Nokia plan to cut jobs to reduce cost

Nokia, the worlds largest maker of phones, on tuesday said that they are going to cut 1700 jobs, approximately 3% of its work force, as demand continues to sag.

700 workers in espoo, finland might be laid off and the rest will be in asia, europe & north america. The layoffs are to take place in Nokia's devices and market divisions, which produce, market phones and in a unit responsible for long time corporate strategy.

It is the biggest job cut, since the economic slowdown of last year. They plan to reduce operating expenses aproximately 700 million euros, by the end 2010. That comes around 11% (approx) of their expenses.

Nokia announced the austerity measures on Jan. 22 as the company revealed plans to freeze salaries, hiring and nonessential travel and to offer severance packages to as many as 1,000 employees.

In another cost-cutting move, the company stopped designing phones for the Japanese market.

FILM

Cast:
Neil Nitin Mukesh, Mugdha Godse

Director:
Madhur Bhandarkar
Banner:
Percept Picture Company

madhur bhandarkar direction film to be released soon.

pooja done for the starting work of the film.

Bill Discounting

Business activities across borders are done through letter of credit. Letter of credit is an instrument issued in the favor of the seller by the buyer bank assuring that payment will be made after certain timer frame depending upon the terms and conditions agreed, it could be either at sight, 30 days from the Bill of Lading or 120 days from the date of bill of lading. Now when the seller receives the letter of credit through bank, seller prepares documents and presents the same to the bank.

The most important element in the same is the bill of exchange which is used to negotiate a letter of credit. Seller discounts that bill of exchange with the bank and gets money. Discounting bill terminology is used for this purpose. Now it is seller’s bank responsibility to send documents and bill of exchange to buyer’s bank for onward forwarding to the buyer for the acceptance and the buyer finally, accepts bill of exchange drawn by the seller on buyer’s bank because he has opened that LC. Buyers bank than get that signed bill of exchange from the buyer as guarantee and release payment to the sellers bank and waits for the time span will buyer will pay the bank against that bill of exchange.