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Vodafone Cost Savings Target Doubles to £2 Billion

The Vodafone Group has doubled their cost savings target up to £2 billion in an aim to combat slow demand during the recession as Vodafone announced a rise in their first half earnings and also confirmed their full year guidance reports the WSJ.

Vittorio Colao, Chief Executive of Vodafone has aid the £1 billion cost reducing program is hoped to deliver ahead of plan by one year and therefore is to be extended by another £1 billion by 2010 which is double the amount expected by analysts.

Colao also remarked that as the same time Vodafone has maintained their capital investment at £2.6 billion in the first half, thus delivering improvements in performance for their customers and network quality. Vodafone continues to develop services for consumers and businesses like Vodafone 306 and Vodafone One Net.

Colao took over the reins of Vodafone back in July 2008 and since then has centered his attention on shareholder returns and cash generation by developing Vodafone ‘s high growth operations in places such as central Europe, Africa and Asia, and has also moderated expansion in emerging markets like Turkey and India.