Wall Street net trading chief takes $45m bath

Baruch Israel Hertz learned the hard way that practising what you preach has its down side. The chief executive of a US online trading company was forced to liquidate almost half his stake in the company this week after facing margin calls of $45m (£28.4m).

BT joins US blue-chips for licence bid

BT yesterday further strengthened its partnership with software group Microsoft and leading US telecommunications group AT&T to win a third generation mobile telephone licence.