Computer and printer giant Hewlett Packard (HP) has announced that it has acquired 3Com, a provider of computer network equipment, for $2.7 billion in a deal that is being widely viewed as an assault on networking market leader Cisco Systems.  Networking is a rapidly growing market, currently worth around $40 billion each year and dominated by Cisco, which thus far has come up against very little competition.  Palo Alto, California-based HP wants to use the acquisition to strengthen its position in the networking and data center sector.

SwedenÔÇÖs biggest telecoms company, TeliSonera, and RussiaÔÇÖs Altimo have agreed to combine their stakes in MegaFon and Turkcell to form a new company. ┬á┬á

Logitech, the worldÔÇÖs biggest maker of mice as well as webcams and other computer accessories, has announced it is to buy video conferencing company LifeSize Communications for $405 million. Austin, Texas-based LifeSize provides high-definition video conferencing products to more than 9,000 customers in over 80 countries. Its clients include public healthcare, education and government organizations, as well as private businesses. The deal marks a significant move by Logitech, which is based in Freemont, California, and Romanel-Sur-Morges, Switzerland, to break into the

The European Investment Bank (EIB) has opened a £700 million fund to finance eligible onshore wind projects, with a further £700 million being injected by commercial banks.

Crescent Point Energy has announced the acquisition of privately-owned TriAxon Resources for C$249 million.  Crescent Point is one of a number of companies eager to secure dominant positions in Saskatchewan through a series of acquisitions.

French utility firm Electricit├® de France (EDF) has announced a provisional timetable for the sale of its UK electricity distribution networks.

Reynolds American, the second largest tobacco company in the US, is reportedly in talks to buy a Swedish maker of smoking cessation products. Winston-Salem, North Carolina-based Reynolds, whose products include Camel, Kool and Pall Mall cigarettes as well as Grizzly snuff, is said to be interested in acquiring Niconovum AB in order to broaden its market offering. The value of the deal could be as much as $49 million, according to reports. The news has been seen by analysts as a strong indicator of the nicotine industryÔÇÖs changing nature. Sales of cigarettes in the US h

Reynolds American, the second largest tobacco company in the US, is reportedly in talks to buy a Swedish maker of smoking cessation products.

ChinaÔÇÖs premier, Wen Jiabao, has pledged $10 billion (Ôé¼6.6 billion) in low-cost loans to Africa over the next three years.

After official figures showed that US business productivity has increased at its highest rate for six years, US shares have also increased strongly.   Productivity, as measured by output per hour of work, rose at an annual rate of 9.5 percent between July and September, and the data suggests that firms, which have cut jobs in the downturn, are now increasing their output, leading to a possible need for more staff.