Satellite firm’s trouble

MoRe than £126m was wiped off the value of satellite technology firm inmarsat after it lost its monopoly in maritime safety systems.

The international Maritime organisation said US firm iridium could provide distress services, which are compulsory for large ships. china’s Beidou is also set to have a proposal evaluated.

it comes four years after inmarsat boss Rupert Pearce blasted iridium’s efforts to develop the technology. inmarsat shares fell 7.1pc, or 27.5p, to 361.1p.