Observe. Think. Chat. Do. Trade. Repeat…
Roman Payne – born 1977 is a novelist and poet currently living in political exile in Morocco. ‘The book, Wanderess’ – since its publication in 2013, has influenced art and cultures the world over according to a Goodreads review.
Nokia is planning to cut up to 14,000 jobs worldwide, or some16% of its workforce, as part of a cost-cutting plan following a 69% plunge in third-quarter profits.
The Finnish technology company said the planned measures are aimed at reducing its cost base by between €800 million and €1.2 billion by the end of 2026.
The cuts were announced as the company revealed a 20% drop in third-quarter sales, which fell to €4.98 billion from €6.24 billion a year earlier. The company’s biggest unit by revenue; the mobile networks business, declined 24% to €2.16 billion, driven mainly by weakness in the North American market.
Nokia’s CEO Pekka Lundmark said the company was taking decisive action on three levels: strategic, operational and cost. He also reportedly said he remained confident about the opportunities ahead of the company.
I guess there’s not much else he could have said really.
The combined market capitalization of primary listings in London but excluding ETFs and ADRs, is now $2,888.4 billion versus Paris’s $2,887.5 billion, as of 19th October, 2023.
London had lost its position as Europe’s biggest stock market in November 2022, extending a decline that started with Britain’s vote to leave the European Union in 2016.
The London market, which has a large exposure to commodity stocks, such as Shell and BP, has outperformed recently due to the surge in oil prices, which reached a seven-year high this month.
Paris, on the other hand, has been weighed down by the slump in luxury stocks, such as LVMH and Kering, which have been hit by China’s crackdown on consumption and corruption.