STMicroelectronics and Ericsson has announced the closing of their agreement merging Ericsson Mobile Platforms and ST-NXP Wireless into a 50/50 joint venture. The deal was completed on the terms originally announced on August 20, 2008. Ericsson contributed US$1.1 billion net to the joint venture, out of which US$0.7 billion was paid to ST.

The US switch to digital television signals will be delayed four months until June under legislation that cleared Congress on Wednesday. Obama supports the delay, sharing concerns that 20 million mostly poor, elderly and rural households were not ready for the congressionally mandated switch.

The global economic downturn will continue to hammer computer networking giant Cisco Systems, chief executive John Chambers said Wednesday. In its current quarter, Cisco expects to see revenue decline between 15% and 20%.

French telecoms gear maker Alcatel-Lucent booked a fresh impairment charge of 3.91 billion euros (US$5.03 billion) in fourth quarter of 2008 reflecting a "drastic deterioration" of the global outlook.

Panasonic, the world's largest consumer electronics maker, forecast its largest loss in seven years because of falling sales of flat-screen televisions and a stronger yen. The net loss will probably be 380 billion yen (US$4.24 billion) in the year ending March 31, compared with the 30 billion yen profit projection made on November 27.

New multiyear deals expand IBM’s involvement in large-scale business IT projects to India’s Idea Cellular, Sweden’s Sony Ericsson and Spain’s Endesa. The agreements re-emphasize the role of IBM’s Global Services in bolstering the company’s bottom line even in the midst of an international downturn.

LG Electronics, a major manufacturer of mobile phones and flat screen televisions, swung to its first net loss in seven quarters, hit by falling prices for TVs and a hefty price-fixing fine slapped on its affiliate LG Display.

Apple executives hinted Wednesday that the company might legally contest the multitouch technology found within the Palm Pre.

Apple's fiscal first-quarter net income rose 1.9% on strong iPod sales, but the company predicted fiscal second-quarter results will be below Wall Street's expectations.

Ericsson, the world's largest telecom equipment manufacturer, has reported a 31% drop in fourth-quarter net profit, hit by a lower gross margin and restructuring costs, and said it would cut 5,000 jobs.