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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Oral Roberts who wrote (47101)	9/3/2003 12:32:25 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 57110

I'd like to see more up if it is going to be a blowoff.

To: Oral Roberts who wrote (47101)	9/3/2003 1:24:04 PM
From: AugustWest	Respond to of 57110

More signs of a global recovery? not! (COMTEX) Ericsson to lay off 1,700 more workers in Sweden, part of cost-cutting effort STOCKHOLM, Sep 03, 2003 (The Canadian Press via COMTEX) -- Swedish wireless equipment maker LM Ericsson said Wednesday it will cut 1,700 more jobs in Sweden, part of a previously announced cost-cutting program it hopes will return the company to profitability by the end of the year. Ericsson, the world's largest supplier of equipment for wireless phone networks, has lost more than 46 billion kronor ($5.6 billion US) since the start of 2001. But chief executive Carl-Hennric Svanberg said the company has seen signs the mobile systems market is finally hitting bottom. In July, the company posted a $328-million loss for the second quarter, about the same as a year ago, but its loss before one-time items was smaller than expected in a sign that its efforts to cope with slower telecom equipment demand are paying off. The Swedish company has been slashing jobs for the past two years amid a deep slump in demand from its telephone-operator customers. It expects to be at 47,000 employees next year, from 107,000 at the start of 2001 and has said it intends to be profitable even if its sales do not significantly grow from today's depressed levels. The job cuts announced Wednesday will affect workers in Stockholm and Goteborg, southwest of the capital. In trading on the Stockholm Stock Exchange, shares of Ericsson were up 3.9 per cent on news of the job cuts, rising to 13.50 kronor ($1.59). Svanberg, who took over in April from Kurt Hellstroem, remained hopeful that the company would post a profit during 2003. But he has said cost-cutting initiatives - including the further elimination of jobs - would continue through the end of the year. Earlier Wednesday, in Paris, Ericsson's partly-owned joint venture Sony Ericsson unveiled three new phones, including new gadgets that let users play video games, and announced a deal with Turner Broadcasting to offer content, ring tones and "wallpaper" based on characters from the U.S. broadcaster's Cartoon Network. The phones, which are expected to be sold worldwide, will be released during the fourth quarter of 2003, the joint venture between Ericsson and Japan's Sony Corp. said. The phone maker's new models boast color screens, cameras and entertainment content it hopes will energize its sales worldwide. MATT MOORE The online source for news sports entertainment finance and business news in Ca ada Copyright (C) 2003 The Canadian Press (CP), All rights reserved -0- KEYWORD: STOCKHOLM SUBJECT CODE: technology * end of story *