CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Vodafone targets some 1,000 jobs cuts in Italy - union officials

By Reuters_News

11:20, 9 March 2023

A file photo of Vodafone logo at the 2023 Mobile World Congress (MWC) in Barcelona, Spain February 27, 2023.
A file photo of Vodafone logo at the 2023 Mobile World Congress (MWC) in Barcelona, Spain February 27, 2023.

Adds context

By Elvira Pollina

- Vodafone VOD.L is looking to cut about 1,000 jobs in Italy as part of a larger cost saving plan the telecoms giant is pursuing to revamp its operations, two union officials told Reuters.

The figures emerged after an internal meeting between unions and company representatives in Italy on Thursday.

As of last March, Vodafone's workforce in Italy totalled 5,765 employees, according to the group's latest annual report.

A negotiation process with unions is expected to kick off in the coming weeks, the officials said.

Vodafone's planned jobs cuts are focused in particular on customer care operations, one of the officials added.

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Vodafone had no immediate comment.

Like other operators in Italy, Vodafone has been grappling for years with a challenging market, characterised by aggressive price competition which has eroded earnings.

 

 

Reporting by Elvira Pollina
Editing by Keith Weir

 

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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