Key Developments: Nokia Oyj (NOK)
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23 May 2013
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Latest Key Developments (Source: Significant Developments)
Nokia Oyj and Siemens AG's Joint Venture to Cut 150 Jobs in Finland-DJ
Dow Jones reported that Nokia Siemens Networks, a joint venture between Nokia Oyj and Siemens AG, plans to reduce 150 positions in Finland in group and support functions. The statutory negotiations with employee representatives will commence on May 15, 2013. Product development functions and the manufacturing site in Oulu, Finland are excluded from the planned cuts. Full Article
Nokia Oyj Wins Court Injunction Against HTC Corp's HTC One-Reuters
Reuters reported that Nokia Oyj announced that it won a court injunction that would prevent HTC Corp from using microphone components made by STMicroelectronics NV in HTC One phones. The Company also announced in a statement announcing the decision by the Amsterdam District Court that the microphone components were invented by Nokia and manufactured exclusively for Nokia phones. Full Article
Nokia Oyj and Siemens AG's Joint Venture Receives Network Upgrade Contract from M1 in Singapore-DJ
Dow Jones reported that Nokia Siemens Networks, a joint venture between Nokia Oyj and Siemens AG, has been commissioned by M1 Ltd. to strengthen its voice core network and expand its 3G network in Singapore. The financial details were not disclosed. Full Article
Nokia Oyj to Publish Q1 2013 Report with Amendments to IFRS Accounting Standard IAS19
Nokia Oyj announced that it is to publish its first quarter 2013 interim report on April 18, 2013. The historical comparative financials presented in the interim report will include certain changes to previously reported information. These changes result from retrospective application of an amendment to IFRS accounting standard IAS19, Employee Benefits and mainly relate to consolidated statements of financial position and comprehensive income. Full Article
Nokia Oyj Closes Shanghai Store-Reuters
Reuters reported that Nokia Oyj announced that it shut its flagship store in Shanghai, China, as part of a strategy to save costs and sell its phones through carriers and retail partners instead. The Company confirmed it closed its biggest store, leaving Helsinki home to the last remaining flagship outlet. Full Article
Sale Of Siemens AG And Nokia Oyj's Nokia Siemens Stakes Not Likely For Months-Reuters
Reuters reported that a six-year pact binding Siemens AG and Nokia Oyj in Nokia Siemens Networks (NSN) expired on Thursday with sources at the two parent companies saying there was no sale in sight for at least the next few months. The lapsing of the shareholder pact frees the co-parents to sell all or part of their 50% stakes in NSN without consulting the other. Full Article
Nokia Oyj and Siemens AG's Joint Venture Receives Order from Thailand-SIX
SIX reported that Nokia Siemens Networks, a joint venture between Nokia Oyj and Siemens AG, has received a 3G order from the Thai operator AIS. The financial details were not disclosed. Full Article
Nokia Oyj and Siemens AG's Joint Venture Nokia Siemens Gets LTE Network Order from TIM Brasil-DJ
Dow Jones reported that Nokia Siemens, a joint venture between Nokia Oyj and Siemens AG, has received a contract to deploy an LTE network layer on top of operator TIM Brasil's existing 2G and 3G networks in the 2.6 GHz frequency band. Under the contract, Nokia Siemens will deliver an LTE radio access network featuring its Flexi Multiradio Base Stations. It will also upgrade TIM Brasil's NetAct network management system to enable monitoring, management and optimization of its network. Implementation of the LTE network will be done on a city-by-city basis in preparation for the Confederations Cup 2013 and Football World Cup 2014 events. Full Article
Nokia Oyj Nears Decision Time for Venture With Siemens AG-DJ
Dow Jones reported that decision time is nearing for Nokia Oyj Chief Executive Stephen Elop on how to proceed with the Nokia Siemens Networks joint venture, a former problem child that has turned to a cash cow during his 30-month tenure. Nokia's joint-venture (JV) agreement with Siemens AG gives each partner the freedom to do what it wishes with its stake in the venture without the other party's having veto power. The companies in the short term plan to continue operating the seven-year-old business as usual. Full Article
Court Suspends Tax Nokia Oyj Receives from Indian Authorities-DJ
Dow Jones reported that Nokia Oyj had received an order from Indian authorities demanding taxes from the Company, but a local court has suspended the order after the Finnish handset maker filed an appeal in the week ending March 22, 2013. In a statement, Nokia added that it has fully complied with local tax laws and an India-Finland bilateral tax treaty. The Company didn't reveal the amount of taxes being demanded, while an official at the local tax body declined comment. Full Article
Nokia unveils new metal-body Lumia smartphone
LONDON/HELSINKI - Nokia unveiled a lighter, metal model in its Lumia smartphone range, as it tries to catch the eye of buyers to close the huge market lead of rivals Samsung and Apple Inc in the lucrative handset market.
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