Nokia to Cut Thousands of Jobs as Sales Drop
Finnish telecommunications giant Nokia has announced plans to slash between 9,000 and 14,000 jobs by the end of 2026 in an effort to reduce costs. The decision comes as the company reported a 20% decline in sales between July and September, which it attributed to slowing demand for 5G equipment in markets such as North America. Currently employing 86,000 people worldwide, Nokia has been steadily cutting jobs since 2015. The company aims to cut costs by €800m to €1.2bn ($930m to $1.4bn) by 2026. Despite the uncertain market recovery, Nokia’s CEO Pekka Lundmark expressed optimism for an improvement in the network business in the current quarter.
Netflix Raises Subscription Prices Despite Password Sharing Success
Streaming giant Netflix has announced price increases for certain subscription plans, demonstrating its growing confidence after adding 8.8 million subscribers between July and September. In the UK, monthly charges for the basic service will rise by £1 to £7.99 ($10.32), while the ad-free option will increase by £2 to £17.99. In the US, the premium ad-free plan will cost $3 more per month at $22.99, and in France, subscribers will pay an extra €2 at €19.99 ($23.56). Netflix has faced doubts about its ability to attract new members amidst rising competition, climbing prices, and a Hollywood strike that has caused delays in new releases. The company lost about one million subscribers in the first half of last year.
Britishvolt Site to Supply Batteries to Australian Military
The new owners of collapsed firm Britishvolt are planning to utilise the Northumberland site to supply batteries to the Australian military. Australian company Recharge Industries acquired Britishvolt after it went into administration earlier this year. Since then, Recharge has been in negotiations with administrators EY to secure the use of the site near Blyth. Although EY declined to comment, sources familiar with the matter claim that a deal is “close.” Securing the site is a crucial step in Recharge’s plan to manufacture batteries for military, heavy commercial, and stationary storage purposes. Australian energy firm EDEA has also been involved in talks with Recharge to build power units for Australian military vehicles.
