City shocked as Marconi posts £5bn loss

Beleaguered telecoms group Marconi made a massive £5.1bn loss in the last half year - equating to £28m a day - which was today seen as one of the worst corporate figures in history.

The group, which has shocked the market with profit warnings and thousands of job cuts, and has been ejected from the prestigious FTSE 100 Index, also showed sales tumbled 19% to £2.58bn.