A round-up of today's other stories in brief
US concern over trade gap with China
China's growing trade surplus with the US could create hostility towards China, US treasury secretary Henry Paulson warned yesterday. Speaking at a meeting between cabinet-level officials from the US and China in Washington, Mr Paulson urged Chinese vice-premier Wu Yi to help reduce the trade gap between the two countries.
In a recent letter to Ms Wu, US lawmakers urged Chinese authorities to permit China's currency, the yuan, to rise in value and expressed concern about US copyrights being stolen in China.
There was disappointment at China's lack of progress in meeting US concerns on trade, he added. "Unfortunately, in America this is manifesting itself as anti-China sentiment as China becomes a symbol of the real and imagined downside of global competition."
Ms Wu responded by warning the US against blaming China for its trade problems, while at the same time promising that China would take action.
The talks continue today. - (Financial Times service)
43% pay rise for Aminex chief
Aminex, the Dublin and London-listed oil and gas group, awarded its chief executive a 43 per cent pay increase in 2006, a year when the company's net loss almost halved.
Brian Hall received total remuneration of $516,000 (€383,560) last year, up from $360,000 in 2005. The package comprised $276,000 in basic pay, a $98,000 pension contribution and share-based payments worth $119,000.
Finance director Simon Butterfield saw his remuneration rise 40 per cent, to $290,000.
In total, the group paid out $1.6 million in remuneration to five directors. Its net loss, meanwhile, narrowed to $2.86 million as the group produced more oil and gas in the US and benefited from higher commodity prices.
Bright forecast for German economy
Germany's ZEW economics institute has predicted that the euro zone's largest economy will grow by more than expected over the next two years. The prediction, based on the institute's latest index of business expectations, heightened expectations yesterday that interest rates will rise again after the quarter point rise expected next month.
The so-called combined ZEW index, which summarises survey participant views on the German economy, rose to 24.0 in May, compared with 16.5 in April, below its historical average of 33 but higher than expected. - (Financial Times service)
New production high for Dragon Oil
Dublin and London-listed oil explorer Dragon Oil said yesterday it achieved a new production high of 33,176 barrels of oil per day (bopd) on Monday.
In a statement to the stock exchange, the company also said it had reached a new gross peak production "well in excess" of 33,000 bopd.
BA joins €3.4bn bid for Iberia
British Airways has decided to join a group bidding for Spanish airline Iberia led by private equity firm Texas Pacific Group. TPG and its partners have already made an indicative bid worth €3.4 billion for Iberia, or €3.60 per share.
"If a bid was successful, Iberia would remain in Spanish control, and the Spanish investors would put in more than 50 per cent of the total capital investment," said a spokeswoman for BA, which already owns 10 per cent of Iberia. - (Financial Times service)
