Latest business news

Nokia to lay off 1,700 worldwide

Nokia Corp. said Tuesday it will lay off 1,700 people worldwide to cut costs, as the global economic downturn strikes deeper into the mobile phone sector.

Citi, Morgan Stanley look to sidestep bonus caps: report
Anticipating restrictions on bonuses, officials at Citigroup Inc and Morgan Stanley are exploring ways to sidestep tough new federal caps on compensation, the Wall Street Journal said.