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Business
Number of bankruptcies drops in May

OTTAWA - New figures show that bankruptcies dropped in May. The Office of the Superintendent of Bankruptcies is reporting 7,918 bankruptcies in May, down from 8,627 in April and 8,008 in May 2007. There were 7,364 personal bankruptcies and 554 business bankruptcies in May, bringing the 12-month total to 87,839. Last year at this time, 85,627 consumer and business bankruptcies had been declared over the previous 12 months.

Banks

Societe Generale fined $6.3M over trading scandal

PARIS - France's central bank announced Friday that it has fined Societe Generale US$6.3 million for "serious shortcomings" in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year. The Bank of France's banking commission also issued a formal warning to SocGen, France's second-biggest bank, saying shortcomings in "hierarchical controls" for extended periods in 2007 fuelled the problem.

Software

Wi-LAN adds LG to patent suit against RIM, Motorola

OTTAWA - Intellectual property holder Wi-LAN Inc. (TSX:WIN) has added LG Electronics of Korea to patent litigation it previously filed against Research in Motion (TSX:RIM), Motorola and UTStarCom Inc. Wi-LAN, which launched the original suit in Texas on June 20, claims that all the defendants have infringed and continue to infringe on two U.S. patents related to mobile handheld devices and other equipment.