THE WRAP: Recession bites as BT, Nortel swing the axe

This week tech titans took the axe to their balance sheets as the recession began to bite.

BT will cut 10,000 jobs, largely thanks to losses in its global services group.

National Semiconductor and Applied Materials will axe 2,130..

Nortel let 1,300 go, while an analyst warned that even after trimming the Canadian vendor may run out of cash in 2011.

Chip leader Intel cut guidance by 19% and announced a hiring freeze.

Electronics retailer Circuit City filed for bankruptcy protection after closing 155 US stores.

NTT DoCoMo will spend $2.6 billion on a stake in Indian cellco Tata Teleservices. Hutchison Telecom International decided to pay a $4.35 billion dividend because of a lack of quality assets to buy.

Chinese vendors Datang and ZTE won the lion's share of China Mobile's $4.4 billion TD-SCDMA tender.

iPhone subsidies helped drive SingTel's profit down 12%.

Stocks in LG Display, Sharp and Chunghwa Picture Tubes fell after the three Asian LCD-makers were fined $585 million for price-fixing.

China's Great Wall Corp admitted that NigComsat-1, its first comsat for a foreign client, had failed in orbit. An Indian spacecraft went into orbit around the moon.

Qualcomm reported a $560 million windfall from settlement of its patent dispute with Nokia.

Yahoo shares slid after Microsoft chief Steve Ballmer affirmed the company had no interest in pursuing the internet ad firm.

Google raced to fix an embarrassing bug in the first Android phone, which caused the phone to turn its SMS text box into a command line.

Spam traffic has fallen by as much as 70% since two US ISPs pulled the plug on a web hosting company, McColo, security firm Ironport revealed.

DDOS attacks are growing in scale and sophistication, a survey of major ISPs worldwide discovered. The largest, involving two criminal cyber-gangs earlier this year, was more than 40 Gbps.

VMWare offered a virtualization platform for mobile. HTC announced the world's first GSM/Wimax phone.

SK Telecom-backed social network firm Cyworld quit the US market and will run its English language version from Korea.

Chinese ID verification site collapsed from heavy traffic volumes soon after launch.

 

IBM put its weight behind a new broadband over powerline technology.

Speculation mounted over who Barack Obama would choose to head the FCC.  Alcatel-Lucent unveiled its new management team.

Australia's planned internet filtering scheme could block as many as 10,000 web sites, an early trial showed.

And US researchers found spammers are making a profit even though they receive just one response from every 12.5 million emails.

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