Nokia to Cut Up to 14,000 Jobs After 20% Sales Plunge
Massive Job Cuts on the Horizon
Finnish telecom giant Nokia is gearing up to axe between 9,000 and 14,000 jobs by 2026. The shock move comes as sales nosedived 20% from July to September. The drop is blamed on fading demand for 5G gear, especially in key markets like North America.
Cost-Cutting Drive Underway
Nokia currently employs around 86,000 globally but has been trimming staff since 2015. The target is to slash costs by €800m to €1.2bn ($930m to $1.4bn) by the end of 2026. CEO Pekka Lundmark remains cautiously hopeful, saying he expects a rebound in the network business this quarter despite ongoing market challenges.
Netflix Hikes Prices Amid Password Crackdown and Subscriber Surge
Subscribers Pay More Across UK, US, and France
Netflix is hiking prices again, despite nabbing 8.8 million new subscribers between July and September. In the UK, basic plans go up by £1 to £7.99, while ad-free viewers pay £2 more at £17.99. Over in the US, the premium ad-free plan jumps $3 to $22.99. French subscribers face a €2 increase to €19.99.
Confidence Amid Competition and Hollywood Strikes
This price rise signals Netflix’s confidence despite fierce rivalry, rising costs, and a Hollywood strike delaying fresh content. Remember, Netflix lost around one million subscribers in the first half of last year, so the company clearly sees growth ahead. Its crackdown on password sharing also seems to be paying off.
Britishvolt Site Set to Power Australian Military Batteries
New Owners Eye Military Contracts
The collapsed Britishvolt gigafactory near Blyth is set for a makeover. Its new owners, Australian firm Recharge Industries, are close to sealing a deal to use the site to supply batteries to the Australian military.
Critical Step for Recharge Industries
Recharge took over Britishvolt earlier this year and has been negotiating with administrators EY to secure the factory. Although EY hasn’t commented, insiders say an agreement is imminent. This is key to Recharge’s plans to produce batteries for military vehicles, heavy-duty commercial use, and stationary storage.
Partnership with Aussie Energy Firm
Recharge is also teaming up with Australian energy company EDEA to build power units for military vehicles, aiming to boost Australia’s defence tech capabilities.
