ADVFN - Advanced Financial Network.
HOME» NYSE » N » NOK Stock Price » NOK Stock News

Nokia Share News

 Nokia Corp. Stock Price
NOK Stock Price
 Nokia Corp. Stock Chart
NOK Stock Chart
 Nokia Corp. Stock News
NOK Stock News
 Nokia Corp. Company Information
NOK Company Information
 Nokia Corp. Stock Trades
NOK Stock Trades

Finnish Union Says Latest Nokia Job Cuts a 'Great Shock'

By Denise Wall HELSINKI--A Finnish union Thursday lashed out against the latest job cuts announced by Nokia Corp. (NOK) as part of its plans to reshape its ailing handset business, saying they are a "great shock." "Nokia has benefited a great deal from Finnish society. The company can't just leave the smoking ruins behind--it must also take care of its staff in these difficult times," Lauri Lyly, head of Finland's main blue-collar umbrella organization, the SAK, told state broadcaster Yle. SAK affiliates represent 850 workers at Nokia's Salo plant, where manufacturing is due to be halted. The Finnish handset maker said Thursday it is cutting 10,000 jobs, including nearly 4,000 in Finland, through shuttering factories and research facilities, and replacing the long-standing heads of mobile phones, marketing and sales. The staff reductions come on top of close to 14,000 job losses announced last year and will cost some EUR1 billion to implement. Mr. Lyly said the extensive job cuts would put Nokia's sense of social responsibility to the test. "The personnel cuts announced by Nokia today come as a great shock," Mr. Lyly added. The Finnish government said it has a number of programs in place to soften the blow caused by the loss of domestic jobs at Nokia. "We will help by providing training and identifying new positions for those who will lose their jobs," Finland's Economic Affairs Minister Jyri Hakamies told state broadcaster Yle. "We are also working closely with Nokia in their bridge program to resettle workers," Mr. Hakamies said. The minister said the government's program to boost growth will help accelerate the creation of new businesses. An important aspect of the program includes tax relief for small and medium-sized enterprises to encourage them to employ more workers, he added. He stressed it is now important to look ahead and identify new business opportunities and engines of growth, rather than focus on the Nokia losses. "Rovio is a good example," he said, referring to the Finnish company behind the hugely successful Angry Birds game. Nordea Bank analyst Sami Sarkamies said the latest phase of the restructuring program announced by Nokia would help the company meet profitability targets. "Additional cost cutting would facilitate profitable operations based on lower Lumia sales," Sarkamies told the Finnish business daily Kauppalehti. "The previous target was for Nokia to reduce annual expenses to 4.35 billion euros by the end of next year, which clearly means additional savings of nearly one billion euros annually," the analyst said. Nokia's share price was down around 10% shortly after midday. Write to Denise Wall at denise.wall@dowjones.com

Stock News for Nokia (NOK)
DateTimeHeadline
03/18/201521:28:02Tech Stocks: 2 to Avoid, and 1 to Buy
03/18/201513:20:01The Biggest Red Flag for Mobile Investors
03/11/201515:25:25Ericsson to Cut 2,200 Jobs -- Update
03/10/201501:13:21Canaccord: Nokia's licensing guidance understates growth potential
03/06/201500:34:16Nokia Is Preparing For Its Android Future
03/03/201519:06:55DoCoMo working with Huawei, Nokia, others on 5G
03/02/201515:28:08Microsoft Plays Waiting Game in Smartphone Race -- Update
03/02/201511:44:34Microsoft Plays Waiting Game in Smartphone Race
02/27/201506:30:54Wall Street Breakfast: Greek Bailout Extension Clears German...
02/25/201518:24:31In Mobile, Disruption Comes From Above
01/29/201505:37:21Nokia Profit Rises, Licensing Revenue Disappoints--Update
01/27/201513:21:39Ericsson Hurt by North American Slowdown -- 2nd Update
01/26/201517:39:37Microsoft's Profits Fall On Higher Costs -- 3rd Update
01/26/201517:23:00Microsoft's Profits Fall On Higher Costs -- 2nd Update
01/26/201517:05:13Microsoft's Profits Fall On Higher Costs -- Update
01/26/201516:53:14Microsoft's Profits Fall On Higher Costs
12/29/201407:38:29Foxconn India Workers Arrested
11/19/201413:34:33Shell Wins Tax Dispute in India -- Update
11/18/201421:43:11Proxy Adviser ISS Recommends Rejection of Microsoft CEO Pay Package
11/18/201417:47:37ADR Shares End Higher; JA Solar, Nokia Shares Trade Actively

Nokia and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad