Around 2,500 jobs at collapsed firm Connaught have been saved after most of its social housing division was bought by construction group Morgan Sindall.

Nokia has named Microsoft executive Stephen Elop as its new boss, giving a boost to its flagging share price which has fallen 20% this year due to two profit warnings.

Defence giant BAE Systems is to axe more than 900 jobs from its military divisions.

The owner of the Argos and Homebase chains has warned its half-year profits will be down by as much as 25% as it battles tough trading conditions.