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☆ Fujitsu admits it should compensate postal workers whose lives were ruined by its faulty software
▼ + stars: | 2024-01-16 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Japanese technology company Fujitsu has a “moral obligation” to compensate the victims of Britain’s Post Office scandal, the boss of its European arm said Tuesday. “We did have bugs and errors in the system and we did help the Post Office in their prosecutions of the sub-postmasters,” Peter Patterson, Fujitsu’s director for Europe, said Tuesday. “I think there is a moral obligation for the company to contribute,” Patterson told UK lawmakers during a public hearing. Nick Read, CEO of the Post Office, who also addressed lawmakers Tuesday, said he was “committed” to abandoning Horizon. The corporation still uses the IT system, but in a newer iteration than the one involved in the scandal.

Persons: —, “, ” Peter Patterson, ” Patterson, Patterson, ”, Rishi Sunak, Nick Read, ” Read Organizations: London CNN, Fujitsu, Britain’s Post, Office, Post, CNN, Post Office, British Locations: Britain’s, Europe, ”

Read said the Post Office has drastically changed over the past few years and has earmarked around a billion pounds ($1.3 billion) for compensation. He also confirmed it would not pursue any further prosecutions and that it is actively looking to replace the much-altered Horizon system in its branches. The Post Office maintained that Horizon was reliable and accused branch managers of dishonesty. The number of victims is not fully known, and it emerged Tuesday that hundreds more may have been financially affected by the faulty computer system. A group of postal workers took legal action against the Post Office in 2016.

Persons: Paul Patterson, “, ”, Patterson, Nick Read, Read, Rishi Sunak, Mr, Bates, Alan Bates, Toby Jones, “ It’s, Jo Hamilton, Neil Hudgell Organizations: Fujitsu, Fujitsu Ltd, Post, Post Office, Parliament's Business, Trade, Court, ITV Locations: Europe, Japan, London

Vodafone and CK Hutchison, which owns the Three UK mobile network, agreed to merge their U.K. businesses, following talks that have been ongoing since last year, the companies said Wednesday. Vodafone will own 51% of the combined business, leaving CK Hutchison the minority stake. "This long-awaited mega merger represents the biggest shake-up in the UK mobile market for over a decade," Kester Mann, director for consumer and connectivity at CCS Insight said in emailed comments. Current Vodafone UK CEO Ahmed Essam will lead the new enterprise, while the present Three UK Chief Financial Officer (CFO) Darren Purkis will assume the CFO position at the merged business. BT acquired EE in 2016, while Telefonica and Liberty Global launched Virgin Media O2 in 2021.

Persons: CK Hutchison, Kester Mann, Ahmed Essam, Darren Purkis, Nick Read, Margherita Della Valle Organizations: Vodafone, CK, CK Hutchison, Insight, BT, Virgin Media O2, EE, O2, Telefonica, Liberty Global, Markets Authority, CMA, Activision Blizzard

[1/2] Vodafone Group CEO Margherita Della Valle poses in this undated handout picture obtained by Reuters on May 16, 2023. "For Vodafone this transaction is a game changer in our home market," Della Valle, a 29-year company veteran, told reporters. That is likely to take time, but Kester Mann, a director at CCS Insight, said the British announcement would give Della Valle a boost. "She has shown clear intent to make changes at Vodafone as she bids to turn the embattled company's performance around," he said. "Securing approval for a tie-up with (Hutchison's) Three would be a major boost to her early tenure."

Persons: Margherita Della Valle, Della Valle, CK Hutchison, Nick Read, Kester Mann, Kate Holton, Sinead Cruise, Emelia Sithole Organizations: Vodafone, Reuters, Handout, REUTERS, HK, CCS Insight, Thomson Locations: Britain, Hong Kong, Germany, Spain, Italy, British

Within weeks, Della Valle gave them a stark assessment of the problems Vodafone faces. Complicating matters is an investor base with conflicting demands, concerns about Vodafone's dividend outlook and a workforce reeling from the deep job cuts. While many observers in and outside the company had expected a fresh face, Della Valle won over the board. Vodafone's shares are trading at lows last seen in 2002, largely due to a cut to free cash flow forecasts. That may not sit well with Vodafone's other key investors - French telecoms billionaire Xavier Niel, who competes with it in Italy, and Liberty Global, its partner in the Netherlands.

The job cuts are the biggest in the history of Vodafone, which employs 90,000 people directly across Europe and Africa. Della Valle was given a mandate to turn Vodafone around when she permanently took on the top job from the role of CFO last month. Della Valle started cutting jobs when she took the helm at the start of the year, targeting Vodafone's central operations in London. Della Valle said the European telecoms market had long delivered a poor return on the capital invested in networks, but Vodafone's relative performance had worsened over time. "It will take as long as it takes to get a good deal," Della Valle told reporters.

☆ Vodafone's new boss to cut 11,000 jobs as cash flow to fall
▼ + stars: | 2023-05-16 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Della Valle said Germany, Vodafone's biggest market, was underperforming, while Spain, which has suffered cut-throat competition in recent years, was under strategic review. Underscoring the pressures on the business, Vodafone said it would generate 3.3 billion euros ($3.6 billion) of cash this financial year, down from 4.8 billion euros in the year to end-March 2023. Analysts had expected 3.6 billion euros. For the year to end-March, pressures in Germany and higher energy costs resulted in a 1.3% decline in Vodafone's group core earnings to 14.7 billion euros, missing its own guidance. Vodafone has already started to cut jobs in its big markets, shedding 1,000 in Italy earlier this year, while a media report said it was looking to cut around 1,300 in Germany.

☆ Kyrgios pulls out of French Open to delay comeback
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Nick Kyrgios has pulled out of the French Open starting later this month, further delaying his return to competitive action following knee surgery at the start of the year, the French Tennis Federation (FFT) said. But pain in his knee forced him to withdraw from the Japan Open and he pulled out of his home major, the Australian Open, in January to have surgery. "We're trying everything we can to have Nick ready on court as soon as possible," Horsfall added. Kyrgios was set to play an exhibition match against Holger Rune in Denmark next week but apologised to fans on Instagram. The French Open, the second Grand Slam of the season, runs from May 28-June 11.

☆ Vodafone shares drop 4% after record 11,000 jobs cut as CEO says telco 'must change'
▼ + stars: | 2023-05-16 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Vodafone announced plans to cut 11,000 jobs as part of a turnaround plan from the company's newly-appointed CEO Margherita Della Valle. Vodafone shares fell as much as 4% on Tuesday, after the British telecommunications firm announced plans to slash a record number of jobs and forecast a drop in free cash flow. To consistently deliver, Vodafone must change," recently appointed CEO Margherita Della Valle said in a candid statement on Tuesday. Vodafone reported 45.7 billion euros ($49.7 billion) in revenues for its fiscal year ended March 31, 2023, roughly unchanged versus the previous year. "What is going to change is the level of ambition, speed, [and] decisiveness of execution," Della Valle said in a recorded video on Tuesday.

☆ Vodafone reports Q3 slowdown, hit by Germany, Italy and Spain
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 1 (Reuters) - Vodafone (VOD.L) reported a slowdown in its group service revenue growth to 1.8% in the third quarter from 2.5% in the second, driven by declines in Germany, Italy and Spain. The mobile and broadband operator reported a worsening performance in Germany, it biggest market, with a fall of 1.8% in service revenue, reflecting customer losses after it was badly prepared for past changes in legislation. Intense competition in Italy and Spain also continued to hurt, reflected in falls of 3.3% and 8.7% respectively. Britain, however, continued to perform strongly, with a rise of 5.3% driven by good customer growth and price increases. Reporting by Paul Sandle; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Vodafone travails require more than caretaker CEO
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 1 (Reuters Breakingviews) - Vodafone (VOD.L) needs more than an interim chief executive to dig itself out of its current funk. Sales fell 1.8% in Germany in the quarter ending December, which accounts for more than 30% of the group’s overall revenue. Della Valle is accelerating the group’s 1 billion euros cost-cutting plan, and implementing her predecessor’s decisions. But an interim CEO cannot take strategic decisions, such as whether or not to sell the Italian unit eyed by France’s Iliad - whose owner Xavier Niel has taken a 2.5% stake in Vodafone. Vodafone needs a permanent CEO.

☆ Bank of America upgrades Vodafone, sees stock rising by nearly 50%
▼ + stars: | 2023-01-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Vodafone 's stock price hit a 25-year low this month — but sentiment may be turning around. Bank of America analysts upgraded the U.K. company's stock to "buy" on Thursday, saying they expect shares to rise by 42% to £1.31 ($1.60) over the next 12 months. VOD 5Y line Despite this optimism, BofA's analysts believe Vodafone will still need to cut dividends by 30% to keep the balance sheet sustainable. Vantage Towers , previously a wholly owned subsidiary of Vodafone, owns 68,000 sites and was spun off from Vodafone in July 2020. Vodafone's London-listed shares are seen rising by 32% to £1.22 over the next 12 months.

☆ Stocks making the biggest moves premarket: Goldman, Pfizer, Cheesecake Factory, Alibaba and more
▼ + stars: | 2023-01-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Goldman Sachs — The bank slid more than 2% after reporting earnings-per-share and revenue that missed Wall Street estimates Tuesday. Morgan Stanley — Morgan Stanley's earnings topped Wall Street expectations Tuesday, thanks, in part to record wealth management revenue. Global Payments — Morgan Stanley upgraded Global Payments to overweight from equal weight on Tuesday, citing a more favorable competitive backdrop and attractive valuation, among other things. Church & Dwight — Morgan Stanley upgraded the consumer goods maker to overweight from equal weight and boosted its price target to $91 from $82. Alibaba — Activist investor Ryan Cohen built a stake in the Chinese e-commerce giant, according to the Wall Street Journal.

☆ Vodafone plans hundreds of job cuts in cost-saving measures - FT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - Vodafone Group Plc (VOD.L) is planning to shed several hundred jobs, most of which are located at its London headquarters, the Financial Times reported on Friday, citing people briefed on the discussions. The report follows Vodafone's November announcement of cost-saving measures worth 1 billion euros ($1.08 billion) in the wake of a deteriorating market outlook. Earlier this week, Vodafone agreed to the sale of its business in Hungary to local IT company 4iG and the Hungarian state for a total of 1.7 billion euros ($1.82 billion) in cash, a deal that was first announced in August last year. Vodafone did not immediately respond to a Reuters' request for comment. ($1 = 0.9225 euros)Reporting by Lavanya Ahire in Bengaluru; Editing by Eileen Soreng and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Vodafone to receive $1.8 bln from sale of Hungarian unit
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Sells Hungarian unit to 4iG and Hungarian stateLONDON, Jan 9 (Reuters) - British telecom group Vodafone (VOD.L) said it had agreed the sale of its Hungarian business to local IT company 4iG and the Hungarian state, and would receive a total cash consideration of 1.7 billion euros ($1.82 billion) from the deal. Vodafone said on Monday that the proceeds from the sale would be used to pay down debt. Under Read, Vodafone, once one of the biggest mobile operators in the world, has been selling assets to focus on its core European and Africa operations. The group's interim chief executive Margherita Della Valle said in a statement that the Hungarian disposal would increase competition and accelerate competition in Hungary. Under the plan, 4iG will hold a majority 51% stake while the Hungarian state will hold 49%.

☆ Vodafone CEO Nick Read to step down
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: 1 min

Britain's Vodafone Group said on Monday that Chief Executive Nick Read would step down at the end of this year and be replaced on an interim basis by finance chief Margherita Della Valle. During his four years in charge, Read led the mobile group through the pandemic, sold assets to increase its focus on Europe and Africa, and spun out its towers infrastructure into a separate unit. Despite the changes its shares had remained in the doldrums and the group cut its full-year outlook last month. "I agreed with the board that now is the right moment to hand over to a new leader who can build on Vodafone's strengths and capture the significant opportunities ahead," he said in a statement.

☆ Morning Bid: China reopening as volatility ebbs
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +4 min

What's more, Wall Street's 'fear index' is showing little if any trepidation about the final month of the year. Even though it backed up a bit today, the VIX index of implied S&P500 volatility (.VIX) closed at its lowest in 8 months on Friday. Morgan Stanley updated its China equity recommendation to overweight, citing "multiple positive developments alongside a clear path set towards reopening." China's yuan , surged past 7 to the dollar in onshore and offshore markets - its best levels in almost three months. The China re-opening optimism buoyed the oil price even as OPEC+ nations at the weekend held their targets steady despite last week's market speculation of another output cut.

☆ Vodafone and Altice launch 7 bln euro German broadband company
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 17 (Reuters) - Vodafone (VOD.L) and Altice launched a joint venture on Monday to challenge Deutsche Telekom (DTEGn.DE) by building a 7 billion euro ($6.8 billion) fibre broadband network in Germany. Vodafone said the FibreCo venture would build a "fibre-to-the-home" broadband network available to 7 million German homes, allowing Britain-based Vodafone to upgrade its existing network in Germany, its biggest market. Register now for FREE unlimited access to Reuters.com RegisterConstruction will be contracted to Altice subsidiary Geodesia, with Vodafone Germany responsible for marketing the faster broadband to new customers. Vodafone said it would receive cash proceeds from Altice of up to 1.2 billion euros, which would exceed its equity contributions to the joint venture over time. Altice is the Amsterdam-based holding company bundling the assets of Franco-Israeli cable magnate Patrick Drahi.

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