Nokia raises pressure on Qualcomm

Nokia sought to ratchet up the legal pressure on US rival Qualcomm, asking the US International Trade Commission to ban handsets containing some Qualcomm chipsets from entering the US

• Iraq awards mobile licences
• Sprint Nextel plans $5bn 4G expansion

Bear cuts jobs in subprime units

Bear Stearns cut 240 jobs in two mortgage origination units, as the investment bank responded to the dramatic slowdown in the subprime lending business

• Banks in dark over cost of credit turmoil
• Bear falls foul of hedge fund trap

Mortgage lender draws on $11.5bn line

Countrywide Financial, the biggest US mortgage lender, was forced to use a credit line from 40 of the world’s largest banks, raising fears that the global liquidity crisis was worsening

Sprint Nextel plans $5bn 4G expansion

US mobile carrier expects to generate up to $2.5bn in revenues by 2010 as a result of the expanded nationwide wireless broadband network

MGM closes $500m United Artists fund deal

Metro-Goldwyn-Mayer’s United Artists subsidiary closed a $500m financing deal amid a tightening credit environment that has seen plans for a separate $1bn slate fund postponed by the studio

Fannie Mae predicts more turmoil

Fannie Mae, the largest US home lender, predicted further turmoil in the housing market and warned that its credit loss ratio would increase this year

Banks in dark over cost of credit turmoil

Shares in the global investment banks have swung wildly in recent days as investors have struggled to assess the impact of the credit market turmoil.

Dell probe finds improper accounting

Dell said it would restate four years of financial results after an internal investigation found that unnamed ‘senior executives’ used improper accounting tricks to meet quarterly performance targets at the struggling computer maker