So, the recession is not really out inspite of US growth rates!! The latest news is on Nokia.
Telecoms equipment maker Nokia Siemens Networks (NSN) says it may cut its workforce by 7-9% with up to 5,700 jobs being shed from its 64,000 workforce. The move is part of a cost-cutting regime to “improve financial performance and return to growth”. The firm, which was set up as joint venture between Nokia and Siemens, aims to cut annual costs by 500m euros ($732m; £450m).
In October, Nokia wrote-off 908m euros reflecting the fall in value of NSN. Nokia, the world’s biggest mobile phone maker, also reported last month a loss for the July-to-September quarter after sales sank by almost a fifth.
