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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.


Rates of change

Early in January, the Bank of England caught the market by surprise by raising interest rates to 5.25 per cent. However, it was always likely that the bank would have to move rates higher fairly soon in response to the pick-up in core inflation over recent months.Until recently, higher input costs had not been substantially […]

Magic night

The Schroders “Retox” certainly did what it said on the tin.With a breathtaking, panoramic view of London from CentrePoint’s almost-penthouse suite bar last week, the finest and very free-flowing champagne, the best garlic mayo and potato wedges and mini bowls of fillet beef with Oriental noodles, it was certainly a press party to rival the […]

Take it to the max

SPECIAL REPORT: SAVINGS AND INVESTMENTS. Sarah Anderson, a solicitor in tax and pensions at Bond Pearce, looks at the tax benefits of investing in Isas, National Savings and wine.


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