Sprint Nextel boosts Clearwire

Sprint Nextel, the number three US mobile provider, agreed to pay up to $1.6bn (£1.02bn) to Clearwire in the next four years, including a network pact and a potential equity infusion, easing concerns about a liquidity crisis. Clearwire saw its shares rise 18 per cent after it said that it will be able to make a $237m debt interest payment due 1 December.