The head of Swedish-based telecommunications giant Ericsson says he believes the company is well placed to come through the economic crisis despite suffering a slump in profits. Ericsson last week reported a 56 percent drop in second quarter net income to 831 Swedish kronor ($111 million), largely due to losses in its Sony Ericsson cellphone and ST Ericsson chipmaker joint ventures and restructuring costs. But Ericsson CEO Carl-Henric Svanberg told CNN the downturn in the company's fortunes was "much the ...

Ericsson boss Carl-Henric Svanberg has been unveiled as energy giant BP's new chairman, replacing Peter Sutherland. BP said Svanberg, who is Ericsson's chief executive and also chairman of Sony Ericsson and a non-executive director of Melker Schörling AB, would join the board as chairman designate on September 1. He would take over fully from Sutherland on January 1 next year, ending his seven-year tenure at Ericsson. Svanberg, 57, who will move from Sweden to London, said BP was a world ...

Two major electronics companies announced thousands of job cuts Friday as the global economic downturn continues to hit the labor market. Toshiba said 3,900 contract workers would be cut by March 2010 as the company deals with growing losses. The Japanese firm also announced that it might have lost more money in fiscal 2008 than officials had originally forecast. Toshiba said it might have lost ¥350 billion ($3.5 billion) instead of the 280 billion yen originally expected. Sony Ericsson also ...