260 face the chop at Nokia

Market downturn to blame...

Market downturn to blame...

Nokia is slashing up 260 jobs at its mobile phone operations at Salo in Finland. The company said the restructuring was an attempt to consolidate its position in the competitive, but struggling, telecoms market. Credit ratings agency Moody's last month cut Nokia's ratings outlook to 'negative' from 'stable' because of the slowdown in the market.