The headquarters of the Finnish telecoms company Nokia, in Espoo, Finland. AP
Nokia to lay off 10,000 jobs within two years to reduce costs and invests more in research, it announced on Tuesday.
Chief Executive Pekka Lundmark took over Nokia’s management last year and has made profound changes since then to recover from product missteps under the company's previous management.
He announced a new strategy in October under which Nokia will have four business groups and said the company would "do whatever it takes" to take the lead in 5G, as it banks on also capturing share from Huawei.
Lundmark would be announcing his long-term strategy and set financial targets on Thursday.
The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023.
"These plans are global and likely to affect most countries," a Nokia representative said.
Nokia plans to increase investments in research and development and future capabilities including 5G, cloud and digital infrastructure.
Britain pledged a further 1.5 billion pounds ($2.06 billion) in tax relief for companies hit by the coronavirus crisis but which until now had not qualified for exemption from paying business rates,
Europe's biggest bank said it had been hit by falling interest rates disruption caused by the coronavirus and political tensions between the US and China.
Confirming weekend reports on the closures by Reuters and UK media, the company's statement on Monday spelt out the scale of the job losses, which take in ancillary staff including cleaners and security as well as its own employees.
European and US stock markets slumped on Friday as investors dwelled on the prospect of rising US interest rates. Europe’s main bourses all fell nearly two per cent.
HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 billion for the British bank but end its long struggle to dispose of the business as it focuses on Asia.
Sharjah Islamic Bank (SIB) has opened its newest branch in Abu Dhabi Mall. The decision serves as a key step forward in strengthening the bank’s network in the UAE and reach its growing customer base in the capital city.
Bilateral trade between UAE and Malaysia grew 26.52 per cent to $1.97 billion (Dhs7.25 billion) in the first quarter of 2021, compared to from $1.56 billion (Dh5.73 billion) in the corresponding period last year, reflecting the resilience in two-way trade.