Nokia Oyj will cut up to 360 jobs at Internet services unit as it combines offerings into its new Ovi Store, the world's top cell phone maker said on Tuesday. Nokia's new online software and multimedia store will challenge Apple's hugely successful App Store from May.

The government of India has signed an agreement with the One Laptop Per Child (OLPC) project and will purchase 250,000 of the organization's XO laptops. The machines will be distributed to students throughout the country. India's decision to embrace OLPC is a bit unexpected in light of the country's past antagonism towards the project.

General Electric says it has achieved a breakthrough in digital storage technology that will allow standard-size discs to hold the equivalent of 100 DVDs.

The world's largest software maker said profit dropped by 32% to US$2.98 billion. Sales slipped to US$13.65 billion.

Samsung Electronics Friday said global demand for memory chips will improve in the second quarter and expects global shipments of personal computers to rise by a low-single percentage from the preceding quarter.

Innovation is taking a hit these days, with some people even blaming it for the financial market crash. But while most companies are trying to cut costs by eliminating staff and shutting down operations, some are finding new ways to innovate and grow by predicting—and quickly readying themselves for—emerging markets.

Japan's Nikkei average rose 0.6% on Wednesday, lifted by exporters on a weaker yen. Pioneer was untraded due to a glut of buy orders after sources claimed the electronics maker is considering applying for state funds. Elpida Memory soared nearly 17% after a local paper said it may seek around 50 billion yen (US$507 million) in public money to shore up its capital.

Tesco, ranked No. 3 in the world behind Wal-Mart and France's Carrefour, shrugged off the global recession to unveil the highest profits ever recorded. However, the British supermarket giant was forced to concede that it finds doing business in the US not so easy.

AMD's first quarter earnings, as expected, show the amount of red ink on the company's balance sheet is growing. Still, there was a slight bump in processor revenues, though unfortunately the company's GPU business is still down.

Internet search company Yahoo announced Tuesday that it would slash 5% of its workforce, as it reported a first-quarter profit that fell sharply from a year earlier but still managed to beat Wall Street's forecasts.