Ericsson to write down 1.4 billion euros in fourth quarter

Swedish telecoms equipment maker Ericsson on Tuesday said it would write down 14.2 billion kronor (1.4 billion euros, $1.8 billion) in assets as the troubled company struggles to compete in a rapidly changing sector. The company wants to sell the two units to focus on its core business, which is network infrastructure. In addition to the writedowns, Ericsson also announced a 1.0 billion kronor non-cash tax charge due to US tax rates being cut from 35 percent to 21 percent this month.