Wednesday, September 13, 2006

Telecommunications: Nokia announces $2.5 billion Chinese deals

Nokia Corp. has announced deals worth more than $2.5 billion with Chinese customers sending the company's shares up 3 percent.

The contracts, for the whole of 2006, were signed at a meeting of European Union and Chinese business leaders attended by Chinese Premier Wen Jiabao and his Finnish counterpart, Matti Vanhanen.

Last year, China became Nokia's largest single market, overtaking the United States, with net sales growing 28 percent to $4 billion.