In short

A round-up of today's other stories in brief.

Grafton chiefs share €3.12m

The four executive directors of Grafton Group shared €3.121 million in remuneration last year, up from €2.789 million in 2005.

Michael Chadwick, the executive chairman received €965,000, including a bonus of €377,000. The next highest earner was finance director Colm O'Nuallain, who received €942,000, including a bonus of €299,000 and share-based payments of €173,000.

Chief operating officer Leo Martin earned €810,000, including a bonus of €292,000, while executive director Fergus Malone received €404,000, of which €137,000 was a bonus.

Banking licence for Wachovia

US bank Wachovia has received a banking licence from the financial regulator with effect from April 2nd. The North Carolina-headquartered financial institution, which is the fourth-largest bank holding company in the US, took a 10-year lease at the International Financial Services Centre in January and had been waiting for regulatory approval before starting its operations.

Extension for Providence

Dublin-listed oil and gas exploration company Providence Resources has been granted an extension to its licensing option in the St George's Channel, off the Irish coast. Chief executive Tony O'Reilly jnr said the extension will give Providence more time to carry out "additional sub-surface work" on the Apollo oil exploration prospect, in which the company holds a 100 per cent interest.

Possible bid for Inter Link

Speculation that an Irish food company is considering a bid for troubled UK bakery business Inter Link Foods has centred on Greencore, which has a cake business that operates in the same market as Inter Link.

Goodbody Stockbrokers food sector analyst Liam Igoe said a Greencore bid would give the company additional capacity and a broader customer base. However, Mr Igoe added in a broker note that he was doubtful about Greencore's interest due to Inter Link's size.

There was no comment from the company yesterday.

M&S in Liffey Valley refit

Marks & Spencer announced yesterday that it is completely redesigning its store in the Liffey Valley Shopping Centre as part of the company's decision to modernise its entire chain. Marks & Spencer has said the store will continue to trade as normal throughout the refurbishment, which is due for completion in May.

Oil falls as Iran fears ease

Oil fell yesterday after Iran's release of 15 British sailors and marines eased worries over crude shipments from the world's fourth-largest exporter.

US crude for May delivery fell 24 cents to $64.14 a barrel. London Brent lost 22 cents to $68.18 a barrel. A big drop in US gasoline inventories ahead of peak summer demand, reported by the US government on Wednesday, gave prices some support .- Reuters