| Updated:
LightSquared cuts staff in half
LightSquared plans to axe half of its employees to save money after the US wireless network defaulted on its $56m rental fee to Inmarsat last weekend. The company hit a blockade last week when US communications regulator the FCC revoked permission for LightSquared to move ahead with its wireless network, which was found to be interfering with GPS signals. Amid speculation that the business could be nearing bankruptcy, LightSquared will lay off 45 per cent of its 330-strong workforce.