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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.
I'm working on my Happiness Project, and you could have one, too! Everyone's project will look different, but it's the rare person who can't benefit...
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.
Some rival banks in southern New Jersey are using computer problems at TD Bank as a marketing tool to seek more customers, according to a report i...
TORONTO — Mona Lisa has something new to smile about.
A portrait of a young woman thought to be created by a 19th century German artist and sold two years ago for about $19,000 is now being attributed by art experts to Leonardo da Vinci and valued at more than $150 million.
The unsigned chalk, ink and pencil drawing, known as "La Bella Principessa," was matched to Leonardo via a technique more suited to a crime lab than an art studio – a fingerprint and palm print found on the 13 1/2-inch-by-10-inch work.
Peter Paul Biro, a Montreal-based forensic art expert, said the print of an index or middle finger matched a fingerprint found on Leonardo's "St. Jerome" in the Vatican.
Technical, stylistic and material composition evidence – including carbon dating – had art experts believing as early as last year that they had found another work by the creator of the "Mona Lisa."