ULSTER BANK TO REPAY AFTER ERROR - Ulster Bank has contacted a number of customers to return money it mistakenly overcharged on payment protection policies. The policies repay customers' loans if they cannot meet repayments due to permanent disability, redundancy or death.
The bank said the error was discovered as part of an ongoing review, but would not say how many people or how much money was involved.
Bank of Ireland and Axa had previously reported overcharging on payment protection policies.
***
FRESH GHANA BOOST FOR TULLOW - Tullow Oil has made a new oil discovery off the coast of Ghana. In June, the exploration company said it had struck a vein of light oil which some analysts said could yield up to 600 million barrels.
Tullow's operations are mainly based in the North Sea, but it also has extensive interests in a number of African countries.
Finance officer Tom Hickey said the find was about 50km off Ghana and 5km away from a previous find announced in June. He said this field now appeared to be one significant field, which was likely to be increased to up to 800 million barrels.
He said more wells would be drilled, and it would probably be up to three years before oil production would start.
Mr Hickey said Tullow was also drilling in Uganda and Namibia and it hoped to have news from Uganda before its half-year results in early September.
On oil prices, he said the company expected them to remain in the 'mid to high sixties' a barrel.
***
MARKETS - The Dow Jones closed down 30 points last night, despite comments from US Treasury Secretary that the world economy was fundamentally strong. Tokyo's Nikkei is down very slightly. The euro is trading at 67.9p and $1.34.
