Vodafone is set to cut 11,000 jobs as part of an effort by recently appointed CEO Margherita Della Valle to improve the telecoms firm's fortunes after a poor performance in Germany and a fall in share prices. Della Valle said Vodafone “must change” in order to improve its fortunes. The cuts will affect UK staff and those in foreign markets, but Vodafone did not provide a breakdown of the numbers for each category. Revenue edged up 0.3% to $45.7bn, falling short of analysts' expectations, while adjusted earnings before interest, tax, depreciation and amortisation fell 1.3% to $14.7bn.
The Council of Europe (CoE) summit, being held in Reykjavik, Iceland, has considered holding Russia legally responsible for the death and destruction caused by its invasion of Ukraine in February 2022. The summit, only the fourth in the CoE’s 70-year history, has seen the suspension of Russia’s membership as a direct result of the invasion. Attendees have discussed possible measures against Russia, including the creation of a dedicated tribunal to try leaders and commanders in The Hague, and the establishment of a register to record the damage caused by Russia.
Russia has claimed that it successfully took out a US-made Patriot missile system in Kyiv during an attack, which Ukraine has denied. General Valeriy Zaluzhnyi, commander-in-chief of Ukraine’s armed forces, said all 18 projectiles, including six hypersonic Kinzhals and nine Kalibr cruise missiles, had been downed overnight. Despite Moscow's claims that the missile system had been destroyed, Yuriy Sak, an adviser to the Ukrainian defence minister, dismissed them as "pure propaganda and pure lies." The strikes come over a year into Russia's invasion of Ukraine.
Italy's transport minister, Matteo Salvini, has stated that Italy and its allies in the European Union have the power to block the Euro 7 regulation, which tightens vehicle emission limits for pollutants such as nitrogen oxides and carbon monoxide from 2025. Salvini mentioned France, the Czech Republic, Romania, Portugal, Slovakia, Bulgaria, Poland, and Hungary as countries with the numbers to block the regulation.
Intesa Sanpaolo has developed an artificial intelligence tool to analyse vast numbers of banking supervision publications. The tool, named Lisa, or Linguistic Intelligence for Supervisory Awareness, uses language processing algorithms to identify correlations and patterns, acting faster than humans. According to the bank, the tool identified the connection between climate change and credit risks before it was evident to humans. A dedicated team at the bank will work to expand Lisa's knowledge of banking regulation issues and validate its results.
A group of 16 pro-nuclear countries, including France, Poland, and the Czech Republic, has called on the EU to provide more support for nuclear energy in its policies to meet climate commitments. The EU is divided over nuclear energy, with this year's debate deepening on whether low carbon nuclear power should count towards renewable energy goals. The disagreements intensified after Germany, Europe's largest energy consumer, shut down its last nuclear reactors last month. Proponents of nuclear energy, which generates baseload CO2-free electricity, argue that it is a way for countries to phase out fossil fuels.
The Candy Man by Jon Enoch won top prize in the Pink Lady Food Photographer of the Year competition. The photograph of a Mumbai candy seller was taken as part of a personal project, capturing the colourful displays of Indian vendors hoping to attract buyers. Other winners included images of life in Vietnam, chef Adua’s kitchen in Italy and the process of pulling sugar in China. The exhibition of winners can be seen at the Royal Photographic Society in Bristol from 20 May to 11 June.
Speaker of the House, Kevin McCarthy (R-Calif.), has said that an ethics committee should investigate the case against Rep. George Santos (R-N.Y.), who was recently indicted for 13 financial crimes, instead of Democrats calling for him to be expelled. Rep. Robert Garcia (D-Calif.) had introduced a motion on Tuesday to expel Santos. Under House rules, the motion would require a vote, a move to table or referral to committee within two days. The measure has little chance of passing because it would need a two-thirds majority vote.
Southern Europe is headed toward a summer of intense drought, with parts of the region already experiencing water shortages and farmers expecting the worst yields in decades. Climate change has contributed to multiple years of drought in the area, leading to a depletion of groundwater reserves. Struggling Spain is seeking EU assistance, with Agriculture Minister Luis Planas sending a letter on April 24 requesting the aid. France experienced its driest winter since 1959, while Portugal is already suffering the impact. Italy faces a 70% deficit in snow water reserves and a 40% shortage of soil moisture.
The G7 leaders are meeting in Hiroshima for their annual summit, which will focus heavily on the threat China’s economic coercion poses to the seven countries. The use of that coercion – punitive trade measures – has raised concern throughout Asia-Pacific and Europe, with some countries including Japan, Australia and South Korea having faced trade restrictions following disputes with Beijing over issues related to Taiwan and the origins of Covid-19. The G7 is reportedly preparing a statement of concern over such practices and may suggest ways to co-operate – but members are deeply divided over how to manage their business ties with China.
Flooding next to the track, created by torrential rain and a rising river, has raised concerns over the running of the Emilia-Romagna Grand Prix, which takes place in Imola this weekend. All Formula 1 personnel were told to stay away from the circuit on 18 May, following evacuations in several areas. More rain is expected this week, although the Italian Automobile Club and others hope that by 20 May, the situation will be under control and that the river will recede ahead of practice starting on 21 May.
The US Federal Trade Commission has filed a lawsuit against biotech company Amgen, seeking to block its $28.3bn acquisition of Horizon Therapeutics. The FTC argues that the deal could cause price hikes of between 40% and 60% for a range of drugs including cinacalcet, used to treat kidney disease, which is produced by the two companies. The antitrust regulator also warned of "rampant consolidation" in the pharmaceutical industry and called for greater scrutiny of mergers and acquisitions.
Global public finances are being hit by an ageing population with ratings agencies warning that higher pension and health care costs are rising along with recent interest rate hikes. Moody’s, S&P and Fitch have all warned that ongoing issues with demographics are already impacting government credit ratings with little hope for change unless there are sweeping reforms. These downgrades could lead to a vicious circle of increased fiscal burdens and a rise in borrowing costs.
British diving champion Lois Toulson has praised broadcaster Sir David Attenborough and said that if she could have dinner guests, it would be her family and friends who would share a meal of tomato and mozzarella salad, beef shin ragu and a melt-in-the-middle chocolate pudding. Toulson admitted she is a perfectionist who loves organising tidiness and enjoys interior design when away from the pool, and conceded that she can gross people out by twisting her hyperextended elbow. Her favourite memories are holidays to Loch Lomond and the Amalfi Coast, and she is not much of a dancer but will take to the floor to songs by Earth, Wind and Fire.
Four riders from the Soudal Quick-Step team have withdrawn from the Giro d’Italia after testing positive for COVID-19. The team’s leader, Remco Evenepoel, had already pulled out after testing positive, despite winning the individual time trial on Sunday and reclaiming the leader’s pink jersey. His withdrawal left former Tour de France winner Geraint Thomas in the lead of the race, two seconds ahead of Primož Roglič. Other riders, including Domenico Pozzovivo and Rigoberto Urán, have also had to retire this year due to testing positive for the coronavirus.
Spanish oil company Repsol is set to develop more than 1.7 GW of renewable energy projects in Italy costing around €500m ($550m). The company plans to stick to its renewable goals, despite some other European oil and gas firms expressing caution about pivoting to renewables following bumper profits on oil and gas prices. Repsol has a target to grow its renewable capacity to 6 GW globally by 2025, and 20 GW by 2030, up from around 2 GW today. The Italian portfolio will comprise nearly 1 GW of wind power and 825 MW of solar.
Humanitarian rescue efforts in the Mediterranean Sea and beyond have been intentionally delayed by European Union authorities in order to deter refugee arrivals, according to a study published in Security Dialogue. The report details how EU naval operations build delays into their designs, intentionally patrolling areas of the sea where few boats are expected. The report claims that the phase of strategic neglect began in 2017, when EU states withdrew their rescue assets from central Mediterranean resulting in a “rescue vacuum”. A report from Maltese authorities in March 2023 claimed that they ignore "more than 20,000 people in distress; 413 boats with people needing help were not assisted and only three boats were rescued by Malta's armed forces.” The lack of assistance has led to an increased number of deaths in the Mediterranean. Meanwhile, EU member states have shifted surveillance operations to the sky, using drones to search for boats carrying refugees and migrants. The use of “aerial assets under its current strategy has not had a meaningful impact on the death rate,” according to Human Rights Watch.
Italian authorities have evacuated thousands of people from their homes in the northern Emilia-Romagna region following devastating floods which left at least two people dead. Several rivers broke their banks, forcing people to take refuge on the roofs of buildings where they were rescued by firefighters. The situation remains precarious, however, as Titti Postiglione, the deputy head of the civil protection agency, warned: "Rainfall is not over, it will continue for several hours. We are facing a very, very complicated situation."
The proposed acquisition of Asiana by Korean Air may restrict competition in air transport services between Europe and South Korea, according to the European Commission. The commission confirmed it had sent a statement of objections complaining that the deal may reduce competition in passenger transport services on four routes between South Korea and France, Germany, Italy and Spain, and in cargo transport services between all of Europe and South Korea. Korean Air said it would continue to talk to the commission.
Syrian President Bashar al-Assad, who had been isolated by Arab states for a decade following the uprising against his rule in 2011, has returned to the Arab League at its summit in Saudi Arabia. Pro-Assad forces backed by Russia and Iran have regained control of most of the country. However, the return has met with opposition from some member states including Qatar and Kuwait, while it has been viewed sceptically by the US. Additionally, while Assad has been permitted to return, Arab states are pushing for action against Syria’s drugs trade and want to see the return of war refugees.
