The deadly risk of sugar: It’s time investors reassessed food and drinks companies

More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com whatsapp Wednesday 15 March 2017 9:56 am But there is also an increasing risk of litigation against food and beverage companies. Emerging scientific evidence combined with the awareness of healthcare costs could see state level actions against sugar consumption targeting the food industry in the US. Such state level actions to recover healthcare costs were key in the fight against the tobacco industry.The parallels with the tobacco industry can be overstated, however. While we can survive without cigarettes, we cannot survive without food, and there is significant opportunity for businesses to reinvent themselves as healthy food companies.That’s why investors are pushing big brands to do better, to spend more on R&D, and reformulate their portfolios. Some major brands have already reformulated products to promote reduced sugar intake and ultimately safeguard their business from taxation. For example, AG Barr announced this month that it would accelerate its sugar reduction programme so that 90 per cent of its brands would fall below the threshold for the UK Soft Drinks Levy.The right attitudeReformulation and innovation is the right approach, turning a risk into an opportunity. In conjunction with Schroders, we have developed a formal set of investor expectations aimed at supporting engagement on the risks and opportunities posed by excess sugar consumption, and providing a common set of guiding questions.By building a framework for gathering information and setting baseline expectations for companies to follow, we hope to raise the profile of sugar-related health concerns and seek to identify leaders and laggards in the relevant sectors. We are also aiming to encourage more consistent reporting of sugar-related risk by companies.As voluntary efforts such as the Public Health Responsibility Deal of 2011 have stalled, the pressure on companies from investors to respond has been increasing. Even the UK government’s long-awaited childhood obesity strategy was met with widespread disappointment from policymakers. Investors, however, are now armed with the tools they need to conduct rigorous, ongoing engagement with the industry. Through this work, corporate accountability on sugar-related obesity will be greatly increased, and management of risks can be assured. Companies that follow these guidelines will help ensure they keep the patience and trust of their investors. Those that don’t run the risk of facing problems far more damaging than tooth decay. When it comes to causes, a large proportion of the blame was initially directed at our increasingly sedentary lifestyles and high fat diets.However, over the last decade, overconsumption of sugar has emerged as a major area of concern in the obesity debate. The costs to society have become so great that governments in affected countries have been forced to act, translating into regulatory actions such as the UK government’s high-profile “sugar tax” on the soft drinks industry.As the increasingly clear impact of the world’s obesity problem has become more of a policy and governmental issue, so too is it becoming clear that exposure to sugar could be a material risk to the financial performance of many of the world’s largest companies.There are three main catalysts that could trigger lower sales, put pressure on margins, and potentially expose companies to expensive legal disputes: one, consumer and public health awareness; two, healthcare burdens; and three, scientific consensus linking free sugar intake to ill health.Arguably, the first two have already been triggered. The UK is in the midst of a shift in consumer behaviour when it comes to eating “well”, with sugar intake at the very front of people’s minds. But beyond notoriously fickle consumer tastes there is a growing awareness of the massive cost burden imposed on healthcare services by poor diets. In announcing its landmark Childhood Obesity Strategy in 2016, the UK government stated that the NHS spent over £5bn treating overweight and obesity related ill-health in 2014-15. In a year where major political earthquakes have moved markets and dominated the news agenda, it’s easy to overlook an investment risk posed from a more mundane source. Overconsumption of sugar, an everyday household item, has consequences both for businesses and their investors that could leave a bitter taste.In 2014, more than 1.9bn of the world’s adult population were classified as overweight and an estimated 41m children were overweight or obese. According to the World Health Organisation (WHO), global obesity has more than doubled since 1980. This has huge implications for life expectancy, and health and wellbeing. 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News / LATAM Cargo opts for Bluetooth to improve ULD visibility

first_img LATAM Cargo is getting a better grip on its cargo as ULD provider Unilode, which manages the airline’s ULD pool, is equipping the fleet with Bluetooth tags to keep track of them at any time.“Unilode’s digitalisation programme will provide LATAM with opportunities to enhance our product offering by improving visibility and adding features such as temperature monitoring of the tracking devices fitted to our containers and pallets,” said LATAM Cargo CEO Andrés Bianchi.Monitoring ambient shipment conditions is of major interest for the airline. According to Mr Bianchi, perishables account for about 50% of its volume.It has also ramped up its profile in the pharmaceutical arena and obtained CEIV accreditation. Both sectors have been going strong for LATAM Cargo: in pharmaceuticals, it has enjoyed double-digit growth in recent years; while perishables traffic has been growing, with exports to Asia a factor of increasing prominence. Unlike general cargo, most perishables markets have been either stable or shown growth this year, Mr Bianchi said.Unilode has been managing LATAM’s ULD contingent since 2016 and opened a bespoke ULD repair centre at the airline’s home base in Santiago. A spokesperson for LATAM reported that the fitting of its containers with the Bluetooth tags should be completed around the first quarter of next year, while the pallets should be done by the first quarter of 2021.Where a barcode requires staff to point a reader at the label, Bluetooth technology allows operators to manage ULDs without touch, said Unilode CEO Benoit Dumont. This increases visibility and ‘reads’ ULDs in locations that are difficult for staff to access.Unilode is working to put Bluetooth tags on its entire fleet of over 140,000 units. In the opening phase it is fitting them on pallets and containers of clients that have their own equipment pools. This is more straightforward than with Unilode’s proprietary ULD pool that is shared by multiple clients, as the process of getting the all clear from all these clients takes time.Mr Dumont reports the approval process is nearly complete. He aims to have 70-80% of the network covered in about 18 months, which should be a good critical mass, he said.A large number of tests – many involving temperature-sensitive cargo like flowers or pharmaceuticals – have been conducted, all of them successfully, he reported.While the Bluetooth tags and readers installed on planes and on the ground will give LATAM much better visibility on the location of ULDs, and their ambient conditions, for Mr Bianchi this is but one part of a broader push for real-time access to data.The airline is working to replace its legacy system, a process that will replace a number of systems with a single end-to-end platform that is scheduled to go live halfway through next year.“With this we will be able to provide much better tracking,” he said. By Ian Putzger 23/10/2019last_img read more

Ministry Stamps Out Unified Incheon Teams

first_img North Korea tries to accelerate building of walls and fences along border with China There are signs that North Korea is running into serious difficulties with its corn harvest SHARE By Daily NK – 2014.06.18 4:16pm RELATED ARTICLESMORE FROM AUTHOR Facebook Twitter Ministry Stamps Out Unified Incheon Teams News center_img News AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] News Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak The Ministry of Unification has refuted the suggestion, madeyesterday by one of its officials, that there could be a unified Korea team or teams atthe upcoming Asian Games, which are being held in the South Korean port city ofIncheon in September and October.In a press release on the afternoon of the 17th,the ministry reiterated the official government position, which is that “forminga unified team with North Korea is impossible at this time, considering thecurrent state of inter-Korean relations and the events schedule.” This is a reflection of the government’s stance since April, when the idea of joint teams at some events was first mooted.Earlier the same day, an official erroneously told reporters that ifan official request for a combined team or teams were received, “We plan todiscuss it with Incheon City and the [Asian Games] Organizing Committee.”“This meant the standard procedure of consultation between thegovernment, Incheon City and the Organizing Committee,” according to the pressrelease. “It did not mean a loosening of or change to the government’s existingposition on the formation of unified inter-Korean teams.” News last_img read more

Insurers issue debt and preferred shares in record numbers: DBRS

first_imgBusinesswoman umbrella orange arrow insurance ra2studio/123RF IE Staff Related news Consumer debt driven by new mortgages, but credit card debt at six-year low Merger of B.C. financial services, real estate regulators nears completion Canadian insurance companies have issued debt and preferred shares in record numbers during 2020, which will help them manage the tougher economy ahead, said DBRS Morningstar in a report on Tuesday.Canadian insurers issued more than $9.5 billion in debentures and preferred shares so far this year, about five times the amount issued in 2019, the rating agency said. Finance Department reports preliminary deficit of $314B for last fiscal year Share this article and your comments with peers on social media Since the agency’s initial research on Canadian insurance debt in May 2020, insurers issued $2.9 billion in senior debentures.The weighted-average issuance interest rate and maturity for senior and subordinated debentures issued was 2.813% and 16.4 years, respectively. This reflected the declining trend in corporate bond spreads after late April and investors’ demand for less risk, the report said.The tighter corporate bond spreads and insurers’ strong financial performance in the second quarter allowed insurance companies to issue at a lower cost compared with the start of the pandemic.DBRS said it viewed moderate bond issuance as an important tool to improve insurers’ liquidity and navigate the economic lockdown’s impact.“[T]hese debt issuances have allowed insurance companies to improve the maturity profile of their liabilities, which is positive for their liquidity position,” DBRS said.And, because Canadian regulations generally count debt issued at the holding-company level with maturities of longer than five years as Tier 2 capital, the issuance strengthens regulatory capital ratios, it said.The rating agency expects smaller insurance companies will tap the bond market in the remainder of the year, which could bring total issuance to well over $10 billion. Keywords Insurance,  DebtCompanies DBRS Facebook LinkedIn Twitterlast_img read more

$1.5 million to guide and support NDIS plan self-managers

first_img$1.5 million to guide and support NDIS plan self-managers $1.5 million over two years to support people self-managing their NDIS plansWestern Australia’s Individualised Services to provide support and guidanceThe State Government has today announced funding of $1.5 million over two years to support people with disability who choose to self-manage their plans under the National Disability Insurance Scheme (NDIS).The funds are available through the State Government’s Sector Transition Fund, established to safeguard the sustainability of Western Australia’s disability sector during transition to the Australia-wide NDIS and assist people to manage in the NDIS environment.NDIS participants can choose whether to have their funds managed by the NDIS or a third-party plan manager or seek approval from the NDIS to manage the funds themselves.Those approved to self-manage their plans are responsible for sourcing and paying support workers, claiming reimbursements from the NDIS and maintaining accurate records.The funding will be directed to Western Australia’s Individualised Services (WAiS), a recognised support provider of self-managers, to develop self-managers’ knowledge about their responsibilities and obligations as direct employers of support workers, and the requirements of the NDIS Commission.WAiS is nationally recognised for its commitment and work in guiding and educating people with disability and their families in self-managing their funding and support arrangements.WAiS works together with people with disability, families, government and service providers, to design and promote individualised, self-directed supports and services, enabling them to have maximum choice and control over their arrangements.At March 31, 2020, the NDIS reported that 37 per cent of WA participants in the scheme are self-managing their plans and this figure is expected to increase in line with experience in other States.As stated by Disability Services Minister Stephen Dawson:“As Western Australia is formally transitioning to the NDIS Quality and Safeguards Commission from today, it’s more important than ever that people with disability and their families and carers, as well as the sector itself, are well prepared. “This funding will be directed specifically to people who are self-managing their NDIS plans to ensure they understand their obligations and have the skills and knowledge they need to navigate the system.“WAiS has a proven track record in successfully engaging and supporting self-managers. This will enable them to provide targeted support through a combination of strategies, including education and one-on-one interactions.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, Commission, disability, disability sector, education, environment, Government, insurance, insurance scheme, Minister, National Disability Insurance Scheme, NDIS, quality, sustainability, WA, Western Australialast_img read more

Australia sets new renewables records in 2020

first_imgAustralia sets new renewables records in 2020 Australia strengthened its position as a renewable energy powerhouse in 2020.The Clean Energy Regulator estimates that a record 7.0 gigawatts (GW) of new renewable capacity was installed last year.This is 11 per cent higher than the previous record set in 2019 (6.3 GW) and more than the entire renewable capacity installed under the previous Labor government (5.6 GW, December 2007 to September 2013).A solar installation boom drove the new record, despite COVID-19 restrictions impacting rooftop solar installation rates for part of the year.Already, one in four Australian homes have solar – the highest uptake of household solar in the world.“This is helping to reduce household energy bills and reduce emissions,” Minister Taylor said.Over the last quarter of 2020, the share of renewables in the National Electricity Market exceeded 30 per cent, another first.In 2020, a record 53.6 terawatt hours (TWh) of electricity was generated from renewables (including rooftop solar) in the National Electricity Market. This is 16 per cent higher than the previous record set in 2019.Strong investment in renewables is forecast to continue. Australia is projected to deploy an additional 24GW of rooftop solar by 2030, tripling the nation’s small-scale solar generating capacity over the decade.In 2019, Australia deployed new renewable capacity at least 10 times faster per person than the global average and four times faster per person than China, Europe or the United States.In 2020, Australia invested $7.7 billion or $299 per person in renewable energy. This places us ahead of countries like Canada, Germany, Japan, Korea, New Zealand and the United States on a per person basis.Australia now has the highest solar capacity per person of any country in the world (644 watts per person) and the highest wind and solar capacity of any country outside of Europe (804 watts per person).As record levels of renewable energy come online, the Government continues to ensure Australia’s energy system remains reliable and affordable. This includes prioritising work on a new fit-for-purpose market design and delivering flexible backup generation and storage needed to balance and complement very high levels of intermittent renewables.This includes:Delivering a 2,000 MW pumped hydro expansion to Snowy Hydro scheme;Supporting the development of Marinus Link, the second interconnector needed to turn Tasmania’s Battery of the Nation vision into reality, and all other major priority transmission projects identified in AEMO’s Integrated System Plan;Establishing the Underwriting New Generation Investments program to support new firm generation capacity and increased competition; andEstablishing a $1 billion Grid Reliability fund to be administered by the Clean Energy Finance Corporation.In 2021 and beyond, the Morrison Government will continue to take action to enable Australia’s strong growth in renewable energy while maintaining a reliable and affordable energy system. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:AusPol, Australia, Australian, Canada, China, clean energy, electricity, Europe, Germany, Government, Japan, Morrison, Morrison Government, New Zealand, renewable energy, Tasmania, United Stateslast_img read more

Kids Under Cover Named As Budget Day Charity

first_imgKids Under Cover Named As Budget Day Charity VIC PremierTreasurer Tim Pallas has continued his Budget Day tradition of supporting a worthy cause, this year throwing his support behind not-for-profit Victorian charity Kids Under Cover.Kids Under Cover supports vulnerable young people at-risk of homelessness by building relocatable rooms in the backyard of the family or carer’s home – relieving overcrowding, easing tension and providing young people with a secure and stable environment.The organisation also provides education and job training scholarships to keep young people engaged, while keeping them connected to their family or carers.Kids Under Cover is dedicated to breaking the cycle of poverty and disadvantage across the families it supports by not only sponsoring youth living in the relocatable rooms but also offering their siblings support with their education.Keeping with his tradition of selecting a Victorian-based charity, Mr Pallas has made a personal donation to Kids Under Cover and is encouraging all his parliamentary colleagues and community leaders to dig deep.The Treasurer will deliver his 7th Victorian Budget tomorrow Thursday 20 May.Donations to Kids Under Cover’s Winter Fundraising Appeal can be made at kuc.org.au/giveAs stated by Treasurer Tim Pallas“Kids Under Cover is taking pressure off families and carers by providing safe and secure accommodation for at-risk youth – while keeping them close to those who love them.”“Their dedication to preventing youth homelessness by not only keeping these young people home but engaged with school -work is a life-changing initiative that I am proud to support.” As stated by CEO of Kids Under Cover Jo Swift“We are incredibly grateful to the Treasurer for selecting Kids Under Cover as his 2021-22 State Budget Charity – all donors from across our community need to come together to make a life changing difference for young people who are at risk of homelessness.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:AusPol, Australia, building, carer, charity, community, donation, education, environment, Family, Government, homelessness, love, school, Tension, Victorialast_img read more

Almost 12,000 Volvos recalled in Canada over automatic braking not stopping

first_img No injuries tied to the defect have yet been reported. Affected owners will be notified May 1. Created with Raphaël 2.1.2Created with Raphaël 2.1.2 The 2019 Volvo V60 Cross Country  Handout / Volvo In affected vehicles, the “automatic emergency brake system may not always engage, which could increase the risk of collision and injury,” Automotive News quotes the U.S. NHTSA. Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” Trending in Canada See More Videos Volvo is recalling nearly 12,000 new vehicles of all types in Canada because the automatic emergency braking may not always engage, leading to a greater risk of collision.Affected models include the Volvo S60, V60, V60 Cross Country, S90L, V90, V90 Cross Country, XC40, XC60 and XC90 if from the 2019 and 2020 model years.That means about 11,834 are covered by the recall in Canada, along with more than 100,000 in the U.S. and about 700,000 worldwide. We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. advertisement COMMENTSSHARE YOUR THOUGHTS Trending Videos The Rolls-Royce Boat Tail may be the most expensive new car ever PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca RELATED TAGSVolvoSedanStation WagonSUVLuxurySafety and MaintenanceLuxury VehiclesMaintenanceNew Vehicles ‹ Previous Next ›last_img read more

Get your free bike light starting Dec. 13

first_imgShare Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Categories:SafetyCampus Community Every year, the University of Colorado Boulder teams up with the city of Boulder and Community Cycles to give out free bike lights in an effort to encourage the use of lights for nighttime biking as part of the Lighten Up Boulder safety campaign.Cycling can be a great way to travel, but as winter approaches and daylight is reduced, visibility is very important. Riding a bike with mounted lights not only increases visibility and safety, but its also the law. The Boulder Revised Code requires all cyclists traveling between sunset and sunrise to equip their bikes with both a mounted white light on the front and a red reflector on the back.If you goWhat: Bike Light Giveaway EventWhere: UMC bike station (west of the UMC fountain)When: Tuesday, Dec. 13, from 4 to 6 p.m.The bike light giveaway event will be held Tuesday, Dec. 13, at the UMC bike station (west of the UMC fountain). If you are unable to attend the event, you can also stop by Community Cycles or city of Boulder’s GO Boulder office to claim your lights at the below specified dates and times. The giveaway ends Friday, Dec. 16.GO Boulder, 1101 Arapahoe Avenue, second floorLights can be picked up at GO Boulder starting Tuesday, Dec. 13, through Friday, Dec. 16, from 8 a.m. to 5 p.m. each day.Community Cycles, 2805 Wilderness Place #1000Lights can be picked up at Community Cycles on Tuesday, Dec. 13; Thursday, Dec. 15; and Friday, Dec. 16, from noon to 6 p.m. each day. Please note they are closed on Wednesdays.For access to bike maps and more bike safety tips, visit the GO Boulder website. And for more information on the CU Boulder Bike Program, click here.center_img Published: Dec. 8, 2016 last_img read more

Nokia lines up 170 job cuts from Finnish sites

first_img Nokia scores Philippines 5G deal with Dito Previous ArticleHuawei targets different approach for voice assistantNext ArticlePacketZoom targets Southeast Asia app boost Home Nokia lines up 170 job cuts from Finnish sites Michael Carroll Español Alianza sobre IA entre Nokia y Microsoft Michael doesn’t want to admit that he has been a journalist and editor for close to 20 years covering a diverse set of subjects including shipping and shipbuilding, fixed and mobile telecoms, and motorcycling…More Read more Alcatel-LucentlayoffsNokiacenter_img Related Nokia makes AI move with Microsoft Author Tags AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 09 JUN 2017 Nokia announced it will cut 170 jobs from its domestic Finland operations, some 30 fewer than it originally predicted, following negotiations over the lay-offs.In a statement issued in Finnish, Nokia revealed it entered talks over the job cuts in early May and completed the discussions today (9 June). The negotiations: “concerned the major part of Nokia’s business operations and support functions in the online business” at sites throughout Finland.The bulk of the job cuts (75 per cent) will come from Nokia’s Espoo headquarters. The nature of the translated statement means it is unclear if Nokia’s Oulu plant is included or not: in one part the vendor says the discussions excluded the facility; in another that the remainder of the job cuts will be spread between plants in Oulu and Tampere.What is clear is the majority of the cuts will be completed by end-2017. The vendor is offering aid to staff affected by the decision, including opening the door to any available positions which arise through the remainder of the year, and re-training to enable staff to find alternative roles with other companies.Nokia’s Finland workforce stands at 6,100 in total, Reuters reported.The vendor is scaling back the workforce in its home market as part of a broader global restructure of its operations following Nokia’s acquisition of Alcatel-Lucent in 2016. At the time, Nokia said it aimed to benefit from cost savings of €1.2 billion in the form of synergies during 2018.last_img read more