Nokia profits wilt in fierce market

One of the world's largest communication firms, Nokia, has issued a profits warning amid increased competition in the smartphone sector from the likes of Apple and Samsung.

Nokia, which employs more than 130,000 people worldwide, said it expects its handset arm to make a loss in the first and second quarter of this year as sales in India, the Middle East and Africa and China suffer, triggering a 14% slide in its share price.