Royal Philips Electronics and LG Electronics are among companies fined a record €1.47bn by EU anti-trust regulators over price-fixing agreements of now-obsolete cathode-ray tubes used in televisions and computer monitors.

Dutch lighting and consumer electronics firm Royal Philips Electronics said today that its earnings more than doubled in the third quarter, thanks to modest growth in all its business lines – and the disposal of its loss-making television business.

Royal Philips Electronics, the largest maker of lights, today announced plans to cut 2,200 jobs by 2014 to save €300m.

Stocks finished a quiet session moderately lower today as investors grappled with concerns about the health of corporate profits after Wachovia posted disappointing quarterly results.

Dell, the world’s biggest maker of personal computers, said yesterday it had won a €525m contract to supply computers and services for Royal Philips Electronics in 60 countries.