ECB cuts interest rate to record low of 0.5pc (Telegraph)
The ECB's decision to cut its main interest rate to 0.5pc from 0.75pc was widely expected by economists, and came amid signs that the eurozone crisis is still hurting the real economy. It also marks the first rate cut since last July.
The marginal lending rate, used as a last resort for banks unable to obtain funding at the wholesale market, was also reduced by 50 basis points to 1pc, while the overnight deposit rate was unchanged at 0pc.
Rolls-Royce aerospace boss Mark King to step down after four months in job (Telegraph)
The head of Rolls-Royce's aerospace division, Mark King, has resigned despite only taking up the job in January, as engineering giant faces corruption investigations in Indonesia and China.
Shell chief Peter Voser stands down as oil company posts profit rise (Guardian)
Peter Voser, the chief executive and architect of Shell's recent financial success, has unexpectedly announced plans to stand down, less than four years into the job.
The move came as the Anglo-Dutch oil group unveiled a 4% increase, to $8bn (£5bn), in its first quarter profits and raised the dividend a further 5% to 45 cents per share.
Goldman Sachs ‘sweetheart’ tax deal challenged (FT)
A “sweetheart” tax deal between HM Revenue & Customs and Goldman Sachs was agreed partly to avoid “major embarrassment” to George Osborne, UK chancellor, it was claimed on Thursday.
A legal challenge brought by UK Uncut, the tax campaign group, began scrutinising the deal struck by HMRC with Goldman in which the US investment bank settled a long-running tax dispute with the tax authorities, which had mistakenly let Goldman off paying between £6m and £20m of interest.
Google tax affairs come under renewed scrutiny by UK body (FT)
Google and its auditors Ernst & Young should be recalled by the UK public accounts committee, the committee chair said, after a report cast doubt on the internet company’s claim that it did not conduct its sales in the UK.
Executives from Google told the committee that the sales team was based in Dublin and that UK staff were employed in marketing rather than selling advertising space.