The Troubled Rupee
Rupee at record low as India seen lacking options to brake fall
A top official said the government has options to stem a fall in the rupee but did not offer any specifics, turning the focus on the RBI to stem a rout that sent the rupee to record lows. Full Article
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Nokia to cut over 1,000 IT jobs
A man using his mobile phone walks under a Nokia logo in Shanghai December 6, 2012.
Credit: Reuters/Aly Song/Files
HELSINKI |
HELSINKI (Reuters) - Finnish mobile phone maker Nokia (NOK1V.HE) said it would cut over 1,000 information technology jobs as part of its restructuring plan aimed at stanching its cash bleed.
It said 820 employees will transfer to HCL Technologies (HCLT.NS) and Tata Consultancy Services (TCS.NS) while 300 jobs will be elminated altogether.
The latest cuts, mostly in Finland, are part of plans announced last June to cut 10,000 jobs gobally. The company has cut around a third of its workforce under Chief Executive Stephen Elop.
Once the world's biggest mobile phone maker, Nokia has fallen behind Apple's (AAPL.O) iPhone and Samsung's (005930.KS) Galaxy phones in the lucrative smartphone market.
Nokia shares were flat, while HCL shares rose 4.8 percent and Tata Consultancy shares rose 1.2 percent in Mumbai.
(Reporting by Terhi Kinnunen and Ritsuko Ando; Editing by Hans-Juergen Peters)
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