Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Ericsson inks deals with Chinese firms

STOCKHOLM, July 8 – Ericsson has signed contracts worth 1.7 billion dollars (1.2 billion euros) to provide equipment to two Chinese mobile operators, the Swedish telecoms group said in a statement on Wednesday.

"Ericsson today signed framework agreements on 2G/3G mobile communication equipment and related services for 2009 with two major Chinese telecom operators: China Mobile and China Unicom, valued at 1 billion dollars and 0.7 billion dollars respectively," the statement said.

"Together the two operators are currently serving more than 620 million mobile subscribers in China," the company added.

"3G" refers to the new third-generation mobile networks which offer high-speed access to the Internet, email and video.

Ericsson chief executive Carl-Henric Svanberg said earlier this year that China would be a key growth market for the company as it looks to ride out the impact of the global economic downturn on its business.

On July 3, the company announced it had been awarded contracts with China Mobile, China Unicom and China Telecom to provide fixed broadband access in provinces including Guangdong, Shanghai and Sichuan.

Ericsson, which is the world leader in mobile phone network equipment ahead of Nokia Siemens, employs more than 75,000 people worldwide.

On the Stockholm exchange at 1011 GMT on Wednesday, the price of Ericsson shares was up by 0.80 percent to 75.40 kronor in an overmall market down by 0.08 percent.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...