U2 manager Paul McGuinness has issued a short statement on the Irish rock act's official Web site, revealing that the band is in the studio working on new material and that no summer European tour is

U2 manager Paul McGuinness has issued a short statement on the Irish rock act's official Web site, revealing that the band is in the studio working on new material and that no summer European tour is in the works. "U2 would like to clarify that, contrary to certain speculation in the press, they will be neither touring Europe this summer, nor splitting up," said the statement. "Instead, they are spending time in the studio working on new material for a possible release later this year." McGuinness had previously told Billboard Bulletin that U2 was considering a European tour this summer.

Reports also suggest a new compilation, focusing on hits from 1990-2000, may see the light of day this fall. It would be preceded with a new U2 single and also be available as a limited-edition, double-disc set with rare tracks. The album would serve as the sequel to the 1998 set "The Best of 1980-1990," which featured a 14-track "hits" disc and a limited-edition 15-track B-sides disc.

Meanwhile, U2 continues to reap accolades for its 2000 Interscope album "All That You Can't Leave Behind," which was named best rock album earlier this month at the Meteor Ireland Music Awards in Dublin. U2 frontman Bono was named best Irish songwriter, while guitarist the Edge was named best guitarist and McGuinness was presented with a special Industry Award.

Bono has been highly visible in recent months in various political efforts, among them a recent visit with U.S. President George Bush to discuss AIDS and initiatives to help the poor. Earlier this week at a world financial development conference in Monterrey, Mexico, U.S. Treasury Secretary Paul O'Neill announced that Bono would join him in late May for a trip to AIDS-ravaged African countries such as Uganda, Ghana, and Ethiopia.