The news at a glance

Verizon: Let 1,000 cell phones bloom

The U.S. mobile phone is about to be set free, thanks to Verizon’s decision last week to open its wireless network to any device that meets its technical standards, said Grant Gross in PC World. By the second half of 2008, Verizon customers will no longer be locked into a limited selection of phones and PDAs. Instead, they’ll be able to buy virtually any phone and connect it with Verizon’s network. Kevin Martin, chairman of the Federal Communications Commission, called the move a “significant” step toward the goal of a more open wireless network.

The impact Verizon’s gambit will have on consumers remains to be seen, said Larry Magid in the San Jose Mercury News. It’s possible that more companies will now come up with inexpensive phones to take advantage of the growing market. But Verizon may still discount the phones of some preferred vendors, giving them a price advantage. “We need to know whether the rates for Verizon service plans will vary for those with subsidized phones,” said consumer advocate Gigi Sohn.

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Electronic Games: Vivendi’s gaming powerhouse

French media group Vivendi this week bought videogame maker Activision, creating a powerful rival to market leader Electronic Arts, said Dan Gallagher and Aude Lagorce in Marketwatch.com. The combined company, to be called Activision Blizzard, “will bring together some of the hottest franchises in the game sector.” Activision produces the wildly popular Guitar Hero series, as well as the Tony Hawk skateboarding games. Vivendi makes the World of Warcraft multiplayer games, favorites of game geeks worldwide.

Real estate: Lennar dumps home sites

Home builder Lennar Corp.’s deal to sell some of its unsold inventory to Morgan Stanley “signals that investors have begun to pounce” on distressed real estate, said Michael Corkery in The Wall Street Journal. Lennar sold about 11,000 home sites for $525 million to a venture that’s 80 percent owned by Morgan Stanley’s real estate unit. As recently as last September, Lennar had valued the properties at $1.3 billion. The sale “could be a catalyst for other ‘vulture’ investors to swoop in and grab discounted land from other troubled builders.”

Credit crisis: Teacher paychecks in peril

The subprime mortgage crisis hit the Florida school system last week, when a state-run investment pool temporarily suspended withdrawals by local school districts, said Paige St. John in the Tallahassee Democrat. The districts, which use the investment pool to park short-term funds for teacher salaries and operating expenses, had started a run on the $27 billion fund after learning that it held toxic subprime debt. “We’ve got every dime of our cash in that pool,” said Jefferson County school official Hal Wilson. “What were they thinking?”

Social networking: Facebook gets too personal

Members of social-networking site Facebook.com protested this week after the company started alerting their friends to their online purchases, said Louise Story and Brad Stone in The New York Times. Facebook introduced the program, known as Beacon, in November, as a “test of online tracking, a popular advertising tactic that usually takes place behind the scenes.” Companies often follow where people go online and tailor advertising to their activity. Facebook’s twist is to alert its members’ friends about their cyber-shopping. Facebook now says it won’t publish the information without users’ permission.