European handset manufacturer woes

BenQ Mobile (Germany) files bankruptcy. the division was haemorrhaging money to the tune of €1 million per day before heading east. Unfortunately, the Taipei-based company could do little to stop the bleeding. On Friday, BenQ Mobile GmbH -- the subsidiary formed as a result of the sale -- declared bankruptcy.

Philips is selling the handset unit to China Electronics Corporation (CEC) after amassing hundreds of millions of euros of losses.