Genesis Gains Ground in the Luxury Car Market 
BYD Launches Shark Hybrid Pickup in Mexico, Eyes New Factory Amid US Tariff Hike 
Lapstone & Hammer Expands ASICS 'Dip Dye' Series with Beverage-Inspired Colorways 
McDonald’s Rolls Out $5 Meal Deals to Emphasize Affordability Amid Rising Costs 
First Look: Tesla Cybertruck's New Tactical Grey Interior Spotted in Forum Images 
Aldi, Hy-Vee Recall Cream Cheese Products Over Potential Salmonella Contamination 
Subaru and Toyota Collaborate on 3 New Electric SUVs, Citing ‘Huge Risk’ of Solo EVs 
Coca-Cola Launches Data-Driven Insights Platform for Retail and Foodservice Industries 
Skepta and PUMA Launch Groundbreaking Collection 
OpenAI Launches New AI Model and Desktop Version of ChatGPT in Major Update 
McDonald’s Philippines Targets Aggressive Expansion with 60 New Stores 
Converse Faces Job Cuts as Nike Aims for $2 Billion in Cost Savings 
McDonald's Philippines Launches 'Ride the Arches' for Cyclists 
ALWAYTH x Adidas Samba: Revolutionizing Sneaker Culture with Fashion-Forward Collaboration 
Nongshim Eyes New Domestic Plant to Fuel Global Ramyeon Demand 
US Airlines Sue Over New Fee Disclosure Rule 
Nokia, the Finnish telecom company, announced on Tuesday, March 16, that it is planning to slash its workforce. For this, at least 10,000 jobs would be affected, and the layoffs will happen in the next two years.
The cause of the impending layoffs
Reuters reported that Nokia made this decision as part of its restructuring plan. The company would like to direct more funds to its research capabilities. This means it is reducing the number of employees to cut costs and invest the money for the company’s restructuring instead.
When Pekka Lundmark was appointed to be the company’s chief executive officer last year, he has been slowly making changes in an effort to make the company better and turn it into something that will give its rival, Ericsson, good competition.
To achieve the company’s goal, Lundmark unveiled strategies that include a move for Nokia to have four business groups. Each one was instructed to do everything to take the lead in the 5G race.
“Decisions that may have a potential impact on our employees are never taken lightly,” the Nokia chief said in a statement. “My priority is to ensure that everyone impacted is supported through this process.”
Nokia’s investment plans for 5G
As per Barrons, with Nokia’s decision to lay off 10,000 employees from today until 2023, it will be able to gain €600 million in savings. Moreover, this fund from the cost-cutting program will be transferred for investment to boost the firm’s 5G technology.
Nokia further stated that the savings from the job cuts would allow them to grow the company as it expands its research and development for long-term results. Apart from 5G, it will be focusing on digital infrastructure and cloud technologies to keep up with other tech firms.
Meanwhile, Nokia is also aiming to win contracts in China. It has been gaining customers again, but its rival Ericsson is gaining more, and it is said to be due to the fact that it won a 5G radio contacts in China. This is one reason why the company wants to get into and improve its 5G technology.
