THE WRAP: PCCW calls off buyout, Huawei boosts profit

In a busy week in the courts, Richard Li walked away from his PCCW buyout and the Pirate Bay four sought a retrial.

After a Hong Kong court blocked his $2 billion privatization plan, Li and partner China Unicom called the deal off, saying it had been "unnecessarily divisive."

P2P firm Pirate Bay also lost its case, but is seeking a retrial after learning that the Swedish judge who sent four executives to jail was a member of copyright organizations.

Australian government research agency CSIRO won millions in a settlement of the Wi-Fi patent case against Microsoft, Intel, Dell and other IT and networking firms.

Huawei boosted earnings 20% after a bumper year in which sales rose 43%. But bank costs, apparently from its vendor financing program, soared fivefold.

Skype raised Q1 revenue 21% to $153 million as user numbers reached 443 million.

Apple shrugged off the recession with a 16% hike in earnings after selling 3.8 million iPhones. LG\'s handset shipments declined 7% in the first quarter and it forecast a 10% fall worldwide in Q2.

China Telecom enjoyed a 15% spurt in sales thanks to its new CDMA division, but net profit was off 27% as its wireline business shrank some more.

Sony Ericsson announced a $293 million loss and another 2,000 layoffs on top of the 2,000 redundancies just completed. After a 78% profit dive, Yahoo said it would offload 5% of its workforce.

Nokia\'s Comes With Music service has signed up just 23,000 UK subs in six months, according to one estimate. Nokia won\'t confirm or deny the number.

MySpace co-founder Chris DeWolfe said he would step down as CEO of the social networking firm, while M1 confirmed acting chief Karen Kooi Lee Wah as new CEO.

Optus joined the Australian government ISP filtering trial. The European parliament voted overwhelmingly to cut the cost of data roaming. SMS fees are now capped at 11 euro cents (14 US cents ), down from an average 29 cents.

A Neilsen Data survey found that since 2003 US consumption of online video has soared 339% and time spent on video has grown 2000%. SIM card sales rose 29% last year.

A teardown of the Kindle2 e-book reader found that its components cost $185.49, just over half its retail price of $359.

After a public outcry, Apple withdrew the controversial "baby-shaker" iPhone app.

And Twitter\'s traffic spiked 43% after Oprah Winfrey joined.