A round-up of today's other stories in brief.
B of I buys 50% of retail park
Bank of Ireland (B of I) Private Banking announced yesterday that it has acquired a 50 per cent stake in a Liverpool retail park for €309 million on behalf of its clients.
New Mersey Retail Park is the seventh-largest retail park in the UK. It comprises 30 retail units and extensive carparking facilities. Existing tenants include Marks & Spencer, Next, Gap, B&Q and Currys.
The stake was acquired from Hercules Unit Trust, which will retain the remaining 50 per cent interest in the park.
"New Mersey Retail Park fits perfectly with our strategy for retail property," said Peter Collins, director of property at Bank of Ireland Private Banking. "It is already a high-performing retail park, situated in a strong local market, and offers a number of excellent asset management opportunities to increase income."
Bank of England keeps 5.5% rate
The Bank of England held interest rates at a six-year high of 5.5 per cent yesterday as expected, but most economists predict another rise soon.
Sterling fell and interest-rate futures and government bonds cut losses, as many investors had prepared for a surprise move only a month after the central bank last raised rates.
The markets, however, are fully pricing in a rise to 5.75 per cent this summer, as all nine monetary policy committee members agreed last month that a rate increase on top of May's quarter-percentage point move would probably be needed. - (Reuters)
Vodafone rejects spin-off idea
Vodafone dismissed a call by a tiny investor yesterday to return up to £38 billion (€56 billion) to shareholders by spinning off its key US asset and issuing bonds.
The mobile operator said the proposals by investment group Efficient Capital Structures (ECS), backed by the former deputy chairman of telecoms equipment maker Marconi, were not in shareholders' interests. - (Reuters)
Crackdown on French bonuses
Senior French executives will have to meet performance targets before receiving generous farewell bonuses in a crackdown on so-called "golden parachutes" unveiled by President Nicolas Sarkozy yesterday.
Fulfilling a campaign promise to curb self-enrichment by unsuccessful business leaders, Mr Sarkozy said all senior executives entitled to such payoffs would have to accept performance conditions, with new arrangements put to a vote of shareholders.
Mr Sarkozy's move follows a public furore over a series of pay scandals over the past year, including the €8.5 million payoff to Noël Forgeard, the former French co-chief executive of EADS, owner of troubled Airbus. - (Financial Times service)
Swissair officials acquitted
Swiss judges yesterday acquitted all 19 former Swissair executives and board members of crimes connected with the collapse of the bankrupt national flag carrier in 2001."There is no evidence that the defendants knowingly acted to damage the company," said Andreas Fischer, the chief judge.
The court ordered that the defendants' legal costs, estimated at about SFr3 million (€1.83 million), be reimbursed. - (Financial Times service)
Oil price stays above $68
Oil held steady above $68 a barrel overnight, building on the previous day's gains after an unexpected fall in US crude oil stockpiles.
London Brent crude oil, currently a better indicator of the global market than US oil, rose 19 cents to $68.23 a barrel, having settled up 20 cents yesterday. US crude was up 19 cents at $64.20 a barrel. - (Reuters)
