CMG lets 470 go

Wireless data markets fail to provide projected growth...

Anglo Dutch Software firm CMG is cutting nearly 500 jobs as a result of poor trading conditions in the UK. The company, which specialises in wireline and wirefree datacoms blamed its poor fortunes on the US terrorist attacks last month. The software producer said it would have to cut £20m and reduce its workforce in the UK and Ireland by 10 per cent. The move follows a statement by the company in August that it would grow in turnover by more than 10 per cent. The company now expects core revenues to shrink.