03 Nov 2026, 02:15 PM

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Iran war reduces Aramco’s output but this has been offset by higher oil pricesVirgin Media O2 is to cut thousands of jobs in an £800m cost-cutting drive as the telecommunications company aims to tackle its £22bn debt pile.VMO2, which is jointly owned by the British-Dutch-American telecoms company Liberty Global and Spain’s Telefónica, said £300m of the savings target will come from job cuts that will reduce the company’s employee wage bill by 30% over the next two years.While we will give a fuller update on the new strategic plan in the coming months, we are already progressing and making difficult decisions to prioritise investments and reduce costs which includes the size of our workforce.Standing still and doing what we’ve always done is not an option and while many of these decisions are tough, they are necessary for our future success and growth. Virgin Media O2 must evolve, and the action needed to make that happen starts now.Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security. Despite challenges, the unwavering dedication of our workforce, our operational excellence, the flexibility of our system, and the strength of a supply network built over decades enabled us to continue delivering reliably to our customers through this extraordinary period.We continue to explore additional overseas storage capacity and alternative export routes to further strengthen our global supply network, and our robust operational and financial performance during this volatile period demonstrates the value of our resilience. Continue reading...

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