Nortel Networks, North America's biggest maker of telephone equipment, has filed for bankruptcy protection as the global economic crisis continues to crush its already fragile business. ┬á The Toronto based company, and key sponsor of the 2012 London Olympic games, filed for US Chapter 11 bankruptcyÔÇö a ┬áprotection law that allows a firm to continue trading while it aims to sort out financesÔÇö a day before the firm was due to make a $107 million interest payment on outstanding loans.

Silicon Valley veteran Carol Bartz, a well-respected industry figure from software maker Autodeck, Inc., will be YahooÔÇÖs new chief executive officer as revealed by the internet giant on Tuesday.

During his first week in Washington, US President-elect Barack Obama has called for ÔÇ£drastic action,ÔÇØ urging Congress to quickly pass his $800 billion stimulus plan in order to prevent the US economic situation from worsening. ┬á  ÔÇ£I donÔÇÖt believe itÔÇÖs too late to change course,ÔÇØ said Obama in his first major policy speech since being elected, ÔÇ£but it will be if we donÔÇÖt take dramatic action as soon as possible.

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One US airline has just finished the first test flight of a plane powered by a 50-50 blend of normal aircraft fuel and biofuel derived from algae.┬á┬á The test took place on Wednesday in a Continental Boeing 737-800, leaving from HoustonÔÇÖs Bush Intercontinental Airport and completing a circuit over the Gulf of Mexico. Pilots carried out a series of tests at 38,000 feet during the 90-minute flight, including a mid-flight engine shutdown. "The airplane performed perfectly," test pilot Rich Jankowski told the Houston Chronicle newspaper. "There were no problems.

Intel, the worldÔÇÖs largest computer chip maker, has cut its forecast for its fourth-quarter earnings for the second time, as spending on computers fall. ┬á  In November, Intel had revised its quarterly revenue estimate from $10.9 billion down to $9 billion, and on Wednesday announced that it was likely to be $8.2 billion, 23 percent lower than last yearÔÇÖs fourth-quarter revenue.┬á┬á  Cody Acree, a senior semiconductor analyst with Stifel Nicolaus, said weaker than expected business conditions are not Intel-specific.

US aluminium-maker Alcoa will cut 13 percent of its workforce, sell four of its non-core businesses, and impose a global salary and hiring freeze due to the economic slowdown.┬á "These are extraordinary times, requiring speed and decisiveness to address the current economic downturn," said Klaus Kleinfeld, AlcoaÔÇÖs president.┬á As part of the plan, Alcoa said it would sell off its electrical and electronic systems, global foil, cast car wheels, and European transport products businesses.

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