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World: Nokia Siemens to cut off 7-9% of its staff
The telecoms equipment maker Nokia Siemens Networks, a joint venture between Nokia and Siemens, has announced plans to reduce its workforce of 64 000 by up to 5 700 people to slash annual costs by €500m.
This move comes after Nokia reported sales down by a fifth for the third quarter and losses of €913m compared to a profit of €1.1bn for the same period a year ago.