Huawei Cancels Sale of Mobile Phone Manufacturing Division

­Huawei has decided to cancel the long-planned sale of a large stake in its mobile phone manufacturing division - citing the ongoing financial turmoil. The company said that it might renew the sales process if the economic problems resolve themselves. "Given the current global market conditions and prevailing economic uncertainty the interests of the company are best served by postponing the sale process," Huawei said in a statement. The company had been expected to announce the winning partner this week - out of a shortlist believed to be made up of private equity groups, Bain Capital and Silver Lake. The company is not short of financing itself, and the sale was generally thought to be more about making the firm more... [read full story]