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Baroness Jay steps down from INM role

MEDIA

BARONESS Margaret Jay is to step down from the board of Independent News & Media at the company's AGM in June. Baroness Jay informed the board of her decision to step down as a non-executive director this week, citing the fact that she had sat on the board for nine years -- considered the maximum a non-executive director should hold a seat.

No decision to force Quinns to pay €1m

COURTS

THE Commercial Court has reserved judgment on a bid by the former Anglo Irish Bank to compel the family of bankrupt businessman Sean Quinn to provide up to €1m as security for the bank's costs of discovering documents for their action aimed at avoiding liability for loans of €2.34bn.

WPP raises forecast on busy year ahead

MEDIA

ADVERTISING conglomerate WPP raised its forecasts yesterday after growth in emerging markets and digital ads boosted the world's largest advertising group at the start of a key year featuring the Olympics and a US presidential election. The firm said like-for-like revenue rose 4pc in the first quarter.

Barclays' boss gets pay despite protest

FINANCE

BARCLAYS was hit by a protest over pay as 27pc of shareholders voted against chief executive Bob Diamond's £12m (€16m) compensation package. Those opposed failed to block the bank's plans as more than 73pc of investors who voted supported it, London-based Barclays said after its AGM. About 10pc voted down pay plans last year. Investors claim the bank is enriching employees at the expense of shareholders.

Lloyds considers bids for branches

BANKING

Lloyds Banking Group, Britain's largest mortgage lender, will consider alternative bids for the 632 branches regulators are forcing it to sell, paving the way to reopen talks with NBNK Investments. Lloyds is no longer in an "exclusivity agreement" in relation to discussions with the Co-Operative Group, the bank said. The bank will "consider detailed discussions" with other bidders.

Irish Independent