Vodafone writes off $9B on Spain, Italy

British mobile operator Vodafone wrote down the value of its businesses in Spain and Italy by £5.9 billion pounds ($9.4 billion) and lowered its cash-flow forecast, as recession-hit southern Europeans cut back on using their mobile phones. The company is the latest to fall victim to a plunge in demand in euro zone countries as austerity measures to reduce government deficits hit personal spending.