In short

Today's other stories in brief

Industrial output down 1.6% - CSO

Industrial output fell between August and October last, the Central Statistics Office (CSO) said yesterday.

According to the latest release, seasonally adjusted industrial production levels fell by 1.6 per cent during the three-month period. Despite this, output was 6.1 per cent higher than in October 2005.

A downturn in chemicals and telecommunications occurred in September, with electrical and medical goods output declining in October.

"For 2006 as a whole, manufacturing output is likely to be 5 per cent higher on average than last year, but negative exchange rate developments . . . are likely to lead to an increase of no more than 3 per cent in 2007," said Alan McQuaid, chief economist with Bloxham stockbrokers.

Senior appointment at Quinlan Private

Retail asset manager Jane Lawrence has joined Quinlan Private, the investment firm controlled by businessman Derek Quinlan.

Ms Lawrence joins the firm's London office as a director from Donaldsons property consultants in London, which has extensive shopping centre investments. She will lead the European asset management business of Quinlan Private.

New BWG board members named

Spar convenience store franchiser BWG has appointed Paddy Power co-founder Stewart Kenny and PR consultant John Mahony to its board.

Mr Kenny was the chief executive who led the flotation of Paddy Power in 2001.

Mr O'Mahony is a former chairman of Edelman PR consultancy and now runs his own business, Reputation Inc. He has advised BWG for the past five years.

Airlines to make €1.9bn profit

International airlines are now expected to make a collective profit of $2.5 billion (€1.9 billion) in 2007, up from the $1.9 billion previously forecast, thanks to lower fuel prices, the International Air Transport Association (Iata) has said.

Iata also expects a reduced loss in 2006 of $500 million, down from the $1.7 billion forecast. Excluding $6 billion in restructuring costs at Delta Air Lines and Northwest Airlines, the industry would be in profit in 2006, it said. - (Reuters)

Island Oil wins Morocco contract

Exploration company Island Oil & Gas said yesterday it had won a contract to explore for oil and gas in an area of Morocco a third of the size of Ireland. It also announced details of its 2007 drilling programme, which will focus on pre-development drilling in the Old Head of Kinsale gas field.

Tesco to step up expansion in China

Tesco looks set to step up its Chinese expansion plans in the new year after it said it was planning to raise its stake in Hymall, its Chinese partner. Tesco, which two years ago paid £140 million (€207 million) for a 50 per cent stake in the local operator, said it was paying a further £180 million to increase its holding to 90 per cent. - (Financial Times service)

Earnings double at Goldman Sachs

Goldman Sachs said quarterly earnings nearly doubled on strong growth in almost every business.

Fourth-quarter net income surged to $3.15 billion (€2.37 billion) for the three months to November 24th. For the year, it earned an all-time high of $9.54 billion. - (Reuters)