Nokia plans more cutbacks
The world’s largest mobile phone maker Nokia said yesterday it planned to cut 3,500 jobs in Romania, Germany and the US by the end of next year, according to a statement from the company. These cuts are in addition to the 4,000 job cuts and 3,000 outsourced jobs Nokia announced in April as part of a massive restructuring effort. The firm also hinted at more job cuts next year, saying that it would review the long-term role of its factories in Salo, Finland, Komarom, Hungary, and Reynosa, Mexico, adding that it expected to have more details “into the possible headcount impacts” at these sites next year.
AMD cuts Q3 forecasts
Advanced Micro Devices Inc (AMD), the second-largest maker of processors for personal computers, reduced its forecasts for third-quarter sales and profitability, citing manufacturing glitches. Sales in the period ending tomorrow will increase 4 percent to 6 percent from the previous period, the California-based company said in a statement yesterday. That compares with an earlier prediction for growth of about 10 percent. Globalfoundries Inc, a spinoff of AMD’s manufacturing operations that now supplies the company with chips, is facing production problems at its plant in Dresden, Germany. That has resulted in a shortfall in the company’s s newest processors, the company said.
HP beefs up defenses
A published report says Hewlett-Packard (HP) is beefing up its defenses in a bid to fend off activist investors who, with enough shares, could demand drastic changes at the company. The Wall Street Journal reported on Wednesday that HP has hired Goldman Sachs to help formulate a strategy to guard against shareholder activism. With the company’s market value down about US$60 billion since former chief executive Mark Hurd resigned under last year, the company is under intense pressure to engineer a turnaround. Last week, HP fired Hurd’s replacement, Leo Apotheker and replaced him with former eBay Inc chief executive Meg Whitman.
Flickr launches new service
Yahoo is touching up its Flickr photograph-sharing service with a new way for friends located in different locations to simultaneously browse through pictures. The “Photo Session” feature introduced on Wednesday is designed to replicate the experience of leafing through an old-fashioned photograph album, even if the people sharing the experience are located thousands of kilometers apart. Any of Flickr’s nearly 170 million users can activate a session by obtaining a special link that can be sent to other invitees. A photography session can be done on iPhones, iPads and personal computers using the Safari, Firefox and Chrome browsers.
Fidelity defends manager
US investment fund giant Fidelity Management yesterday defended a Hong Kong portfolio manager charged with insider trading, saying he “did not violate any laws or regulations.” The comments came after documents revealed on Wednesday that the city’s financial secretary has accused George Stairs of improperly trading shares in Chinese food giant Chaoda Modern Agriculture (超大現代農業). The Chinese company’s chairman Kwok Ho (郭浩) and chief financial officer Andy Chan (陳志寶) were also charged in the case for allegedly supplying Stairs with inside information before a share offering in June 2009.