MAJOR PAPERS:

• The Wall Street Journal reported that an alliance of cable, Internet and chip titans will announce plans to invest $3.2B in a company that will deliver Web access for laptops and cellphones using WiMax. The venture, valued at over $12B, includes Sprint Nextel Corporation (NYSE: S) and Clearwire Corporation (NASDAQ: CLWR) and will be backed by Comcast Corporation (NASDAQ: CMCSA), Time Warner Cable Inc (NYSE: TWC), Intel Corporation (NASDAQ: INTC) and Google Inc (NASDAQ: GOOG).
• According to people familiar with the matter, Robert Verrone, one of the most zealous commercial real-estate lenders during the industry's boom, will leave Wachovia Corporation (NYSE: WB) within the next week, the Wall Street Journal reported.

WEB SITES:

• Bloomberg reported that the Department of Justice is probing whether UBS AG (NYSE: UBS) helped clients evade American taxes. In an e-mailed statement, the firm said one senior bank employee was "briefly detained" by authorities.
• Bloomberg also reported that Vallejo, California's city council voted to go into bankruptcy. Officials said that after talks with labor unions failed to win salary concessions from police and fire fighters, the city does not have enough money to pay its bills.
• According to a rumor, TechCrunch reported that the Yahoo Inc (NASDAQ: YHOO) board of directors yesterday authorized Yahoo chairman Roy Bostock, rather than CEO Jerry Yang, to call Microsoft Corporation (NASDAQ: MSFT) CEO Steve Ballmer about re-starting negotiations.

This week, the biggies of wireless attended the CTIA conference in Florida. As always, there were some big announcements, such as from Sprint Nextel (NYSE: S) regarding its huge mobile build-out of WiMAX.

Dipanshu Sharma, the founder of V-Enable, was also there (his firm develops voice-activated wireless applications). Here are some of his takeaways:

Mobile TV
Verizon's (NYSE: VZ) MediaFLO handsets got a lot of attention. Last year mobile TV was dominated by companies using IP streaming for watching TV on the phone. Streaming over IP clogs carriers' networks, so this year both MedioFLO and DVB-H were showcased. It was mostly MediaFLO that stole the show for mobile TV. Verizon already had a MediaFLO-enabled handset, and Cingular has promised to launch by end of this year. I checked out the phones myself and have to say the video quality was almost HD. For the near term, the service is marred by lack of channels (mobiTV has more channels), but I am sure QUALCOMM (NASDAQ: QCOM) will resolve that sooner than later.

Slim phones
Lots and lots of slim phones. I saw one Samsung phone that was slim and wide, rather ugly. On the other hand, Samsung's music phone with screens on both sides was quite innovative.

LBS (Location Based Services) and local search
We saw a few LBS companies demonstrating use of phones' GPS capabilities for navigation. Telenav and NIM have commercial products for the same. As for local search and 411, V-Enable announced that its product won best of show (wireless software) at CTIA by Laptop Magazine. Infospace (NASDAQ: INSP) announced a free local search product for RIM's (NASDAQ: RIMM) BlackBerry.

Mobile advertising
I probably met so many mobile advertising companies that have differentiators that sound all the same that I can't even remember their names. Yahoo! (NASDAQ: YHOO) also announced its mobile advertising product. It's unclear if there is room for so many mobile advertising startups to exit, especially when Yahoo! and Google (NASDAQ: GOOG) are entering the market very fast.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

When Sprint Nextel Corporation (NYSE:S) announced a few months ago that it would be committing up to $4 billion in newer WiMAX technology to power a new fourth-generation (4G) wireless network, shivers must have gone up the spines of executives at AT&T, Inc. (NYSE:T) and other large established telecom players.

After all, a national WiMAX network would let Sprint basically bypass the interconnections it needs from existing data lines and let it offer services such as home telephone service, video and television service and high-speed Internet service. Sprint's deal with choosing WiMAX also involved Intel (rather heavily), Motorola, Inc. (NYSE:MOT) and Samsung.

With Intel having put its hat hard into the WiMAX camp as of late, it makes complete sense for Intel and Sprint to have teamed up to make WiMAX a reality on a large scale. Sprint owns quite a bit of radio spectrum, having acquired much of it when the company merged with Nextel over a year ago -- mostly for the rather costly radio spectrum, in my opinion.