World Business Quick Take

■ Telecoms
AT&T, MCI deals approved
US approved SBC Communications' takeover of AT&T and Verizon Communications' purchase of MCI on Monday in a move consumer activists have said is anticompetitive. By 4-0 votes, the US Federal Communications Commission approved a compromise adding several conditions -- but also removing the last regulatory barriers -- to the multibillion-dollar mergers. The agency required that SBC and Verizon freeze the wholesale prices they charge competitors to lease high-capacity business lines and said they had to guarantee that they will sell their Internet access as a stand-alone service, so customers aren't forced to buy local phone service as well. The acquisition by SBC Communications of AT&T is valued at US$16 billion; the deal with Verizon Communications and MCI is said to be worth about US$8.5 billion.

■ Communications
Motorola settles lawsuit
Motorola Inc, the world's No. 2 mobile phone maker, said it has agreed to settle a lawsuit against former president Mike Zafirovski for US$11.5 million cash and other requirements. Motorola earlier this month sued Zafirovski, claiming his new job as CEO of Nortel Networks Corp could risk disclosure of Motorola's trade secrets. The telecommunications-equipment maker was not named as a defendant in the lawsuit. Motorola said the settlement "reaffirms Zafirovski's obligations to protect Motorola's trade secrets and confidential information." It also includes an US$11.5 million cash payment to Motorola and restricts Nortel and Zafirovski from recruiting Motorola employees. Nortel said in a statement on Monday that the settlement includes no admission of any breaches of agreements or other improper conduct by Zafirovski or either company.

■ Currencies
Yuan exchange eased in HK
China's bank said yesterday it has raised the yuan-exchange limit for Hong Kong individuals to 20,000 yuan (US$2,470) per transaction, from 6,000 yuan. The move was seen as part of a package of measures aimed at promoting economic ties between the mainland and the region. The central-bank statement also said it raised the ceiling on yuan remittances to 80,000 yuan from 50,000 yuan. Hong Kong businessmen can now exchange their yuan deposits into Hong Kong dollars but they are still barred from changing their Hong Kong dollar deposits into yuan. Analysts said the move would channel more capital from China to Hong Kong, helping to ease pressure on yuan appreciation.

■ Entertainment
Apple sells 1 million videos
Apple Computer Inc on Monday announced it had sold more than 1 million videos from its online iTunes music store since launching the image download service less than three weeks ago. The video library was unveiled on Oct. 12 when tech-innovator Apple launched its iPod portable video player that can screen music videos and hit television shows for fans on the move. Video iPod owners can download and buy over 2,000 music videos, short films from Pixar Animation Studios as well as hit television programs such as Desperate Housewives and Lost under a landmark tie up with Walt Disney Co. "Selling 1 million videos in less than 20 days strongly suggests there is a market for legal video downloads," said Steve Jobs, Apple's chief executive.