Finnish-German giant Nokia Siemens Networks (NSN) said on Tuesday its purchase of Motorola’s wireless network infrastructure assets would be delayed until next year pending approval from Chinese regulators.
The companies had announced on July 19 that NSN would buy most of Motorola’s wireless network infrastructure assets for US$1.2 billion, bolstering its ranking as world No. 2 in the industry.
NSN said at the time both firms expected to complete the deal, which needed regulatory approvals, by the end of this year.
On Tuesday, NSN said in a statement it now expected “to complete its acquisition of the majority of Motorola’s public carrier wireless network infrastructure assets in the first quarter of 2011.”
“The transaction has not yet received regulatory approval from the Anti-Monopoly Bureau of the Ministry of Commerce of China, which is continuing its review process,” the company said, adding “all other necessary regulatory clearances have been obtained.”
On Dec. 15, the European Commission gave the green light to the transaction, saying it would “not significantly impede effective competition in the European Economic Area or any substantial part of it.”
The deal has also received the approval of regulators in the US, Brazil, Japan, Russia, South Africa, Taiwan and Turkey, NSN said.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
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Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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