This week in Europe in brief: Electronics company plans to cut 4,500 jobs; EU funds for Balkan higher education; Industry slams EU nanomaterial definition; Targets would help mobility, study says; EU and China to renew cooperation deal; Commission backs climate-change JPI.
Electronics company plans to cut 4,500 jobs
Dutch electronics company Philips is to cut 4,500 jobs, including 1,400 in the Netherlands. The firm is rolling out a programme to save €800 million (£691m), with about 60 per cent of the savings coming from job cuts. The company’s net income decreased from €448m in the third 2010 quarter to €76m in the third 2011 quarter. This drop is due in particular to the poor results of Philips’ ailing TV division.
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