Nokia, Xiaomi ink patent licensing deal

HELSINKI • Telecoms network equipment maker Nokia and Chinese smartphone maker Xiaomi Technology have signed a patent licensing agreement, the companies said yesterday.

The companies did not provide financial details of the agreement, saying it includes a cross licence to each company's cellular standard patents.

Nokia's agreement with Xiaomi is the Finnish company's first with a Chinese phone maker.

REUTERS

Global use of euro drops on political risk

FRANKFURT • Use of the euro as an international currency has declined over the past year, primarily owing to concerns over political risk and the increased use of emerging market currencies, such as the Chinese yuan, the European Central Bank (ECB) said yesterday.

The biggest drop was recorded in the use of the euro as a funding currency, mostly owing to the high cost of hedging against a fall in its value using swaps.

Central banks, however, still increased their reserves in euros, partially reflecting views that the bloc is slowly moving past its protracted debt crisis.

Reflecting the growing importance of the Chinese currency, the ECB placed about €500 million (S$784 million) worth of its foreign currency reserves into yuan earlier this year.

The US dollar remained by far the world's most important currency, holding just below two thirds of the global market for international debt, international loans and foreign reserves, the ECB's data showed.

REUTERS