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Vincent Padois, head tutor at the Pierre and Marie Curie University who teaches robotics and is babysitting the Paris ICub, makes a demonstration with ICub robot, a ?hybrid embodied cognitive system for a humanoid robot" about 1 metre (3.2 feet) high, at the Pierre and Marie Curie University in Paris September 4, 2009. Six versions of ICub exist in laboratories across Europe, where scientists are painstakingly tweaking its electronic brain to make it capable of learning, just like a human child and hoping it will learn how to adapt its behaviour to changing circumstances, offering new insights into the development of human consciousness. REUTERS/Philippe Wojazer

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    Nokia's Ollila says financial crisis near peak

    HELSINKI
    Wed Sep 24, 2008 6:10pm EDT

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    Nokia Chairman and CEO Jorma Ollila speaks during a news conference during the 3GSM World Congress in Barcelona, Spain, February 13, 2006. The 3GSM World Congress will be held until Thursday. REUTERS/Gustau Nacarino

    HELSINKI (Reuters) - Jorma Ollila, the chairman of Nokia (NOK1V.HE) and Shell (RDSa.L), said on Wednesday the financial market crisis was near its peak, but there was no clear solution to the situation.

    Technology

    "We have approached the peak, if we are not there yet ... but there really is no clear way out from this complicated situation and that is what's causing the uncertainty," Ollila told Finnish national broadcaster YLE.

    Ollila, one of the top European business leaders, said the United States was likely to face "a longer than usual" recession.

    "Growth will not only slow down, it will be negative for the next year and a half, a couple of years. I don't believe in a fast recovery next year," Ollila said.

    Growth in Europe will be hit too, he added. "It's not completely clear yet whether we are entering a time of negative growth, but anyhow there will be a period of slow growth in Europe," Ollila said in a Finnish language interview recorded on Wednesday.

    (Reporting by Tarmo Virki; Editing by Dan Grebler)
    Technology


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