Nokia Siemens Networks starts cutting 1,500 jobs
LONDON Aug 4 (Reuters) - Nokia Siemens Networks [NSN.UL] has begun cutting 1,500 jobs from the 6,900 staff it acquired with its $1.2 billion acquisition of Motorola's (MMI.N) telecoms network unit in April, a spokesman said on Thursday.
The spokesman said the process, which affects staff working in the GSM and Wimax technology divisions in several countries including the United States, had begun in Britain.
Nokia Siemens Networks was formed in 2007 as a joint venture of Finnish cellphone maker Nokia (NOK1V.HE) and German engineering group Siemens (SIEGn.DE).
It has struggled for profitability amid tight spending by operators and tough competition from rivals Huawei [HWT.UL] and Ericsson (ERICb.ST). (Reporting by Georgina Prodhan. Editing by Robert MacMillan)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.