News In Brief: Galleon, Dell, Samsung Electronics, Nokia, Nortel, Apple, Verizon, SK Telekom
The FBI has filed charges against several people involved with the €2 billion Galleon Group hedge fund, including founder Raj Rajaratnam. Galleon is known for its investment in technology stocks and the charges stem from trades on stocks including AMD, Clearwire, Google and Akamai. Executives from Intel Capital and McKinsey are also embroiled in the charges.
Michael Dell has confirmed his company will launch an Android phone in the US next year, following the development of Android phones for China Mobile.
Samsung Electronics is creating a 2.6 trillion won ( €1.51 billion) joint venture to build a 7.5-generation liquid crystal display panel plant in Suzhou, China. The electronics giant has decided to set up the plant in China in order to exploit demand there for flat-screen televisions above 40 inches in size.
Nokia is struggling to win subscribers to its Comes With Music service which it offers in 12 countries. The service had attracted just 107,000 users by July.
US and Canadian bankruptcy courts have approved for Nortel's optical and carrier Ethernet businesses, setting the auction date for November 13.
Apple has revised the terms of its iPhone app store to allow in-app purchasing via free applications. Developers of paid apps have been eligible to take advantage of in-app purchasing since March.
Verizon Business has won a five-year contract to design, deploy and manage an IP-based network for Canadian-based financial services group Manulife Financial.