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SAN FRANCISCO — Nortel Networks Corp. said Monday it agreed to sell some of its next-generation packet core network components to Hitachi Ltd. for $10 million.
Under the deal's terms, Hitachi will get assets including software that can be used to transfer data over existing wireless networks and the next generation of wireless communications technology, Nortel said. This includes related non-patent intellectual property, equipment and other assets, and a non-exclusive license for the use of some related patents and intellectual property.
The deal still must be approved by a Delaware bankruptcy court, along with the Ontario Superior Court of Justice. It is expected to be completed this year.
Nortel, formerly a telecommunications equipment giant, filed for bankruptcy protection in Canada and the U.S. in January. The Toronto-based company has since been selling its operations piece by piece.
The deal was made by Nortel's main operating subsidiary, Nortel Networks Ltd., and its Nortel Networks Inc. subsidiary.
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TORONTO — The head of Canada's central bank said Monday the global financial industry is in danger of becoming arrogant by resisting regulatory change and handing out bonuses that wouldn't be there if governments hadn't intervened during the financial crisis.
Bank of Canada Governor Mark Carney warned bankers not to underestimate the determination of G20 countries to enforce new rules on executive pay and bank capitalization.
Carney said large financial institutions benefited disproportionately from government intervention. He said the response has profoundly shifted risk from the private to the public sector.
Carney, a former Goldman Sachs executive, said all G-20 countries agree that bonuses should be tied to long-term performance. He said banks would be well advised to make sure they have the sufficient capital rather than pay themselves handsome bonuses.
"Relief is in danger of giving way to hubris," Carney said in a speech hosted by Quebec's securities regulator in Montreal.