Psion, the UK handheld computer maker, said it would take a £29m ($41m) charge and lay off 250 staff...
Psion, the UK handheld computer maker, said it would take a £29m ($41m) charge and lay off 250 staff in its mobile computer division, as it continues to refocus its business away from the saturated consumer market and towards the corporate sector.
The company said on Wednesday that the Psion Digital division had continued to perform poorly in "weak and oversupplied markets for handheld computers and related cellular phone markets". It added that further commoditisation of these markets was expected next year.
The Financial Times
Marconi, already besieged by investors, employees and the unions, discovered a new enemy yesterday when two US legal firms filed class-action lawsuits against the company and its top directors.
The firms filed their suits on behalf of investors who had bought Marconi's Nasdaq-traded shares in the three months before last week's massive profits warning. Just 12 million of Marconi's American depository receipts changed hands in the period, leaving investors with maximum losses of $80 million (£57 million).
Merrill Lynch yesterday became the first Wall Street bank to ban its analysts from buying shares in the companies they cover, amid an industry-wide investigation into whether analysts misled investors in the 1990s.
The Manhattan District Attorney's office is currently investigating whether analysts advised investors to buy shares simply to generate investment banking business for their employers.
The alleged misconduct of analysts has also been the subject of hearings in Congress.
More than 150,000 nurses and healthcare workers are to receive bonuses averaging £1,300 on their endowment and pension funds after a £248m takeover of the Royal National Pension Fund for Nurses by the Liverpool Victoria Friendly Society.
The takeover, announced yesterday, ends 114 years of independence for the fund, which provides endowments and pensions for one in three British nurses. It has assets of £1.7 billion and 155,000 with-profit policyholders.
The Daily Telegraph
More than 1,000 shipyard jobs were lost in Scotland and north-west England yesterday after the Government announced that a £1bn warship order was to be split between two rival defence contractors.
There was more bad news on the jobs front with the troubled telecoms equipment manufacturer Marconi confirming 1,100 redundancies and NEC expected to announce up to 800 job losses at its electronics plant in Livingston,West Lothian.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress