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World Business Quick Take

■ Settlements
JPMorgan to pay US$2bn
JPMorgan Chase & Co agreed to a US$2 billion settlement on Wednesday, becoming the last major bank to settle claims in a class action suit brought after the collapse of WorldCom Inc. WorldCom collapsed in a US$11 billion accounting fraud in 2002. The settlement by JPMorgan Chase, the second largest US financial institution, was second in size only to the US$2.58 billion that Citigroup Inc., the nation's largest financial institution, agreed to pay late last year to settle its share of the case.

■ Networking
Nortel wins China contract
Canada's Nortel Network Corp has been selected by China to provide a digital wireless network for a railway that will eventually form a link to remote and mountainous Tibet, the company said yesterday. Nortel will provide voice and data communications for both conventional and high-speed trains to run along the 1,142km railway, according to a statement issued by the company.

■ US economy
Current account deficit up
The US balance of payments worsened last year, as the current account deficit hit a record US$665.5 billion, data showed on Wednesday, raising more fears about the sliding dollar and global imbalances that some say pose big risks. The deficit in the current account swelled 13 percent to an unprecedented US$187.9 billion for the fourth quarter, the commerce department said. The figure surprised Wall Street, which was targeting a fourth-quarter shortfall of US$182 billion, and further depressed the ailing US dollar. For all of last year, the current account deficit grew to a record US$665.5 billion.

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