August 8 - British telecoms provider Vodafone Group is suing Telecom Italia for abusing its dominant position in Italy, seeking damages of more than 1 billion euros ($1.3 billion). Sonia Legg reports.
1 billion euros is today's daily digit in Europe - the amount Vodafone wants in damages from Telecom Italia The British telecoms provider is taking legal action for alleged breeches of competition regulation in the fixed line market. Vodafone Italy says it was forced to pay artificially high costs to compete between 2008 and 2013, depriving them of customers. Telecom Italia says it behaved correctly. But just days after reporting weak earnings the news increased the cost of insuring its debt. It's not the first time it's faced legal action In May, Italy's competition authority fined the firm 104 million euros for abusing its dominant market position. The case also comes as it moves to spin off its fixed-line copper network, which rivals say gives it a competitive edge. Last month Vodafone posted a 3.5 percent drop in its core business, with double digit falls in Italy and Spain. Competition also increased in Germany and Britain.