Virgin Media - the multimedia company that offers TV, broadband, fixed-line phone and mobile phone services - could be bought by a private equity group. Carlyle is offering between $33 and $35 per share for the company, which values it at around £5.5 billion. Virgin Media's investment bankers are now seeing if any other companies are interested. [Source: BBC and Forbes]

Ten people were arrested last week as part of a VAT carousel fraud investigation known as Operation Varlet. HM Revenue and Customs officers also searched 20 premises across the UK. In a separate case, six men were convicted and sentenced to a total of 47 years in jail at the beginning of June. [Source: Mobile News]

PDA and smartphone manufacturer Palm won't be introducing its new Linux-based mobile OS until 2008, according to the company's CEO. In April it had said it was aining for a 2007 launch. It will continue selling devices using the company's current technology - the Garnet and Windows Mobile systems - until 'Palm OS II' is ready. [Sources: Palminfocenter.com and Brighthand.com]