Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Home
Business
Business Home
Economy
Davos 2012
Technology
Media
Small Business
Legal
Deals
Earnings
Summits
Business Video
The Freeland File
Markets
Markets Home
U.S. Markets
European Markets
Asian Markets
Global Market Data
Indices
M&A
Stocks
Bonds
Currencies
Commodities
Futures
Funds
peHUB
World
World Home
U.S.
Brazil
China
Euro Zone
Japan
Mexico
Russia
India Insight
World Video
Reuters Investigates
Decoder
Politics
Politics Home
Election 2012
Issues 2012
Candidates 2012
Tales from the Trail
Political Punchlines
Supreme Court
Politics Video
Tech
Technology Home
MediaFile
Science
Tech Video
Tech Tonic
Opinion
Opinion Home
Chrystia Freeland
John Lloyd
Felix Salmon
Jack Shafer
David Rohde
Bernd Debusmann
Nader Mousavizadeh
Lucy P. Marcus
David Cay Johnston
Bethany McLean
Edward Hadas
Hugo Dixon
Ian Bremmer
Mohamed El-Erian
Lawrence Summers
Susan Glasser
The Great Debate
Steven Brill
Geraldine Fabrikant
Jack & Suzy Welch
Breakingviews
Equities
Credit
Private Equity
M&A
Macro & Markets
Politics
Breakingviews Video
Money
Money Home
Tax Break
Global Investing
MuniLand
Unstructured Finance
Linda Stern
Mark Miller
John Wasik
James Saft
Analyst Research
Alerts
Watchlist
Portfolio
Stock Screener
Fund Screener
Personal Finance Video
Money Clip
Investing 201
Life
Health
Sports
Arts
Faithworld
Business Traveler
Entertainment
Oddly Enough
Lifestyle Video
Pictures
Pictures Home
Reuters Photographers
Full Focus
Video
Reuters TV
Reuters News
Article
Comments (3)
Editor's Choice
NASA calls for new space taxis
CAPE CANAVERAL, Florida - NASA is looking for at least two U.S. firms to design and build space taxis to ferry astronauts to and from the International Space Station. Full Article
Iran says to go green as oil sanctions tighten
Facebook's China strategy: "It's complicated"
News Corp reaches more phone hacking settlements
Consumer groups want tougher probe of engineered salmon
Video: Farming from space - new role for satellites in farming
Follow Reuters
Facebook
Twitter
RSS
YouTube
Read
Santorum claims momentum with wins in three states
|
9:50am EST
Frustration mounts as Greeks seek elusive bailout deal
|
10:29am EST
Chinese official takes "leave" in blow to ambitious Bo Xilai
3:57am EST
Hacker releases Symantec source code
07 Feb 2012
Sprint loss widens on iPhone costs
10:58am EST
Discussed
456
FBI warns of threat from anti-government extremists
195
Job growth seen slowing after holiday boost
118
Romney’s lead dips despite wins: Reuters/Ipsos poll
Watched
Huge baby shocks parents
Tue, Feb 7 2012
Europe's roads buried under snow and ice
Tue, Feb 7 2012
Jet engine bike passes test-fire trial ahead of speed record bid
Mon, Feb 6 2012
Nokia to axe 4,000 jobs, move assembly to Asia
Tweet
Share this
Email
Print
Related News
Timeline: Nokia's rocky road under Elop
5:19am EST
Analysis & Opinion
Job creation in Davos
Press Round-up – January 23
Related Topics
Tech »
Media »
Mexico »
Picture shows Nokia mobile phone at a shop in Warsaw, January 26, 2012.
Credit: Reuters/Kacper Pempel
By Tarmo Virki, European Technology Correspondent
HELSINKI |
Wed Feb 8, 2012 6:34am EST
HELSINKI (Reuters) - Struggling Finnish phone maker Nokia plans to cut 4,000 more jobs at its plants in Finland, Hungary and Mexico as it seeks to cut costs by moving smartphone assembly work to Asia.
The cuts of 8 percent of the phone business workforce bring total planned job cuts at the group since Stephen Elop took over as Chief Executive in September 2010 to more than 30,000.
Nokia said in a statement the job cuts would take place in phases through this year. It has been reviewing the operations since unveiling the closure of its Romania plant last September.
"This was inevitable. It was a surprise it took so long for the decision to be made," said Steve Brazier, chief executive of technology research firm Canalys. "Stephen Elop may be a polarizing figure, but he is proving effective at driving the change and he should be credited for that."
Nokia's recent business results have underscored the need for drastic cuts. Late last month it reported a 73 percent fall in quarterly earnings as sales of new Windows Phones failed to dent the dominance of Apple Inc's iPhone or compensate for diving sales of its own old smartphones.
Its fourth-quarter smartphone sales shrank 31 percent from a year ago and the business made a steep loss for the quarter.
NO MORE PHONES BUILT IN EUROPE
Nokia said it would cut 2,300 jobs in Hungary, where it is a major exporter, some 1,000 in Finland and 700 in Mexico. It will continue to tailor models for specific operators at all sites.
Its Finnish factory in Salo, which was the cornerstone for its success in 1990s, has been the last remaining major phone assembly plant in the Western Europe for some time. Most rivals have moved their production to Asia.
The Hungarian government said it regretted Nokia's decision.
Analyst Gergely Suppan at Takarekbank in Budapest noted the highest value-added activities would stay in Hungary.
The move comes only months after Nokia closed its plant in neighboring Romania, laying off some 2,200 people there.
Finnish unions demanded hefty cash payments to laid-off staff and Antti Rinne, chief of union Pro, said the announcement was damaging for Finland's employment outlook.
"Raising the employment level and prolonging working careers is impossible if there are no jobs in Finland," Rinne said in a statement.
Finland has pushed for years to prolong working careers as the Nordic country struggles with a shrinking work force and sluggish economic growth.
Nokia announced in April last year it would cut 7,000 jobs and unveiled a further 3,500 job losses in September. Its network arm Nokia Siemens announced cuts of 17,000 in November.
The group had 130,000 staff at the end of 2011, including Nokia Siemens.
Shares in Nokia were 1.2 percent higher at 3.93 euros, slightly outperforming the technology share index which rose 0.3 percent, by 5:53 a.m. ET.
(Additional reporting by Terhi Kinnunen in Helsinki and Gergely Szakacs in Budapest; Editing by Helen Massy-Beresford and Jodie Ginsberg)
Tech
Media
Mexico
Related Quotes and News
Company
Price
Related News
Tweet this
Link this
Share this
Digg this
Email
Reprints
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (3)
sukebe wrote:
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Back to top
Reuters.com
Business
Markets
World
Politics
Technology
Opinion
Money
Pictures
Videos
Site Index
Legal
Bankruptcy Law
California Legal
New York Legal
Securities Law
Support & Contact
Support
Corrections
Advertise With Us
Connect with Reuters
Twitter
Facebook
LinkedIn
RSS
Podcast
Newsletters
Mobile
About
Privacy Policy
Terms of Use
Copyright
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
Thomsonreuters.com
About Thomson Reuters
Investor Relations
Careers
Contact Us
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.