Nokia, Siemens tell NSN no more cash - report

The chief executive of Nokia Siemens Networks has warned employees that NSN cannot expect any more money from its parent companies. Parents Nokia and Siemens have provided capital "for the last time" and expect this investment will provide results, the German magazine Spiegel reported, citing a copy of a letter sent from CEO Rajeev Suri to NSN's 9,000 employees in Germany. "Our profitability is still too low, we're burning cash reserves, have too many business areas that have never produced adequate returns and regions that have always been loss-making," Reuters reports from Spiegel. NSN has struggled to make a profit since being set up in 2007 and last week announced plans to cut 17,000 jobs, or nearly a quarter of its workforce. Nokia and Siemens agreed two months ago to each give the company another EUR 500 million in capital. This was after failing to find a new investor for the company.