In Short

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

Tysabri sales to be lower than expected

Sales of multiple sclerosis drug Tysabri are likely to grow more slowly than previously thought, according to Goodbody analyst Ian Hunter.

Goodbody yesterday lowered its earnings projections for Elan on the basis of lower sales this year, but it retained its "add" recommendation and price target.

"We are cutting our earnings per share guidance for 2007 and 2008 as a result of pulling back our total Tysabri 2007 revenue projections by 24.9 per cent to $468.8 million (€357 million)," Dr Hunter said.

Alongside higher costs flagged by the company, Goodbody now expects Elan to record a loss of $249.3 million this year, compared to previous projections for profits of $7.4 million. Dr Hunter says the company will break even next year.

Credit unions to sell PRSA products

Minister for Finance Brian Cowen has eased restrictions on credit unions, opening the door for them to make personal retirement savings accounts (PRSAs) available to their members without making a special application to the Irish Financial Services Regulatory Authority.

Mr Cowen urged beneficiaries of the special savings incentive account (SSIA) scheme to enhance their pension provision by availing of PRSA services from credit unions.

Action urged over sustainable energy

Immediate action must be taken to overcome Ireland's long-term sustainable energy issues, David Taylor, chief executive of Sustainable Energy Ireland, said yesterday.

Addressing the Irish Sustainable Energy summit, Mr Taylor warned that it was "imperative" that all sectors take action to meet the targets outlined in the Government's Green Paper on energy. These targets include a 20 per cent reduction in energy demand by 2020.

Call on small firms to innovate

Irish small and medium-sized enterprises (SMEs) must "innovate or die", Prof Eamonn Murphy of University of Limerick warned yesterday when addressing a SME symposium. He said the competitiveness of Irish companies was determined by the amount of resources they invested in research and development.

"It is imperative that the indigenous business sector is supported and encouraged to participate in such activity," he added.

Gallaher backs Japanese bid offer

Silk Cut owner Gallaher moved closer to a £7.5 billion (€11 billion) takeover by Japan Tobacco (JT) yesterday. Dealings in Gallaher shares will end on April 17th after shareholders of the firm overwhelmingly backed a deal for it to become part of the world's third-largest tobacco firm.

The offer represents one of the biggest acquisitions ever made by a Japanese company.The proposal was backed by 98.5 per cent of shareholders, who voted yesterday.

Gallaher employs 12,000 people worldwide and makes cigarettes for the UK market at Lisnafillan, Northern Ireland, where it also produces Virginia-blended cigarettes for export. - (PA)

Developer agrees management deal

Irish property development company Thornsett has signed a management deal for the hotel it is developing in Brussels. Starwood Hotels & Resorts will manage the hotel, which will be part of an €80 million development.

The hotel will operate under the Aloft brand.