Sunday, May 6, 2012

Nokia: The fallen hero

When Apple unveiled its first touch-screen iPhone in June 2007, then Nokia Chief Executive Olli-Pekka Kallasvuo simply underestimated the impact of its release saying, ``What we decide is the global standard.’’ This was the beginning of the Finnish firm's fiasco.

His remark illustrates how Nokia’s influence and confidence was great back then in the phone making business. Nokia, once the handset titan and ``the pride of Finland’’ is falling. It ended its 14-year leadership in the entire mobile phone industry in the first quarter of this year. Rather, Korea’s Samsung Electronics has risen to the top in the industry globally.

Standard and Poor’s (S&P) has downgraded Nokia’s credit rating to BB minus. It also cut Nokia’s short-term credit rating to B from A-3. Moody’s has also slashed its credit rating to near junk status

Read more: Korea Times


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