A new deal has been announced between Global Crossing and HEAnet, the Irish research and education network.

Bankrupt telecommunications firm WorldCom said it uncovered $3.3bn dollars (€3.4bn) more in bogus accounting, bringing the total amount of misstated earnings to some $7.1bn dollars (€7.3bn).

Bankrupt telecommunications firm WorldCom said it uncovered $3.3bn dollars (€3.4bn) more in bogus accounting, bringing the total amount of misstated earnings to some $7.1bn dollars (€7.3bn).

The US government has set a deadline of August 14 for many of the nation’s largest companies to submit sworn statements from their chief executive and chief financial officers guaranteeing the accuracy of recent financial reports, in an unprecedented move to help restore investor confidence.

WorldCom, the US telecoms giant, became the biggest bankrupt in history today, but the company’s chief executive said it would have no effect on the company’s customers.

INVOKING his Fifth Amendment right, WorldCom's former chairman refused to answer questions yesterday from a congressional panel investigating nearly $4 billion in accounting irregularities at the telecommunications giant.

Persistent worries about corporate accounting scandals sent stock prices sharply lower again today as a new probe into the books of WorldCom worsened an already dismal climate of distrust in corporate America.

The government has paid €7.7m to Global Crossing under the terms of its existing €126m contract with the company, according to reports.

Hutchinson Whampoa and Singapore Technologies Telemedia have ended talks to buy telecoms company Global Crossing Ltd.

The FTSE 100 index has fallen 60 points to 5071.4 by lunchtime.

Share prices are expected to open flat, as investors digest the latest batch of fourth-quarter corporate earnings and wait for the Federal Open Market Committee decision on interest rates tomorrow, dealers said.