A round-up of other business stories.

Aer Lingus quits global airline alliance

Aer Lingus is leaving the Oneworld global airline alliance in response to the growing divergence between its low fares point-to-point business model and the network strategies of its alliance partners.

It is also facing growing costs of compliance with the obligations of membership of Oneworld, which is led by British Airways, American Airlines, Qantas and Cathay Pacific, at a time when the alliance is growing quickly.

Next year, Japan Airlines, Royal Jordanian and Malev Hungarian are all due to join Oneworld, triggering a sharp rise in IT costs for integrating the computer systems of the new members.

Aer Lingus joined the alliance in 2000, when it was still a full-service carrier with an important focus on business travellers and connecting traffic. - (Financial Times service)

Top economies bounce back

Growth in the world's leading economies rebounded in the first quarter of the year but was far stronger in the US than in the euro area, according to OECD forecasts published yesterday.

Economic activity in the OECD area - which represents 30 of the world's most developed economies - rose 3.1 per cent year-on-year.

But growth in the US was 3.6 per cent compared with just 2 per cent in the euro area.

Growth in the euro zone's three largest economies remained relatively weak, but in Italy was higher than the almost zero growth rate achieved for most of last year, while growth in France was also stronger than at the end of last year.

Inflation also picked up slightly across the OECD, reaching 2.7 per cent in April, according new figures released yesterday but remained lower than in January when it ran at 3 per cent.

In Ireland consumer price inflation has accelerated over this period, reaching 3.8 per cent in April.

Paddy Power names executive

Paddy Power has named Breon Corcoran as managing director of non-retail and development.

He will oversee the company's online and telephone activities. Mr Corcoran was previously commercial director. He joined Paddy Power in 2001.

Oil rises to over $72 a barrel

Oil rose above $72 a barrel yesterday, boosted by a jump in demand from energy-hungry China and continued tension between Iran and the West over Tehran's nuclear programme.

Gold and silver also gained as investors moved back into the market after recent price weakness.

A flow of money from investment funds has helped send the price of many commodities to record or decade-highs in 2006.

US crude for July delivery settled up 66 cents at $72.03 a barrel. London Brent crude gained 46 cents to $71.05.

Both markets were closed on Monday for holidays. - (Reuters)

Tullow suspends Ugandan well

Tullow Oil and West Australia-based Hardman Resources announced yesterday they had cased and suspended a Ugandan well as a "potential future oil producer".

According to Tullow's chief financial officer Tom Hickey the companies were "still in the early stages of exploration" but oil had been found at all three of the Ugandan wells currently being explored.

Over the next couple of weeks, tests, models and surveys will be run to gauge the area's potential.