ST-Ericsson to cut 1,700 jobs

● Chip maker ST-Ericsson will cut 1,700 jobs and shift a key part of its product to parent STMicro, forcing the French co-owner to focus more on its loss-making and volatile wireless business. ST-Ericsson said it would partner with STMicro to develop application processors, after failing to cut a deal with one of four other companies. The plan did little to convince investors the joint venture was getting back on track and shares of STMicro accelerated losses after the statement to close down 13.8 per cent.