World Bulletin / News Desk
Nokia Chief Executive Stephen Elop promised to unveil a new smartphone using Microsoft's latest Windows 8 software soon, raising the prospect it will be launched in early September before rival Apple promotes its new iPhone.
The Finnish company, which is fighting for survival after losing out to rivals in the lucrative smartphone business, is due to hold a trade show in Helsinki on September 5-6, just before an Apple event on September 12 where the U.S. competitor could announce a redesigned iPhone.
Nokia, the world's second-largest cellphone maker, has not commented on what it will announce at the Nokia World event, but business magazines have said it will unveil the new Windows 8 smartphones.
Elop, in Oslo for a meeting with Telenor Chief Executive Jon Fredrik Baksaas, did not deny a September launch but would only say Windows 8 smartphones would be released "relatively near term."
Nokia shares, which have been trading near all-time lows, rose sharply after Elop's comments and traded up 7.5 percent at 0924 GMT.
Elop, who was brought in from Microsoft in September 2010 to lead the company's battle against increasingly dominant Apple and Samsung, said he was sticking to his strategy of using Microsoft software despite the limited success of Windows Phones so far.
Nokia decided in early 2011 to ditch its home-grown Symbian software for a deal with Microsoft, aiming to catch up with Apple and Google in smartphones.
"I don't think about rewinding the clock and thinking about competing elsewhere," he told reporters.
"In today's war ... (between) Android, Apple and Windows, we are very clear, we are fighting that with the Windows phone."
Nokia lost 1.53 billion euros in the second quarter and sold just 4 million Windows phones in the period, well short of Apple's sales of 26 million iPhones and Samsung's 50 million smartphones.
Apple, Microsoft, Alphabet, Cisco and Oracle hold about $504B, approximately one-third of all corporate cash in the United States
The Fund's head says 'corruption has a pernicious effect on the economy'
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says
Firms to see deterioration in credit metrics as low oil prices impact cash flows
OPEC exporters as well as other non-OPEC producers, including Russia, fail to agree on oil output freeze
Moody's has upgraded Argentina's credit rating after a US appeals court ruling this week cleared the way for Buenos Aires to proceed with the biggest debt issue by an emerging market country in 20 years.
Ahead of Doha meeting, OPEC says 'hurdles prevail as oversupply persists and inventories remain high'
Kuwaiti OPEC head says Russia and OPEC are likely to agree on oil output freeze
'The good news is that the recovery continues; we have growth; we are not in crisis,' Christine Lagarde says
The meeting is a 'follow-up' to last month's talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels
'They are not trimming output, only keeping it at the same levels...this is the same unchanged policy,' one expert says
Iran joining Venezuela, Saudi Arabia, Qatar and Russia in freezing oil output levels
According to the ratings agency Moody’s, Iran is fiscally and structurally well placed to come back into the global economic scene
PM Davutoglu meets the heads of the world's largest companies as he promotes Turkish economic interests at World Economic Forum
Fund cuts global growth forecasts for both 2016 and 2017 by 0.2 percentage points
'Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population'