Nokia and Siemens work together

Telecommunications network giants Nokia Corp. and Siemens AG will merge in order to compete with Ericsson AB, a major player in the fast-growing industry.

The joint venture -- called Nokia Siemens Networks -- will include Nokia's (NYSE: NOK) network business group and the carrier operations of Siemens (NYSE: SI). The companies say the joint venture will save $1.9 billion by 2010 with the annual sales of $20 billion.

The deal could close by the end of the year. The companies will eliminate about 9,000 jobs by 2010.This is the top trends news.