Vodafone's new CEO to cut costs

Vodafone's new chief executive Nick Read said he would reduce operating costs by 1.2 billion euros ($1.35 billion) by 2021 and review its tower assets to drive higher returns at the world's second largest mobile operator, reports Reuters.

Replacing Vittorio Colao at the top of the British company after the Italian ran the group for 10 years, Read said he would also freeze the dividend until the British company has reduced its debt pile.

"My new strategic priorities focus on ... radically simplifying our operating model and generating better returns from our infrastructure assets," Read said on Tuesday.