In a development that could soon be seen as a cash cow for Ferranti International Plc on a par with Racal Electronics Plc’s Racal Vodafone unit, Ferranti has combined its public cordless phone subsidiary with start-up Libera Developments to create a new Ferranti Creditphone Ltd owned 55% by the defence electronics firm, 45% by Libera’s backers. Details are in page 5 inside.