Seventh day of losses for FTSE

The FTSE 100 index is down 14 points at 3,998, marking the seventh session in a row it has lost ground and the first time it has dipped below the 4,000 level since 1 November. The index has been led down by a shock profits warning from Cable&Wireless, already under pressure over its accounting and business practices, after it said earnings could be at risk from a cash-grab by the Inland Revenue. C&W shares lost 32.75p, or about 40% to 50.75p, and its new market capitalisation value of just £1.2bn puts it in threat of being booted out of the index at the next quarterly re-ratin...