In short

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Public sector jobs up 6,100

Public sector employment rose by 6,100 in the year to December, while average weekly earnings increased by 3.5 per cent, according to figures released yesterday by the Central Statistics Office (CSO). The rise in employment brings the total in the sector to 356,100, or one in six of the workforce. When those working in the public health are excluded, numbers employed stood at 249,800, a rise of 1,800 on December 2005.

The health sector saw the biggest rise in employment, with 4,300 jobs created in the sector over the period, while employment in education rose by 4,000. The combined increases in the number of civil servants, Defence Force members and gardaí amounted to just over 1,000 jobs. Employment in semi-State companies fell, however, largely reflecting the privatisation of Aer Lingus.

Profits soar at Cable & Wireless

Telecoms group Cable & Wireless has reported 20 per cent growth in annual earnings before interest, tax, depreciation and amortisation of £492 million (€727.3 million).

Group profit before income tax in the year to the end of March last more than doubled to £249 million.

Cable & Wireless, which employs about 150 people on the island of Ireland, said the Irish business had also performed well. - ( Reuters)

Oil hits high of $71 a barrel

Oil hit a nine-month high above $71 yesterday, propelled by a strike threat to Nigeria's hobbled output and a report by UN nuclear monitors that opened the way to tougher sanctions against Iran.

Benchmark London Brent crude, seen as a more accurate global benchmark than US oil, was up 24 cents at $70.84 a barrel, after trading up to $71.80 earlier, the highest since August 28th, 2006.

US oil, weighed down by bulging crude inventories in the giant consumer nation, fell $1.35 to $64.42.

Iberia to study takeover bid

Spanish airline Iberia said yesterday it had received information on a takeover bid led by private equity group Texas Pacific Group (TPG) and that its board would study the offer at its next meeting.

Iberia's board met yesterday and had been expected to open its books to the bidding group. The company did not say when exactly the board was next due to meet.

TPG is working in a consortium with British Airways, which owns 10 per cent of Iberia, investment fund Vista Capital and private equity firms Ibersuizas and Quercus Equity. Quercus holds 20 per cent of Iberia's low-cost offshoot Clickair.

Dell plans to sell PCs at Wal-Mart

Dell said yesterday it plans to start selling personal computers through Wal-Mart stores in north America next month, breaking from a 23-year model of direct sales as it tries to rekindle business.

Dell, which called the move a "first step" into the retail market, will start selling the computers bundled with accessories for under $700 (€521) starting on June 10th.

The computers will be available in about 3,500 Wal-Mart and Sam's Club stores in the US, Canada and Puerto Rico, a spokesman said. - (Reuters)

New offer for Bausch & Lomb

Advanced Medical Optics said yesterday it was interested in acquiring Bausch & Lomb and was willing to pay more than the $3.67 billion (€2.73 billion) proposal the eye-care company accepted from a private equity firm.

Bausch & Lomb agreed last week to be acquired by Warburg Pincus for about $3.67 billion. However, the firm had the right to solicit other offers during the next 50 days. - (Reuters)