In Short

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

Oil reaches highs as US turns up heat

Oil struck two-month highs of more than $63 yesterday as US winter fuel supplies fell ahead of a cold front in the world's top heating oil market and on news Opec could strengthen its market muscle by adding members.

US crude rose 73 cents to $63.19 a barrel, after earlier reaching $63.30, its highest since October 2nd. Brent crude rose $1.23 to $64.30 a barrel.

African oil producers Angola and Sudan followed South America's Ecuador in expressing interest in joining the Opec oil cartel, which currently pumps more than a third of world crude output and holds 75 per cent of global reserves.

The three countries would boost Opec's output by two million barrels per day, or 6 per cent. Experts said giant producer Saudi Arabia would remain the key player in determining the group's policies.

With prices above $60, Opec ministers expressed conflicting opinions this week on whether the group needs to add to production cuts of 1.2 million bpd agreed in October when the group meets next on December 14th. - (Reuters)

Review of Dublin airport charges

The Commissioner for Aviation Regulation has announced he intends to review again the level of charges at Dublin airport.

Cathal Guiomard said the review was necessary because of the need to take account of Dublin Airport Authority's 2006 capital investment plan, which had not been available to the regulator when it set the current price cap last September.

Oglesby warns of tough conditions

Carlow-based tool maker Oglesby & Butler said yesterday that trading conditions in the second half of the year will remain difficult.

Announcing a return to profit in the six months to the end of September, the company said it believed it had taken the appropriate action to ensure the group continues to remain competitive.

Oglesby recorded a pretax profit of €88,000 in the first half, compared with a loss of €39,000 in the year earlier period, a move it attributed to cost cutting and restructuring. Sales meanwhile were little changed at €2.6 million.

African Diamonds wins new licence

African Diamonds said it has been awarded a licence to dig for diamonds in the Orapa area of Botswana. The AIM-listed company said the site is known to contain at least nine kimberlites, and that it may well hold more. Dr John Teeling, the group's chairman, welcomed the award, saying the licence was perfectly positioned between some of the best mines in the world.

Alltracel develops heart bioactive

Pharmaceutical group Alltracel yesterday confirmed the successful development of a highly soluble derivative of its patented cardiovascular health-benefiting bioactive.

The innovation will enable the group to sell its products into the functional beverage market.

Europeans want exchange veto

European regulators want the ability to veto appointments of Americans to the board of a merged New York Stock Exchange/Euronext before they approve the deal, according to France's chief financial regulator.

Michel Prada, chairman of the AMF, said the veto was intended to be applied only to people who did not meet the definition of "fit and proper persons" This veto currently exists in Europe.

Mr Prada's remarks come just days before the College of Regulators that oversees Euronext - regulators from France, The Netherlands, Belgium, Portugal and the UK - announces its views on whether they will permit the deal to proceed. - (Financial Times service)