‘Long shadow of Nokia’s problems’

Published on 28 June 2013 at 11:53

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Japanese semiconductor producer Renesas Electronics announced on June 27 that it will discontinue the production of wireless modems and lay off 800 Finnish staff, reports Helsingin Sanomat.
Given that most of the workers concerned are former employees of Nokia, which sold its wireless modems business to Renesas in 2010, the news has relaunched debate about the state of the Finnish economy.
“The forestry and telecommunications sectors are in crisis, and short-term economic policy is not sufficient to address these problems,” remarks Economic Affairs Minister Jan Vapaavuori, as quoted by the daily. Helsingin Sanomat also publishes a graph showing the number of people employed by the electronics sector declined from 61,500 in 2008 to 46,000 in March 2013, while Nokia, Finland’s biggest company, reduced its staff from 23,320 to 11,000.

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