Money Briefs: Rolls-Royce to chop 800 jobs in marine biz

Rolls-Royce to chop 800 jobs in marine biz

LONDON • British engine maker Rolls-Royce said yesterday it was slashing 800 jobs worldwide in its marine business, where its order book is "very weak".

The marine sector employs 4,800 people in 34 countries, with Norway the most significant with 1,900 workers. The division designs ships and systems, largely for the oil and gas market.

Rolls-Royce said the job cuts would be made next year.

AGENCE FRANCE-PRESSE


Spotify could become profitable in 2017

HELSINKI • Music streaming service Spotify, one of Europe's most valuable tech start-ups, could start to become profitable as early as next year, said a board member who was also one of the company's first investors.

Spotify, the global leader of the music streaming industry even in the face of mounting competition from tech giant Apple Music, has posted steep losses since it was created a decade ago by Swedish founders Daniel Ek and Martin Lorentzon.

REUTERS

A version of this article appeared in the print edition of The Straits Times on December 02, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe