Batten down

Vodafone is battening down the hatches. The mobile giant has slashed its full-year revenue outlook after downgrading expectations back in July, announced a £1bn cost-cutting plan and tweaked its strategy to account for the unfolding economic turmoil. Newly installed chief executive Vittorio Colao is taking decisive action, and just in time. Without currency benefits, Vodafone’s first half would have really been disappointing. The global giant now makes just 4% of its profits in the UK, but still...