Down, but not out

The electronics industry is not quite in the position in which Ricky Hatton found himself on Saturday night. But it's still not pretty.

The latest contributor to the general gloom is STMicroelectronics, which announced a loss of $89million on $391m revenues in its wireless joint venture with Ericsson. Its remedy? A restructuring plan which involves the loss of 1200 jobs in an attempt to save $230m. Not bad for a company that has only been in existence since February. How much lower can things go? Who knows? But there are enthusiastic whispers about things getting better in September. Let's hope so.