Vodafone is open to keeping network spending above its traditional levels once its two-year booster programme has ended if it needs to respond to customer demand and competitor moves, its chief executive said. Vodafone, the world's No. 2 mobile operator, said this month that it would spend an extra 7 billion pounds ($11.3 billion) on its network in the next two years to put it in pole position for when the economy recovers.The British group usually spends about 6 billion pounds a year on its network but Chief Executive Vittorio Colao told a Morgan Stanley conference in Barcelona that he could keep spending higher - or reduce it - depending on how his competitors respond."We are convinced that this is the right moment, to be very strong in two years time is the right thing to do," he said. "Our current plan is to do a big boost then return to the normal level."But we could come down at a higher level (after the two years). Also if tomorrow there is a new macro crisis ... and we think this (investment) was necessary for four years down the road and not two years, then we could go lower."
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.12% or $0.34/share to $30.68. In the past year, the shares have traded as low as $16.15 and as high as $30.78. On average, 13210200 shares of MS exchange hands on a given day and today's volume is recorded at 4248205.
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