News In Brief: Renesas Electronics, LG, Telefonica Bank of America, Strand Consult, Dhiraagu, Tata Communications

Chipmaker Renesas Electronics is buying Nokia’s wireless modem business for $200 million (€158 million), as part of a deal to develop HSPA+ and LTE modems. The acquisition is due to be completed in Q4, and covers some of Nokia’s patents along with 1,100 staff in Finland, UK, Denmark and India.
LG Electronics plans to roll out its flagship Android smartphone Optimus One in Q3, according to the Korea Herald.
Telefonica has partnered with Verizon Global Wholesale to provide wireless services to multinational customers in the US.
Bank of America has launched an SMS-based mobile banking service for its five-million credit card customers. The service, run by micro-billing specialist Oxygen8 Communications, allows customers to check their balance, payments and transactions using a dedicated SMS short code.
The cost of device subsidies and dealer commissions at carriers with large iPhone user bases will rocket while upgrading them to the iPhone 4, but generate little extra revenue in the form of new subscribers, Danish consultancy Strand Consult predicts.
Maldives operator Dhiraagu has extended its 3G Plus network deeper into the islands, after last week rolling out the nation's first pre-paid mobile broadband service.
India's Tata Communications will run telepresence worldwide for German reinsurance firm Hannover Re.