Budget cuts for Iberian countries
European Union Economic and Monetary Commissioner Olli Rehn said budget cuts announced by Spain and Portugal went in the right direction.
He said the new proposals marked a "substantial improvement" on original budgetary adjustment plans. He added that financial turmoil would be unavoidable in the eurozone and the chances of sustained growth slim without "smart" budget cuts in some countries.
UK interest rates 'will remain low'
The Bank of England will hold interest rates at a record low until next year to support a fragile recovery, and has not lost credibility from inflation running at almost double its target, a Reuters poll showed. The survey of 61 economists gave just a 30pc chance of a rate hike by year-end.
Oil share sale to net Uganda $400m
The Ugandan government expects to get $400m (€327m) in taxes from Heritage Oil's $1.35bn sale of its shares in two oil concessions in the east African country to Tullow Oil. The country's president said the government was still discussing the details with Heritage. Tullow plans to develop Uganda's oil fields with France's Total SA and China National Offshore Oil.
Tesco's profits up 10pc to £3.4bn
Terry Leahy, chief executive of Tesco, pocketed more than £5.2m (€6.2m) in salary and bonus last year as the supermarket group notched up a 10pc increase in profits to make a record £3.4bn. The company's eight-person executive team shared £24m in salary and bonuses, according to the company's annual report. More than 216,000 Tesco staff -- from checkout operators to drivers and managers -- will share a £105m bonus pot.
IN an article by David McWilliams in the Irish Independent of June 2, 2010, under the headline 'NAMA just a bailout for the professional classes', reference was made to PricewaterhouseCoopers as auditors to the Irish Nationwide Building Society. It has been pointed out to us that PricewaterhouseCoopers is not and never has been auditors to the Irish Nationwide Building Society. We are happy to clarify this matter.