After spending the past decade consolidating the European cable industry, US billionaire John Malone is to do the same in Latin America.

Blue chip stocks remained deep in the red and oil prices surged past $110 a barrel as the crisis in Libya showed no sign of easing today.

International telecoms group Cable & Wireless Communications today said that its Caribbean operations were suffering amid ongoing economic troubles.

NTL is being sued by its banking adviser Morgan Stanley for more than $11.4m (€10.8m) in unpaid fees, it has emerged.