Vodafone pocketed more than £7 billion from the sale of Italian telecoms business Infostrada to the utilities company Enel. Vodafone boss Chris Gent said that the deal raised more cash for stockholders than a float would have.

Motorola put the willys up technology investors yesterday after predicting that demand for mobile phone units are set to decline. The company's own shares fell 19 per cent after the warning with Ericsson and Nokia also shedding more than six per cent of their value.

Brightstation, the company that bought some of failed fashion e-tailer, boo.com's assets, has been named as a possible buyer of beleaguered music e-tailer, Boxman. Swedish pop group Roxette, and Madness frontman Suggs are among Boxman's investors.

John Vergopoulos and Iacovos Koumi, have stepped down from the board of online publishers, threeW.net, in a bid to cut overheads. ®

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