Clearwire agreed to sell the rest of the company to Sprint Nextel for a slightly sweeter $2.2-billion offer, days after minority shareholders criticised the previous bid as too low. The deal is one of the few options Clearwire has to survive in the long term, as it needs to raise more financing to upgrade its network and to keep the business afloat. Sprint, the number three US wireless carrier and already the majority owner of Clearwire, raised its offer by 7 cents per share to $2.97 per share. Clearwires shares slid 8.3% in premarket trade on Monday to $3.09. They had jumped nearly a quarter to close at $3.37 on Friday, on hopes of a higher offer.
iPhone 5 starts strong in China but shares down
Apple said it sold more than 2 million of its new iPhone 5 in China in three days after launch, marking Chinas best-selling iPhone rollout ever. But it did not ease worries about stiffer competition in smartphones driving a slide in Apple's share price. Citi Research downgraded Apples stock late on Sunday to neutral from buy and lowered the price target to $575 from $675, citing diminishing hype around the iPhone 5 and improving competition in smartphones.
Nuclear stalemate must be ended, says Iran
Irans foreign minister said on Monday a way must be found to end the protracted deadlock between Iran and world powers over Tehrans nuclear programme. The two sides have reached a conclusion that they must exit the current stalemate, Ali Akbar Salehi said. Iran and six world powers - the US, Russia, France, China, Britain and Germany have expressed readiness to revive efforts to find a negotiated solution to a decade-old dispute over Iran's nuclear programme. The six powers said last week that they hoped soon to agree with Iran to hold a new round of nuclear talks.
China to cut some import taxes from 2013
China will cut import duties on a raft of consumer products, manufacturing equipment and environment-friendly products in 2013, the ministry of finance said. A statement gave few details about the size of duty cuts, but said more than 780 products would enjoy lower import duties from January. Condiments, some infant milk powder, cardiac pacemakers, robots for automobile production lines and lithium batteries are among items on the list, which also said there would be cuts for some rubber products.
Trim gender gap to boost economies: OECD
Governments looking to boost growth should focus on narrowing the gender gap according to Closing the Gender Gap, released Monday by the Organization for Economic Cooperation and Development. On average, a 50% decrease in gender gap in labor force participation would lead to a 0.3 percentage point increase in annual GDP per-capita growth rate in OECD countries, the report said. Trimming or eliminating this discrimination could provide a significant source of growth for ailing economies, the OECD says: on average, a 50 percent decrease in the gender gap in labor force participation would lead to a 0.3 percentage point increase in annual GDP per-capita growth rate in OECD countries.