The largest mobile phone operator in Israel, Cellcom, has entered an agreement to share the costs with its two rivals for the creation of a new 4G network, Reuters reported.

The rising commercial property prices in London has prompted institutional investors to team up with commercial property developers in the UK to capitalize on the recovery of the market in UK.

Together with international asset chaser Martin Kenney, New York-based hedge fund Platinum Partners is planning to invest in the recovery of Brazilian fraud claims, a report from the Financial Times said.

The Belfast Telegraph said in a report that Ministry of Defence Secretary Philip Hammond will be left working out other options after plans for purchasing military equipment via a private consortium had failed.

UK asset manager Threadneedle Investments has increased its stake in AZ Electronic Materials to above 11% in a move that could block the GBP1.56 billion takeover bid from German drugmaker Merck.

Facebook Inc had been tapping resources of its Russian partners to develop apps, signaling a growth in the tech industry, particularly in the app development business.

Seven years after petroleum companies Chevron Corp and PetroChina entered into a joint venture agreement, the USD6.4 billion Chuandongbei gas project faces further delay. It is now expected to deliver gas in the second half of next year.

Beijing Interoceanic Canal Investment Management Co announced the joint venture of billionaire Wang Jing and Ukrainian partner Kievgidroinvest LLC to construct an economic development zone and port on the Crimean peninsula.

A report on TechCrunch noted that social travel apps like Jetpac had started to develop its products away from Facebook, as the popularity of the social network might have run its course.

To jumpstart the use of its payment processing system, Dwolla has partnered with online service marketplace Fiverr and also offers special promotions to US-based customers.