Vodafone cuts 11,000 jobs as share price hits 20-year low – biggest job cuts in company history

VODAFONE is cutting 11,000 jobs over the next three years after its new boss said the firm’s performance was “not good enough”.

Margarita Della Valle was promoted to the top job last month and yesterday outlined her strategy to turn phone with difficulty company around.

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The restructuring involves cutting about 12 percent of the telco’s 90,000 employees worldwide – the biggest job cuts in its history.

While declining to say how many of the firm’s 9,000 UK jobs would be at risk, Ms Della Valle suggested there would be major cuts to its London global headquarters.

The company has already cut 2,300 jobs this year as it looks to downsize expenses.

Investors were not impressed by the lack of financial projections and sent FTSE 100 The company’s shares fell nine percent to their lowest level since 2002.

Vodafone said its cash flow would be £2.8bn, below forecasts of £3.1bn after legal changes to Germany had an effect on the time that the cable television the bills are paid.

Ms. Della Valle, who took over after Nick Reid was ousted last year, said Vodafone had to make “significant changes”.

She added: “The steps we have taken over the last few years have been too incremental. We have to be a lot deeper and faster in execution today.”

It is already under pressure from activist investors, including rivals US telecoms group Liberty Global, French mobile tycoon Xavier Niel and UAE-based E&.

Paolo Pescatore from PP Foresight, said: “The CEO is screwing the nuts. Ultimately, compared to its predecessor, it now has to deliver and deliver.

“This is the start of a long and painful journey for Vodafone.”

Vodafone, which has raised customer bills by four per cent this year, says it needs to invest more in its 5G rollout.

It talks about merger talks with a mobile competitor Three were a “progression” that would help share the pain of investment costs.

Britain’s competition regulator told MPs yesterday that it would not scrutinize the deal’s impact on jobs.

PEOPLE CBI PERSON

Hit scandal CBI hired a new human resources chief to rebuild trust after the rape allegations.

boss Rayne Newton-Smith said the lobbying group had hired Elizabeth Wallace to help it “recover from the challenges of recent weeks.”

Meanwhile, the British Chamber of Commerce aims to become the new voice of business.

Bank of England Governor Andrew Bailey and Work the leader Sir Keir Starmer to speak today at the annual conference.

BUCHUM AT THE END

BOOHOO admitted that quarantine the online shopping boom has stalled after losing nearly two million customers in a year.

Online fashion site the loss was £90.7m, compared with a profit of £7.8m last year, after sales fell 11 per cent to £1.76bn.

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The retailer actively developed by acquiring, among other things, large streets DebenhamsKaren Millen and Dorothy Perkins.

however, Sean McCabechief financial officer, fired a Chinese fast fashion competitor SheinThere are plans to open 30 pop-up shops as a “marketing tool”.

Mr McCabe said Boohoo was now racing to lower prices for shoppers by “unlocking deflation” due to falling freight, cotton and polyester costs.

According to him, the retailer will “increase prices” for T-shirts and dresses.

CMA DEFENDS DEAL VETO

The boss of Britain’s competition regulator denied he was “doing the bidding” of his US counterpart when he blocked Microsoftmerger with Activision Blizzard.

The Competition and Markets Authority’s veto sparked a backlash from Microsoft and game a firm that accused the UK of being “closed for business”.

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The EU competition regulator approved the deal this week.

The move prompted Activision boss Bobby Kotick to name the company producing A sense of duty series, plans to “significantly increase our investment and workforce across the EU”.

Sarah Cordellchief executive of the CMA, yesterday defended his rejection of the deal, saying the merger “would not represent free and fair competition”.

She also told MPs that US regulators – the Federal Trade Commission – are still suing to block the deal.

But Ms Cardell denied that US views on the merger had influenced the UK. She said: “We absolutely do not make offers from other agencies.”

The regulator’s chairman, Markus Boekerink, also rejected suggestions that blocking the merger would damage Britain’s reputation.

He also said there was a difference between making the UK attractive to early-stage technology firms – promoting growth – and deals that brought together “well-established firms with well-established positions”.

BIG JUMP TO THE PUMPS

Then heat pumps for houses should become cheaper Octopus energy and Legal & General announced a £70m investment in the manufacturer.

Cornwall-based Kensa will be able to install 50,000 a year after the upgrade, which will also create 7,000 jobs by 2030.

Pumps that absorb heat from the ground are more efficient than gas boilers, but still require significant initial costs.

The government wants 600,000 a year by 2028.

“WE HAVE CONTROL OVER CHI”

The owner ChatGPT said that his artificial intelligence will “completely automate some jobs.”

Sam Altman, executive director of the parent company OpenAIfaced resentment from the US Senate over the rapid development of technology.

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Mr. Altman said it was important to see ChatGPT “as a tool that people have a lot of control over.”

Regulators and the industry are increasingly concerned that the technology’s impact on the economy and culture – including fake music – may be understood too late.

In an unusual position for the head of a tech firm, Mr Altman told US lawmakers that he wanted the regulatory agency to have the power to grant licenses to artificial intelligence companies – and take them away.

The OpenAI boss was also keen to highlight the benefits of artificial intelligence, saying the technology “has the potential to find a cure for cancer”.