"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, December 16, 2008

Mobile handset market under pressure - jobs go, factories close, and great offers on Nokia 1650

British electronics group Laird plc, a component supplier for Nokia and others, today announced the loss of 4,500 jobs, or nearly half its staff, they are also closing plants with a further 500 job cuts (they have none in the UK). Laird is shutting its factory in Hungary, and three of its manufacturing facilities in the US will be closed or downsized significantly, with production from these sites transferred to Mexico and China.

Laird say they see global handset volumes declining 10 % next year. They have seen a dramatic fall in revenues in Q4 2008 of around 25% to 30% compared with Q4 2007. They expect no market recovery during 2009.

On 4th December Nokia, the world's top mobile phone maker, said its best guess was for sales to fall 5% or more next year.

Reflecting the tightness of the market Carphone Warehouse made an aggressive move in the pay-as-you-go (PAYG) mobile phone market today.

They are offering offering the Nokia 1650 Blue handset on the Orange network free of charge with pre-payment of £30 of calls. Or £9.73 plus £10 airtime pre paid on Orange or O2 and £19.52 plus £10 prepaid airtime with Virgin.

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