Poor corporate news from Dutch electronics group Phillips irritated a glut of UK telecom and t...
Poor corporate news from Dutch electronics group Phillips irritated a glut of UK telecom and technology stocks, which led the FTSE 100 down this morning. FTSE 100 gains were few and capped at a miserly 1.5%. At morning trade the FTSE 100 was down 34.4 points to 5482.7. Philips unveiled a second-quarter loss of 770m euros compared to a profit of 3.6bn euros from the same period last year. Revenues dived 16% to 7.7bn euros and the company has had to absorb costs of 422m euros most of which regards job cuts. To worsen matters the group confessed it doesn't foresee a recovery in the...
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