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BREAKING NEWS

Huge job cuts at Nokia-Siemens Networks

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Huge job cuts at Nokia-Siemens Networks

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More bad news on the jobs front from one of Europe’s leading companies with the news Nokia-Siemens Networks is to cut 23 percent of its worldforce.

17,000 jobs will go as the world’s number two maker of mobile phone network equipment, which has struggled to make money since its 2007 startup, seeks to make savings of a billion euros a year.

Analysts say the move looks like the company is being prepared for a sell-off.