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In brief: Muzu TV adds to online content

NEWLY launched online music video service Muzu TV has added another 80,000 hours of content to its archives after agreeing a deal with ITN.

The deal will allow the Irish company to put a host of interviews and other music related ITN content on its website, including Michael Hutchence and Paula Yates meeting for the first time on 'The Tube' and Shakin Stevens leaping on Richard Madelay on 'Calendar Goes Pop'. Muzu TV is hoping to have 2 million unique monthly users by the end of the month.

Oglesby & Butler's sales rise by 5pc

Tool maker Oglesby & Butler said its sales for the three months to the end of June were up 5pc on the same period a year earlier, although generally sales are being hit by the global downturn in consumer demand and the weakness of the dollar. Oglesby & Butler said it had begun promoting a herbal vaporiser product, adding that while it had been well received, it was too early to say how it would impact sales.

Japan warns of 'sluggish' growth

Japan's central bank has downgraded its assessment of the country's economy, warning that growth will remain 'sluggish'. The bank also left its super-low interest rate unchanged at 0.5pc amid growing fears of a recession. The Japanese economy contracted in the second quarter of 2008, leaving Japan on the brink of recession.

Minmet in talks over possible offer

Irish prospector Minmet has confirmed, following a spike in its share price, that it is in talks with a third party that could lead to an offer for the company. In a statement, the AIM-listed natural resources explorer said discussions are continuing, and that a further announcement will be made "when appropriate". Minmet is considered to be in an 'offer period', it said.

M&S wants to cut severance pay

Marks & Spencer says it is talking to staff representatives about reducing severance packages for employees in case of layoffs. The company wants to cut the number of weeks' pay workers receive per year of service, spokeswoman Lisa Stewart said yesterday. However, she declined to comment on whether any layoffs are planned.

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