Fund Formed for Chinese Start-ups BEIJING - Kai-Fu Lee, who resigned as president of Google Inc.'s China operation earlier this month, has founded an angel investment fund and plans to help out three to five new Chinese high-tech companies annually. Steve Chen, a co-founder of YouTube Inc., is also an investor in Innovation Works. The fund, dubbed Innovation Works, launched with some $115 million (U.S.) provided by several IT vendors, including Taipei-based Foxconn Electronics Inc. and Lenovo Group Ltd.
The new company said the funds will be used to train young entrepreneurs and help them build Internet, mobile Internet and cloud computing companies. - Owen Fletcher, IDG News Service Telecom Firms Plan Joint Venture LONDON - Deutsche Telekom AG and France Telecom SA plan to form a joint venture that would oversee their respective U.K. mobile communications networks - T-Mobile U.K. and Orange U.K. The combined company would have about 28.4 million customers, or 37% of U.K. mobile subscribers, leapfrogging current market leader O2 U.K. Ltd., which reported 20.7 million customers at the end of June, the companies said. Ombudsman P. Nikiforos Diamandouros said he will rule on the complaint later this month. - Agam Shah, IDG News Service The venture is expected to realize overall savings of more than £3.5 billion ($5.7 billion U.S.) by, among other things, closing some stores and "optimizing" the companies' customer service staffs. - Peter Sayer, IDG News Service Briefly Noted The European Union has confirmed that its ombudsman received a complaint from Intel Corp. in July alleging that "procedural errors" were made by the European Commission during an antitrust investigation that led to a record fine of €1.06 billion ($1.44 billion U.S.) against the chip maker.
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