9% return on common equity in 2001, compared with 24.5% for SBC Communications and 25.8% for Verizon Communications. It took on substantial debt in the acquisition of Clearnet, leading to the Moody's downgrade. However, Entwistle points out that three other debt-rating agencies, Standard & Poor's, DBRS and Fitch, have retained investment-grade ratings of Telus. Significantly, Entwistle reports that several of the company's major capital programs are coming to a conclusion. So far, some $400 million in operating and capital efficiencies have been realized, and Entwistle predicts Telus Mobility will be cash flow positive in 2003.