Job cuts

It is unclear where the bulk of the cuts will fall, but it said about 96 jobs in the UK were under threat as part of the €600m (£518m) cost cuts.

Nokia is playing catch-up on 5G, and also plans to invest in cloud computing and digital infrastructure research.

The company currently has 90,000 employees around the world, and has cut thousands of jobs since 2015.

"We currently expect the consultation process in the UK to cover an estimated 96 roles," a Nokia spokesperson said.

It said its operations had been completely upended by Covid-19 and the resulting lockdown and closure of borders, which have forced big cuts in staff, costs and income.

"We are a resilient business, but this is a global shock to aviation the likes of which we've never seen, and our organisation continues to be materially impacted," chief executive Adrian Littlewood said.

He said the airport's international business had shrunk to 5 percent of what it was six months ago, with the number of foreign airlines falling to 11 from 29.

ABC reports the retailer has announced that 30 stores will close, including 17 supermarkets in Australia, six supermarkets in New Zealand, four Woolworths metro stores and three hotels.

These stores are all expected to shut before the end of the current financial year.