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Bad day at the office

A Scottish businessman had the misfortune of watching his personal fortune slashed in half as he lost over 78m in 10 hours.

Jim Morrison, who set up UK technology company I-mate, which produces a rival to Vodafone’s Blackberry christened the Macberry, sat in horror as his 76 per cent stake in the business fell from 160m to 82m as the share price halved.

The Dubai-based firm, which sells its pc-phone devices internationally, says it has encountered problems with one of its Taiwanese suppliers, having knocked one-third off this year’s expected revenues.

Morrison has warned that problems will continue until mid-2007 but that the company would regain momentum with new products later in the year.

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