Sir Anthony O’Reilly is to step down as chief executive officer at Independent News & Media in May. He will be replaced by his son Gavin.

The announcement was made in a statement to the Irish Stock Exchange early this morning.

http://www.irishtimes.com/business/

Eurozone interest rates have been slashed by a half percentage point to the lowest level ever as the European Central Bank responds to continental Europe’s worst recession since the second world war.

The ECB said its main interest rate would fall from 2 per cent to 1.5 per cent, bringing the total cut since early October to 275 basis points, and taking the eurozone’s monetary guardian into territory not charted since the euro’s launch in 1999.

http://www.ft.com/world/europe

The Bank of England’s monetary policy committee cut its key rate by half a percentage point to 0.5 per cent on Thursday and unveiled a programme under which it will buy up to £150bn in government gilts and corporate bonds.

http://www.ft.com/home/uk

The Bank of England has cut interest rates to 0.5% – a fresh all-time low – and said it was now boosting the money supply to help revive the economy.

http://news.bbc.co.uk/1/hi/business/7925620.stm

The pound rose against the dollar and euro after a survey showed U.K. consumer confidence in February rose from the lowest level in at least four years.

The currency also advanced on speculation the Bank of England may bolster economic growth by cutting its benchmark rate to a record low tomorrow and signaling its ready to buy government bonds as part of a quantitative easing policy. An index of U.K. sentiment increased to 43 last month, from 41 in January, which was the worst result since data began in 2004, Nationwide Building Society said today.

www.bloomberg.com

Following a weak end of 2008, February saw an increase in levels of market activity – albeit off a very low base, according to the latest statistics from Hometrack.

www.hometrack.co.uk