Economy
Job cuts at Vodafone - lay off 11,000 employees
Telecom giant Vodafone is to cut the number of employees by 11,000 over a three-year period. The company announces this in its quarterly report.
The company's new chief executive Margherita Della Valle says the cuts are part of a plan to reverse poor results and restart growth. The biggest declines have occurred in Vodafone's biggest market, Germany.
According to the quarterly report, Vodafone currently has 104,000 employees. The company reported a revenue lift of 0.3 percent for the full year.
Two employees at a factory in Yantai in eastern China. AP
The coronavirus infection in China
China's recovery is losing momentum: "Difficult to start"
China's post-pandemic recovery is losing momentum. Activity in industry and retail trade was lower than expected in April, figures from the Office for National Statistics show.
Industrial production increased by 5.6 percent compared to the same month the year before. Expectations in both Bloomberg's and Reuters' surveys of economists were at 10.9 percent. Bloomberg writes that the numbers are disappointing and signals that politicians may need to step in with more support.
In the retail trade, sales increased by 18.4 percent. Despite the large rise, it was also a few percentage points lower than the forecast.
- Today's data shows how difficult it is to keep the growth engine going after restarting it, said Bruce Pang, chief economist at Jones Lang Lasalle, to Reuters.
US President Joe Biden. Susan Walsh/AP
US debt ceiling
The pressure is increasing in the US - on the way to bankruptcy without a raise
The US is moving ever closer to suspending its payments. Without yet having reached an agreement on the debt ceiling, pressure is now increasing on Republicans in Congress and Democrats in the White House, writes Reuters.
On Monday, the U.S. Treasury Department reiterated its warning that the U.S. likely will not be able to complete all of the payments the government faces on June 1.
Treasury Secretary Janet Yellen says that the payments could instead, if the department takes extraordinary measures, be paid out days or weeks later than plann.
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