Hi all,

FYI. See link.

Take care,

Jay

Nokia and Ericsson Accelerate Cost-Cutting Plans and Revamping
By KEVIN J. O’BRIEN, July 21, 2011

http://www.nytimes.com/2011/07/22/te...gewanted=print

BERLIN — The two largest European makers of telecommunications equipment, Nokia and Ericsson, announced plans on Thursday to continue or accelerate cost-cutting efforts in the face of rising competition, internal reorganizations and weak demand in North America.

Nokia, the largest seller of mobile phones by volume, said it planned to cut more than the 1 billion euros ($1.43 billion) it had previously planned to trim from its operating expenses by 2013. The company, based in Espoo, Finland, did not specify a new target.

It announced the new plan as it reported a loss of 368 million euros in the second quarter.