Jet engine maker Rolls-Royce said today that its chairman was stepping down after little more than a year in the job.

Rolls-Royce is 100 years old this week and the centenary will be marked at the very spot where the company was founded.

Telecoms group Cable & Wireless is shaking up its board after pressure from beleaguered shareholders, it emerged today.

Engine giant Rolls-Royce unveiled sharply lower profits today and warned that next year’s recovery could be set back by a pension fund review.

Aero-engines firm Rolls-Royce says its long-term prospects remain strong.