Iraq-UN agreement stops FTSE from plummeting

Announcements from Cable & Wireless and Corus today dragged the FTSE 100 down by close of play and could have fallen further if, for once, it had not been for Iraq. Cable & Wireless posted a first-half loss and announce job cuts for 3,500 staff, knocking its own value 47.25p or 36% to 83p.Corus Group, the steel maker, then called off a takeover bid and blamed the expansion of third-world steel production for its spiralling losses. Its value fell 12.75p or 27.3% to 34p. The FTSE 100 subsequently fell 55.60 points or 1.4% to 4029.40, having pulled back from a 2.4% low. News from Ira...