Virgin Mobile to set up charity

Virgin Mobile, which is planning a £1bn flotation later this month, plans to donate up to 1% of its pre-tax profits to charity and to let employees decide which good causes to support.

A similar charitable trust has already been established by Vodafone. The Vodafone Foundation last year donated some £25m to charitable causes. Virgin Mobile's contribution are expected to be more modest: around £500,000 in the current year, according to estimates.

From Media Guardian.