Wartsila plans to cut jobs

Finnish ship and power plant engine maker Wartsila said it planned to cut around five per cent of its workforce after reporting a weaker-than-expected quarterly profit. Wartsila said it plans to save around €60m (£49m) annually by cutting 1,000 jobs in response to “an environment of slow growth and intense competition”. Its fourth-quarter operating profit, excluding one-off items, rose seven per cent from a year earlier to €201m.