Nokia to Slash Up to 14,000 Jobs Amid 5G Sales Slump
Telecom giant Nokia is set to axe between 9,000 and 14,000 jobs by 2026. The Finnish firm revealed a sharp 20% sales drop in Q3, blaming cooling demand for 5G gear, especially in North America. Nokia currently employs 86,000 people worldwide but has been trimming its workforce since 2015. The job cuts are part of a major cost-saving plan aiming to slash expenses by €800 million to €1.2 billion ($930m to $1.4bn).
Despite gloomy figures, Nokia’s CEO Pekka Lundmark remains hopeful. He told investors he expects the network business to improve soon, though the market recovery remains uncertain.
Netflix Hikes Prices After Adding 8.8 Million New Subs
Streaming titan Netflix is cashing in with price rises across key markets. After gaining 8.8 million new subscribers from July to September, it’s boosting UK basic plan fees by £1 to £7.99 and the ad-free option by £2 to £17.99. Across the Atlantic, American fans will pay $3 more for the premium ad-free tier, now $22.99, and French subscribers see a €2 rise to €19.99 ($23.56).
Netflix faces fierce competition, Hollywood strikes, and rising costs. Last year it lost around one million subscribers in the first half, stirring doubts over its subscriber growth, but these new sign-ups and price hikes show Netflix is fighting back.
Britishvolt Site Set to Power Australian Military with Batteries
Recharge Industries, the Australian firm that snapped up collapsed Britishvolt, plans to use the Northumberland battery site for military supply. The site near Blyth, previously mothballed after Britishvolt’s collapse, could soon churn out batteries for Australia’s armed forces, heavy vehicles, and stationary storage.
Recharge is close to sealing a deal with administrators EY to secure the site. Australian energy firm EDEA is also in talks to build power solutions for military vehicles. If it goes ahead, this move could boost UK-Australia industrial ties and breathe new life into the Britishvolt legacy.
