Euronews: Siemens CFO Slams NSN's Job Cuts

Siemens AG (NYSE: SI; Frankfurt: SIE), Nokia Networks , Nokia Corp. (NYSE: NOK) (that's the full set then) and Telefónica SA (NYSE: TEF) start the week in today's romp through the EMEA telecom headlines.

  • Siemens CFO Joe Kaeser is far from happy about the way Nokia Siemens Networks is implementing its redundancies program in Germany, reports Reuters. In an interview with German newspaper Sueddeutsche Zeitung about the proposed 3,000 job cuts in Munich, Kaeser said: "Siemens will not accept without a fuss that NSN simply disappears from Munich ... It is really time for NSN management and labor representatives to sit down and constructively seek economically sustainable solutions for the Munich site." Worldwide, NSN is cutting at least 17,000 jobs out of a total of 74,000. (See NSN to Cut 2,900 Jobs in Germany, NSN Could Lose More Than 17,000 Staff and NSN Unveils Its Kill List .)

  • Elsewhere on the job losses front, Bloomberg reports that Spanish giant Telefónica will be shedding 1,500 workers at its Brazilian subsidiary following its merger with Vivo Participacoes SA . The local labor union claims the number of redundancies would have been higher were it not for negotiations on its part. (See Viva La Vivo Deal.)

  • While seemingly the rest of the telecom industry is going mad for "mobile money" opportunities, Nokia is going against the grain by deciding to wind up its mobile money service in India, reports Reuters. This is despite the fact that India, with vast numbers of "unbanked," would appear to be a market ripe for uptake. (See IndiaWatch: Nokia to Exit Mobile Money Biz, Making Money on Mobile Money, UK Operators Form Mobile Money JV and Mo'bile Money, Mo' Problems.)

  • Orange (NYSE: FTE) is to partner with Publicis and Iris Capital Management to create a venture capital funding source that will invest in both established companies and startups operating in the digital economy. There will be three discrete funds: OP Ventures Growth (investing in established companies in Europe); OP Ventures Global (investing in startups outside Europe); and OP Ventures Early Stage (providing seed-capital and early-stage investment to young companies in Europe). (See France Telecom Funds Digital Tech VC.)

  • 3 Italia has extended its contract with Ericsson AB (Nasdaq: ERIC) to prepare its network for the arrival of Long Term Evolution (LTE) later this year. Once the work is complete, 3 Italia's network should support both 42Mbit/s HSPA and 100Mbit/s LTE. (See Ericsson Takes 3 Italia to LTE and Ericsson CEO Talks Up LTE Lead.)

  • The U.K.'s Panel on Takeovers and Mergers has, at the request of Cable & Wireless Worldwide plc (London: CW), extended the deadline by which Vodafone Group plc (NYSE: VOD) has to either announce a firm intention to make an offer for C&WW or officially remove its hat from the ring. Vodafone now has until March 29 to decide -- which is the same deadline as that given to India's Tata Communications Ltd. . (See Euronews: Vodafone Eyes M&A Opportunity and Euronews: Tata Considers C&WW Bid.)

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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