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☆ Emperor Nero's lost theater unearthed in Rome, near the Vatican
▼ + stars: | 2023-07-28 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +3 min

Rome CNN —Ruins of a private theater belonging to the 1st century Roman Emperor Nero have been unearthed in the Italian capital just meters from the Vatican, in what experts are calling an “exceptional” find. Nero was the fifth Roman emperor, ruling between 54 and 68 AD. The site includes elegant marble columns, gold-leaf decorations and storage rooms with remnants of costumes and backdrops used in Nero’s theatrical productions. A double-faced Junus head, approximately dated to the 1st century A.D., is seen among other findings coming from the excavation of ancient Roman emperor Nero's theater. “Being able to dig in this built-up, historically rich area is so rare.”Archaeologists work on findings coming from the excavation site of the ancient Roman emperor Nero's theater.

Persons: Rome, Emperor Nero, Daniela Porro, Nero, Pliny the Elder, Nero's, Andrew Medichini, Rovere, Porro, ”, Di Mento, “, Porri Organizations: Rome CNN, St, Rome’s, CNN Locations: Peter’s, Conciliazione, St, Rome

REUTERS/Remo Casilli/File PhotoJuly 27 (Reuters) - The number of court cases related to climate change has more than doubled in five years as impacts ranging from shrinking water resources to dangerous heatwaves hit home for millions, a report said on Thursday. Some 2,180 climate-related lawsuits have been filed across 65 jurisdictions over the past five years, according to the report by the UN Environment Programme (UNEP) and New York's Columbia University, which tracks ongoing climate cases in a global database. Many cases involve claims based on accusations of corporate greenwashing or advocating for greater climate disclosures. Youth climate activists have already played a central role, with 34 cases brought forward on behalf of children, teens, and young adults. Litigation targeting the disruptive actions of climate activists is also on the rise, Tigre said.

Persons: Remo Casilli, Maria Antonia Tigre, Andrew Raine ,, Shell, Tigre, Gloria Dickie, Conor Humphries Organizations: della, REUTERS, UN, Programme, New York's Columbia University, Columbia's, European, of Human, Thomson Locations: Italy, Rome, New, United States, Brazil, Indonesia, Toronto

REUTERS/Remo Casilli/File PhotoJuly 27 (Reuters) - The number of court cases related to climate change has more than doubled in five years as impacts ranging from shrinking water resources to dangerous heatwaves hit home for millions, a report said on Thursday. Some 2,180 climate-related lawsuits have been filed across 65 jurisdictions over the past five years, according to the report by the UN Environment Programme (UNEP) and New York's Columbia University, which tracks ongoing climate cases in a global database. While the United States still dominates with more than 1,500 cases, other countries are seeing increases. About 17 percent of cases have been filed in developing countries, according to the report, with rainforest-rich Brazil and Indonesia among the countries seeing the most. Youth climate activists have already played a central role, with 34 cases brought forward on behalf of children, teens, and young adults.

☆ Vodafone takes 'first steps' in turnaround with top-line improvement
▼ + stars: | 2023-07-24 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

LONDON, July 24 (Reuters) - Vodafone (VOD.L) reported better top-line growth on Monday, driven by higher prices in Britain and improvements in Germany, Italy and Spain, marking a positive start for new Chief Executive Margherita Della Valle's turnaround plan. She said on Monday that organic service revenue had improved "across almost all of our markets", as it reported a 3.7% first-quarter rise. The decline in service revenue in Germany more than halved quarter-on-quarter to 1.3%, as price rises partially offset the impact of customer losses over the last 18 months. Growth in service revenue in Britain, where Vodafone announced the merger of its operation with Hutchison's rival network Three last month, accelerated to 5.7%, boosted by strong growth in consumer and price increases. In Italy, improved demand from businesses helped reduce the service revenue decline to 1.6%, from 2.7% in the previous quarter, it said, while Spain saw a smaller improvement to a decline of 3.0% from 3.7%.

Persons: Margherita Della Valle's, Luka Mucic, Della Valle, We've, Ahmed Essam, Paul Sandle, Kate Holton, Sharon Singleton Organizations: Vodafone, SAP, Thomson Locations: Britain, Germany, Italy, Spain

☆ Italy's luxury groups set aside rivalries to keep it local
▼ + stars: | 2023-07-14 | by ( Elisa Anzolin | ) www.reuters.com time to read: +5 min

SMALL MANUFACTURERS APLENTYItaly is home to thousands of small manufacturers that cover 50-55% of the global production of luxury clothing and leather goods, consultancy Bain calculates. LVMH announced in May it had taken a majority stake in Nuti Ivo Group, an Italian company that has specialised in making leather products since 1955. Kering managing director Jean-Francois Palus said the luxury group is increasingly looking to bring production in house. "Italy has not created a (major) luxury hub, but we have entrepreneurs who have the ability to activate the right relationships at the right time," said Stefania Lazzaroni, general manager at Italian luxury industry association Altagamma. "Italian groups are now more managerialised, more organised and also stronger, which makes them more open to thinking together," he said.

Persons: Luigi Fedeli e, Zegna, Gildo Zegna, Ermenegildo, Kering, LVMH, Jean, Francois Palus, It's, Chanel, Brunello, Stefania Lazzaroni, Prada, Roberto Costa, Bertelli, Elisa Anzolin, Silvia Aloisi, Keith Weir, Jane Merriman Organizations: France MILAN, Prada, Filati Biagioli Modesto S.p.A, Biagioli, Prada Group, Reuters, Bain, Group, Nazionale della Moda, Global Luxury Investment Banking, Citigroup, Thomson Locations: Italy, France, Italian, Monza, Milan, Filati Biagioli, Bertelli, Nuti

☆ Tod's creative director Walter Chiapponi to step down
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tod's is seen in a shop in downtown Rome, Italy February 10, 2016. REUTERS/Tony Gentile/File PhotoMILAN, July 12 (Reuters) - Italian luxury fashion group Tod's (TOD.MI) said on Wednesday that creative director Walter Chiapponi was leaving the company "by mutual agreement" after four years. Chiapponi will present his last Tod's Spring Summer 2024 women's collection in September at the Milan Fashion Week, the group said in a statement. Tod's did not name a replacement but said that a "new creative direction" would be announced in the coming months. The designer's departure was first reported by Women's Wear Daily (WWD) on Wednesday, citing unnamed sources.

Persons: Tony Gentile, MILAN, Walter Chiapponi, Chiapponi, Tod's, Women's, Walter, Diego Della Valle, Fay, Hogan, Roger Vivier, Elisa Anzolin, Keith Weir Organizations: REUTERS, Milan, Tod's, Thomson Locations: Rome, Italy

☆ Goldman names under-the-radar global stocks to buy — and says one could soar 80%
▼ + stars: | 2023-07-11 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has named several European stocks to buy that it expects to outperform the market — and that other investors could be missing. The list includes Norwegian hydrogen producer Nel , which Goldman says has potential upside of 80% to its 12-month price target. Analyst Michele Della Vigna likes the stock for its strong growth outlook and focus on the North American market. Goldman also picked wind power company Vestas , saying its stock could rise by 48% over the next year. It also chose chemicals company IMCD , with 57% potential upside, and drinks company Remy Cointreau , with 54% potential upside.

Persons: Goldman Sachs, John Sawtell, Goldman, Nel, Michele Della Vigna, Ajay Patel, Remy Cointreau, Elisa, — CNBC's Michael Bloom Organizations: ABN Amro, Veritas Locations: Norwegian, Finnish

☆ Police say tourist filmed allegedly carving ‘Ivan+Hayley’ on Rome’s Colosseum has been identified
▼ + stars: | 2023-06-29 | by ( Julia Buckley | ) edition.cnn.com time to read: +3 min

CNN —He caused shockwaves around the world when he was filmed apparently carving his name into a wall of Rome’s 2,000-year-old Colosseum – and grinning when he realized he was caught on camera. The visitor who this week allegedly scratched “Ivan+Hayley 23” on a brick wall of one of the world’s most precious buildings, has been identified, according to Italy’s culture minister. Police “identified the main suspect through traditional investigations and photographic comparison,” they wrote. In 2020, an Irish tourist was reported to the police for allegedly carving his initials into a wall. Last August, an American couple were caught carving their initials into the Arch of Augustus, a 2,000-year-old monument beside the Colosseum.

Persons: Ivan, Hayley, ”, Gennaro Sangiuliano, Hayley ”, Sangiuliano, commesso, k2apyx026A — Gennaro Sangiuliano, UK . Police “, “, ” Sangiuliano, Augustus, CNN’s Sharon Braithwaite Organizations: CNN, . Culture, Ministry, Culture, Piazza Venezia, Carabinieri, UK . Police, ” Locations: shockwaves, England, Irish, American

☆ Vodafone hires Morgan Stanley to weigh options for its Spanish unit - Expansion
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: 1 min

MADRID, June 21 (Reuters) - Britain telecoms company Vodafone (VOD.L) has hired investment bank Morgan Stanley to evaluate the options for its Spanish unit, Spanish newspaper Expansion reported on Wednesday citing unidentified market sources. The company has started a strategic review on the future of its Spanish unit and its CEO Margherita Della Valle said last month the company's management is open to "structural change". A Vodafone spokesperson in Madrid declined to comment and Morgan Stanley did not immediately return a telephone call seeking comment. Reporting by Inti Landauro, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan Stanley, Margherita Della Valle, Inti Landauro, Louise Heavens Organizations: Vodafone, Spanish, Thomson Locations: MADRID, Britain, Madrid

☆ Brazil's Lula discusses peace, poverty and inequality with pope
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

Vatican Media/Handout via REUTERSVATICAN CITY, June 21 (Reuters) - Pope Francis met Brazilian President Luiz Inacio Lula da Silva on Wednesday and discussed a range of common concerns including peace, poverty, inequality and the environment, the Vatican said. Underscoring this sentiment, the pope gave Lula a bronze sculpture with the inscription: "Peace is a fragile flower." Pope Francis and Lula have both repeatedly called for a halt to the fighting and pitched their respective offices as potential peace brokers. I think too few people are talking of peace," Lula told Corriere della Sera newspaper in an interview published on Wednesday. Lula met a number of Italian leaders during his brief visit to Rome, including Prime Minister Giorgia Meloni and President Sergio Mattarella.

Persons: Luiz Inacio Lula da Silva, Edgar Pena Parra, Pope Francis, Lula, Corriere, Jair Bolsonaro, Giorgia Meloni, Sergio Mattarella, Crispian Balmer, Andrew Cawthorne Organizations: General Affairs, State, Vatican, Handout, REUTERS VATICAN CITY, Corriere della Sera, Thomson Locations: Vatican's, Ukraine, Russia, Rome, Paris

☆ Robert Mondavi Changed Wine. His Grandson Aims to Change Farming.
▼ + stars: | 2023-06-15 | by ( Eric Asimov | ) www.nytimes.com time to read: +1 min

The primary objections, he said, were that organic farming cost more and required far more tractor use, which caused a different set of environmental problems. He wondered whether an electric tractor could overcome the objections. Mr. Mondavi’s role in the development was to offer the farmer’s point of view, assessing each design idea for its practical appeal. “This is the hardest work I’ve ever done — seven days a week, day and night,” he said. He described the frequent air travel as both “one of my greatest pleasures and greatest guilts.”

Persons: ”, “, Foxconn, Robert Mondavi, Monarch, Mondavi, Giovanna Bagnasco Organizations: Constellation Brands, Monarch, Sorì Locations: Livermore , Calif, Lordstown , Ohio, RAEN, Italy

MILAN, June 14 (Reuters) - Merger and acquisition speculation has lifted shares in MFE (MFEB.MI), the late Silvio Berlusconi's TV business, following his death, but a number of obstacles stand in the way of any rapid deal. With a 19.8% MFE stake, Vivendi (VIV.PA) is widely seen as the natural buyer for MFE. This week's rally has lifted the market value of the whole of MFE to 1.8 billion euros. Any accord between Vivendi and Fininvest would require overcoming the deep distrust between the two groups after years of courtroom battles sparked by a failed 2016 TV deal. Like Fininvest, Vivendi faces a loss on any potential sale of its MFE stake given the gap between book and market prices.

Persons: Silvio Berlusconi's, Vincent Bollore, Urbano, Pier Silvio Berlusconi, Fininvest, MFE, Emilio Parodi, Valentina Za, Barbara Lewis Organizations: MILAN, Vivendi, Reuters, della Sera, U.S, Warner Bros ., VIVENDI, FININVEST, Fininvest, MFE, Thomson Locations: MFE, Urbano Cairo, Germany's ProSiebenSat, Italy, Spain, Rome, Netherlands

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

☆ Italy prepares to bid farewell to Berlusconi with grand funeral
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

[1/5] A person leaves a letter among flowers and football memorabilia near Villa San Martino, the residence of former Italian Prime Minister Silvio Berlusconi, to which his body was transported following his death, in Arcore near Milan, Italy, June 13, 2023. REUTERS/Yara NardiMILAN, June 13 (Reuters) - Italy was preparing on Tuesday to bid farewell to former premier Silvio Berlusconi, a scandal-prone billionaire who dominated the country's politics, business and soccer world for at least three decades. "Italy without Berlusconi," the country's largest circulation newspaper, Corriere della Sera, wrote on its front page, dedicating more than 30 pages of coverage to the event. Corriere said Berlusconi had been well enough to watch on television Saturday's Champions League soccer final between Inter Milan and Manchester City. Prime Minister Giorgia Meloni said in a TV interview on Monday that she had spoken "at length" with him that day.

Persons: Silvio Berlusconi, Nardi, Berlusconi, Sera, Corriere, Giorgia Meloni, Antonio Tajani, Tajani, Berlusconi's, Giuliano Urbani, Meloni's, Sergio Mattarella, Alvise, Ed Osmond Organizations: Italian, REUTERS, AC Milan, Monza, Saturday's Champions League, Inter Milan, Manchester City, Berlusconi's Forza Italia, Forza, La Repubblica, Meloni's Brothers, Thomson Locations: Villa San, Arcore, Milan, Italy, Nardi MILAN, Raffaele, Milan's, Washington

☆ Silvio Berlusconi, the 3-time Italian leader infamous for 'bunga bunga' sex parties, dead at 86
▼ + stars: | 2023-06-12 | by ( Kieran Corcoran | Associated Press | ) www.businessinsider.com time to read: +3 min

Silvio Berlusconi, the former prime minister of Italy, was reported dead Monday. The Associated Press reported that Berlusconi had been admitted to the hospital on Friday for checks related to chronic leukemia. He was also a dominant figure in Italian politics, serving three terms as its national leader. Berlusconi's impact on Italian politics was far-reaching. Another former Italian prime minister, Matteo Renzi, recalled Berlusconi's divisive legacy in a message on Twitter.

Persons: Silvio Berlusconi, Berlusconi, —, Italy's, Berlusconi's, provocatively, Matteo Renzi Organizations: Service, della, Associated Press Locations: Italy, Italian

☆ Photos: Former Italian Prime Minister Silvio Berlusconi
▼ + stars: | 2023-06-12 | by ( ) edition.cnn.com time to read: +1 min

Former Italian Prime Minister Silvio Berlusconi has died at a Milan hospital at the age of 86, his press office confirms. In April he was diagnosed with leukemia, according to Corriere della Sera, a leading Italian newspaper. The controversial media tycoon served three stints as Italy's prime minister, most recently between 2008 and 2011, before being banned from politics for six years following a conviction for tax fraud. Berlusconi can arguably be called the godfather of modern populism, having launched his Forza Italia party in 1994. Berlusconi also owned the soccer club AC Milan for more than 30 years, harnessing the power of the beautiful game with his Forza Italia slogan, which had been a chant of Italian soccer fans.

Persons: Silvio Berlusconi, Berlusconi Organizations: Italian, della, Forza Italia, AC Milan Locations: Milan, Italian, Italy's Senate, Monza

☆ Silvio Berlusconi, Italy's former showman leader, dies at 86
▼ + stars: | 2023-06-12 | by ( Valentina Di Donato Barbie Latza Nadeau Laura Smith-Spark Peter Wilkinson Antonia Mortensen Rob Picheta | Valentina Di Donato | Barbie Latza Nadeau | ) edition.cnn.com time to read: +18 min

Umberto Cicconi/Hulton Archive/Getty Images Berlusconi swims at a Tunisian beach in 1984. Umberto Cicconi/Hulton Archive/Getty Images Berlusconi leaves a 1985 news conference in Paris. Franco Origlia/Hulton Archive/Getty Images Berlusconi announced in November 1993 that he would be entering the world of politics. Franco Origlia/Hulton Archive/Getty Images Berlusconi waves while attending a European Council meeting in Corfu, Greece, in June 1994. Vittorio Zunino Celotto/Getty Images Berlusconi hands the Berlusconi Trophy to AC Milan's Massimo Ambrosini in August 2011.

Persons: Rome, Rome CNN — Silvio Berlusconi, Christ, ”, Berlusconi, Milan’s, Benito Mussolini, “ Il Cavaliere ”, Milan, Giorgia Meloni, Matteo Salvini, Silvio Berlusconi, Alessandra Benedetti, Eric Vandeville, Indro Montanelli, Umberto Cicconi, Italy's, Michel Clement, Francis Apesteguy, Veronica Lario, Franco Origlia, Langevin Jacques, Sygma, Cesare Previti, Pope John Paul II, Bill Clinton, Hillary Clinton, Veronica, William Stevens, Barbara, Eleonora, Oscar Scalfaro, Patrick Hertzog, Romano Prodi, Alberto Pizzoli, Giuseppe Cacace, Gregorio Borgia, Associated Press Berlusconi, Vittorio Zunino Celotto, Massimo Ambrosini, Claudio Villa, Dan Kitwood, preliminarily, Filippo Monteforte, Alessia Pierdomenico, Remo Casilli, Reuters Berlusconi, Giuseppe Lami, Angelo Carconi, Emanuele Cremaschi, Tiziana Fabi, Luigi Brugnaro, Renato Brunetta, Piero Cruciatti, Hungary’s Viktor Orban, Britain’s Boris Johnson, Donald Trump, “ Berlusconi, ” Severgnini, ” Meloni, Claudia Greco, Prodi –, –, Berlusconi’s, Ignazio La Russa, “, Gianfranco Fini –, FILIPPO MONTEFORTE, Vladimir Putin, Volodymr Zelensky, Nobel, salesmanship ’, Jesus Christ, Severgnini, il, salesmanship, Francesca Pascale, Del, Pavarotti, ” Berlusconi, Marina, Carla Dall’Oglio, Luigi Organizations: Rome CNN, Milan’s San Raffaele, Forza Italia, Freedom, Italian, Getty, Canale, AC Milan, Berlusconi, Romano, Associated Press, Associated, Bloomberg, Reuters, Venice, Anadolu Agency, RAI, Media, Milano, Milan –, world’s, Forza Italia Party, Forza, soccer team, Northern League Party, European, Union coalition, Sporting, della, PM, “, ”, Del Monaco Locations: Milan, Paris, AFP, Naples, Italy, Rome, Corfu, Greece, Tatanto, Cannes, France, Italy's, Venice, Italy's Senate, Monza, Lombardy, ”, L’Aquila, Milan’s, Italian, Europe, Ukraine

☆ 4 people died after a boat sank on a picturesque lake. All of the passengers had connections to Israeli and Italian intelligence.
▼ + stars: | 2023-06-04 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +4 min

Four people died in a boating accident on Italy's Lake Maggiore last month in a violent storm. All 21 passengers were linked to Israeli and Italian defense and intelligence work. All 21 passengers on the 52-foot houseboat were currently or formerly tied to Israeli and Italian defense and intelligence work, officials said, per CNN. Two of those who died had worked for the Italian intelligence authority. Lake Maggiore Mbdortmund/Wikimedia CmmonsSeveral companies that produce both military and civilian technology use are located in Lombardy, the BCC reported.

Persons: —, Benjamin Netanyahu, it's Organizations: Authorities, Service, CNN, Reuters, Wikimedia, BCC, BBC, Guardian, BBC News, New York Times Locations: Maggiore, Russian, Israel, Swiss, Italy's Lombardy, Ticino, Lake, Mbdortmund, Lombardy, Switzerland, Milan

☆ Telco tycoons’ UK bets look stuck underwater
▼ + stars: | 2023-05-25 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Set those complications aside, however, and his stake-building may have cost about 4.2 billion pounds overall since 2021. That’s according to Breakingviews calculations which use the share price from the day before each stake increase became public. The holding is now worth 3.6 billion pounds, implying a nearly 560 million pound or 13% loss. That’s mild compared with some of Vodafone’s investors. But UK consolidation would hardly move the needle as Vodafone is haggling to retain control of the merged entity.

☆ Billionaire Ray Dalio's family built a huge extension on the roof of their NYC building. Now, a neighbor is worried his entire apartment will collapse — he's suing.
▼ + stars: | 2023-05-24 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Ray Dalio's neighbor is suing over a renovation project at his family's SoHo residence. The Dalio family is building a penthouse on top of its sixth-floor apartment, the NYT reported. The Dalios' neighbor said in a lawsuit that the project could cause his nearby apartment to collapse. The neighbor says he's worried his own apartment could collapse, the New York Times reports. During the pandemic, the Dalio family began construction on a penthouse on top of their sixth-floor SoHo apartment, the Times reported.

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.

☆ BT jobs: Company will shed as many as 55,000 workers by 2030
▼ + stars: | 2023-05-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —BT Group is planning to slash up to 55,000 jobs in the next five to seven years as it makes greater use of technology to cut costs and simplify its business. The UK telecom company said Thursday that its total workforce would fall to between 75,000 and 90,000 by 2028-2030, from 130,000 at present. “New BT Group will be a leaner business with a brighter future.”Earlier this week, Vodafone (VOD), once the world’s biggest mobile telecom group, said it would cut 11,000 jobs, or about 11% of its workforce, over three years. The company also unveiled a turnaround plan to revive its ailing fortunes under new CEO Margherita Della Valle. Its adjusted earnings rose 5% to £7.9 billion ($9.8 billion).

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.

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