German business confidence

The Ifo said the firms in manufacturing and exports continue to expect a very unfavorable business development, while the wholesalers and retailers regard their present situation as well as their outlook less negatively than in December.
Economists expected German business confidence will fall to 81,the median of 37 forecasts in a Bloomberg News survey shows.
The unexpected rise may have been caused by the European Central Bank lowering its interest rates and the government doubling its economic stimulus package to fight the recession, according to the local media.

Nortel wave

Affiliates in Asia, the Caribbean and Latin America, and Nortel Government Solutions continue in ordinary course of business and are not subject to these proceedings, and the company's day-to-day operations are expected to continue without interruption, said a statement on its website.
An insider of Nortel China confirmed the statement when interviewed by Sina.com. "Daily operations of Nortel China are running as usual," he said.
Currently, 4,000 people work at Nortel China's Beijing headquarters and 1,000 more in other cities of China. Those numbers are expected to decline after the filing for bankruptcy protection.
"Talent outflow is inevitable for Nortel China. Its experienced technicians will jump to other companies for brighter futures," said Zhang Ying, vice president of Analysys International, a leading advisor on technology, media and telecom industries in China.