Vodafone Takes £28-Billion Charge, Lowers Growth Forecast

London -- U.K.-based Vodafone Group, the largest mobile-phone
operator in the world, announced it plans to cut its book value by
as much as £28 billion (€41 billion) in the face of fierce competition
worldwide, particularly in Western Europe. The company also
lowered its revenue-growth guidance for the year. "This lower
growth rate reflects the increasingly intense competitive
environment, continuing regulatory reductions in termination rates,"
Vodafone said. The company said it expected profit margins to
drop by about 1% in fiscal 2007.
http://www.vodafone.com