Philip Falcone's Harbinger Capital on Friday sued agricultural equipment maker Deere & Co and Global Positioning System companies and groups for damages of $1.9 billion as it looks to recoup its investment in bankrupt wireless company LightSquared.
UK-headquartered mobile operator Vodafone has become the second company to launch 4G LTE services in the Netherlands using frequencies awarded in December 2012.
The operator this week announced the availability of the high-speed technology in the Randstad region, including the major cities of Amsterdam, Rotterdam, The Hague and Utrecht.
Phil Falcone's hedge fund sued satellite TV mogul Charlie Ergen and his Dish Network Corp (Meridian, CO, USA) for $4 billion on Tuesday for an alleged loan-trading scheme aimed at stripping Falcone of his control over LightSquared Inc, a bankrupt wireless communications business.
The lawsuit in the U.S. Bankruptcy Court in Manhattan was filed on Tuesday at the same time as Ergen was confirming on an earnings call with Dish investors that the company was interested in acquiring LightSquared (Reston, VA, USA).
M2M module maker Sierra Wireless has reported a narrowing of its net loss from continuing operations in its first quarter as a “pure-play” M2M company on the back of strong growth in revenues.
In GAAP terms, the company’s net loss from continuing operations was $6.74 million for the three months ending June 2013, compared with a loss of $8.87 million for the same period last year.
Revenues, meanwhile, grew by an impressive 14.9% over the same period, to $109.6 million.
Network operator Sprint has struck a five-year agreement to support usage-based insurance (UBI) services and telematics solutions on behalf of Himex.
Himex (Scottsdale, AZ, USA) – which claims to offer “the fastest and most complete route in the industry to the implementation of UBI” – appears to have chosen Sprint (Overland Park, KS, USA) largely because of its ongoing commitment to support 2G services, in contrast with larger operators AT&T (Dallas, TX, USA) and Verizon Wireless (New York City, NY, USA).
Telecom Italia has swung to a net loss of €1.4 billion ($1.86 billion) for the first six months of 2013, compared with a net profit of €1.2 billion for the same period last year, due to goodwill write-downs totaling €2.2 billion.
Even excluding the impact of the write-downs, profits would have been 33% lower than over the first half of 2012 with sales under pressure at home and in the operator’s Latin American markets.
Revenues for the first half of the year totaled €13.76 billion, down 2.7% in organic terms compared with the first six months of 2012.
Struggling US mobile operator Leap Wireless has reported a widening of second-quarter losses owing to debt repayments and dwindling revenues as its customer base shrinks.
The operator – recently the target of a $1.2 billion takeover bid from AT&T (Dallas, TX, USA) that has yet to secure regulatory approval – saw its net loss grow to $156.4 million for the three months ending June 2013, from $46 million in the year-earlier quarter.
Revenues, meanwhile, shrank by 7% over the same period, to $731.5 million.
Ericsson and STMicroelectronics have announced the completion of the process to split up ST-Ericsson, the troubled mobile chip joint venture they founded in 2008.
Having reported a sequence of losses since it came into existence, ST-Ericsson (Geneva, Switzerland) was marked for closure by its parents in March this year after failing to attract interest from prospective buyers.
Reliance Communications, India’s third-biggest mobile operator, has reported a 33% decline in profits for the three months ending June 2013, to INR1.08 billion ($17.8 million), despite growing revenues by 1%, to INR53.15 billion, over the same period.
The sales improvement comes amid a lessening of competition in India’s mobile market and follows encouraging signals from Bharti Airtel (New Delhi, India), the country’s leading player, and Idea Cellular (Mumbai, India), another rival.
T-Mobile Austria has filed a challenge to the terms of an auction due to be held in September for frequencies that will enable operators to build fourth-generation (4G) networks, its lawyer said.
The move may create uncertainty around the auction for the 4G Long-Term Evolution (LTE) networks, which aims to raise at least 526 million euros ($698 million) and is necessary before 4G networks can be rolled out nationwide.