NOKIA CUTS HANDSET PRICES

According to Reuters.com, market data and industry sources have reported that Nokia has cut the prices for many of its handsets. The steepest price reductions of up to 10 percent were made for selected music and media phones while smaller cuts were made across Nokia's portfolio. The average retail price of the Nokia 5310 and Nokia 5610 music phones and the multimedia Nokia N81 8GB took the sharpest price fall. This move will put more pressure on Nokia's rivals who are struggling with thin profit margins. Apparently, the demand for expensive mobile phones in the United States and Europe has started to drop so manufacturers are facing an increasingly intense battle for market share.