Inmarsat partner’s plan hits wall

Shares in satellite firm Inmarsat closed more than five per cent lower yesterday as its partner LightSquared’s plans for a wireless network hit a roadblock. A key federal agency in the US said the wireless service run by LightSquared would cause harmful interference to many GPS receivers. The firm fell as low as 366p during the day and closed at 397.7p as traders fretted about the effect on Inmarsat, which gets income from sharing some of its wireless spectrum with LightSquared.