Ian Carey - CE of Manchester-based Powernet Telecom and the man who called in administrators on Monday - was a disqualified director, according to the FT.

The pink paper claims that London stockbrocker, Teather & Greenwood, failed to reveal that Carey's disqualification in May 1999 for five years after his publishing business went titsup.com.

Palm has revealed a shareholder’s rights plan, to afford the company some protection in the event of a hostile takeover bid. Rumours that the plan was put in place as the result of an approach were flatly denied. One "right" equals $370 worth of stock, should an unspecified event occur.

Matsushita, Japanese electronics group, has confirmed that it is negotiations with European carriers about an alliance on 3G cell phones. It would not divulge the names of the companies it has been speaking with, or any details of proposed deals. ®