Supertanker Orders Surge as US-Iran War Reshapes Oil Trade 
SpaceX Nasdaq 100 Weight to More Than Double in Rebalance 
FAA Allows Boeing to Sell 35 More 777F Freighters Beyond 2028 
Volvo Cars Plans 13 New Models by 2030 to Boost Sales 
Apple Pay Set for India Launch With Axis Bank 
Petrobras Joins Brazil Diesel Subsidy Program 
Paramount Skydance Faces $30 Million Film Penalty in Warner Bros. Deal 
FCC Approves Foreign Investment in $110B Paramount-Warner Bros. Deal 
Japan, U.S. Discuss $19 Billion GlobalFoundries Chip Plant 
Volkswagen Shares Slide After 2026 Profit Outlook Cut 
Trump Bans CNN, MS NOW and Politico From White House 
LVMH-Hermès Dispute Deepens Over Secret 2002 Share Deal 
Meta Partners With Shopify to Bring Shop Pay Checkout to Muse AI 
Prysmian, Rio Tinto Supply Low-Carbon Cables for Amazon Ohio Data Center 
SoftBank Launches $11 Billion Bond Sale to Fund OpenAI Investment 
Telix to Acquire Germany’s ITM in $1.65 Billion Radiopharma Deal 
Add as a preferred source on Google
Nokia, the Finnish telecom company, announced on Tuesday, March 16, that it is planning to slash its workforce. For this, at least 10,000 jobs would be affected, and the layoffs will happen in the next two years.
The cause of the impending layoffs
Reuters reported that Nokia made this decision as part of its restructuring plan. The company would like to direct more funds to its research capabilities. This means it is reducing the number of employees to cut costs and invest the money for the company’s restructuring instead.
When Pekka Lundmark was appointed to be the company’s chief executive officer last year, he has been slowly making changes in an effort to make the company better and turn it into something that will give its rival, Ericsson, good competition.
To achieve the company’s goal, Lundmark unveiled strategies that include a move for Nokia to have four business groups. Each one was instructed to do everything to take the lead in the 5G race.
“Decisions that may have a potential impact on our employees are never taken lightly,” the Nokia chief said in a statement. “My priority is to ensure that everyone impacted is supported through this process.”
Nokia’s investment plans for 5G
As per Barrons, with Nokia’s decision to lay off 10,000 employees from today until 2023, it will be able to gain €600 million in savings. Moreover, this fund from the cost-cutting program will be transferred for investment to boost the firm’s 5G technology.
Nokia further stated that the savings from the job cuts would allow them to grow the company as it expands its research and development for long-term results. Apart from 5G, it will be focusing on digital infrastructure and cloud technologies to keep up with other tech firms.
Meanwhile, Nokia is also aiming to win contracts in China. It has been gaining customers again, but its rival Ericsson is gaining more, and it is said to be due to the fact that it won a 5G radio contacts in China. This is one reason why the company wants to get into and improve its 5G technology.
