In Short

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

Warning on defined benefit pensions

The recent stock market turbulence is a "stark warning" for members of defined benefit pension to take more interest in their pension, according to Jennifer Richards of the Irish Association of Pension Funds investment committee.

She was addressing an IAPF investment conference in Dublin yesterday.

Pension holders needed to consider a less volatile asset class than equities as they approached retirement or risk bring hit by serious losses, Ms Richards said.

IAPF president Joe Byrne said the recent market fluctuation emphasised the need for more flexible rules in relation to retirement age and how retirement funds are used.

Davy buys London office building

Irish investors backed by Davy Private Clients have spent about €735 million on British property over the last 18 months. The firm's latest purchase on behalf of clients is a high- profile office building in central London. Davy confirmed yesterday that it had bought Brettenham House beside London's Waterloo Bridge for approximately £90 million (€130 million), from US- controlled Westbrook Partners LLP.

Davy did the deal with local partner Draco, set up two years ago by Irishman Robert Greacen.

Accenture to create 100 jobs

Accenture, one of the world's biggest management and technology consultancies, plans to create 100 high-level jobs in Dublin as economic growth boosts demand for its services.

Mark Ryan, managing director of Accenture in Ireland, said the company would start a major drive for recruitment on Monday to hire 65 experienced candidates and 35 graduates for its traditional consulting business. The new recruits will increase Accenture's Irish workforce to 1,600 people.

Firm traded with debts to Revenue

The executive director and company secretary of a haulage company have been restricted by the High Court for "gross irresponsibility" in allowing the company to trade for at least two years using monies due to the Revenue.

Mr Justice Michael Hanna said it was "difficult to believe" that John Joseph Fleming and Maria Fleming were not aware from 2001 onwards of the serious and mounting revenue problem facing their company, Pineroad Distribution Ltd.

The judge also also expressed surprise that the Revenue Commissioners, now owed €1.8 million, had not involved themselves in the company's tax affairs.

He found both Flemings had acted "grossly irresponsibly" in "shutting their eyes to a long-standing and greatly increasing debt". Both were restricted for five years.

Pernod rise lower than expected

Pernod Ricard, the world's second-largest wines and spirits group, reported a lower-than-expected 18 per cent rise in first-half earnings yesterday.

The maker of Jameson whiskey and parent of Irish Distillers said net profit from ordinary activities at constant exchange rates - the measure it uses for its full-year guidance - rose to €529 million in the six months to December 31st.

Pernod Ricard shares were the biggest loser in the CAC-40 index of leading French stocks, falling by more than 4.6 per cent to €149.44.

Citing strong January and February sales, it said full- year net profit using the same measure should rise 20 per cent - firmer than its previous forecast of "strong" double-digit growth.

Pernod said "unfavourable foreign exchange" moves, mainly in the dollar and linked currencies such as the yuan, cut growth in operating profit by €40 million. - (Reuters)