In Short

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

Fexco contract to create 140 jobs

Killorglin-based Fexco is to create 140 jobs following the signing of a five-year customer service contract with Bord Gáis.

Fexco executive chairman Brian McCarthy said the contract was an opportunity to develop a "long-term strategic partnership with Bord Gáis".

Bord Gáis chief executive John Mullins said Fexco's customer-service expertise would help the energy supplier as it moves into the residential electricity market.

Greenspan says US recession still likely

The US is still more likely than not to have a recession in spite of the relative stabilisation in the economy in recent weeks, Alan Greenspan has said.

Speaking to the Financial Times, the former chairman of the US Federal Reserve said: "I still believe there is a greater than 50 per cent probability of recession." But, he said, "that probability has receded a little and I think the probability of a severe recession has come down markedly".

In the past six weeks, most economists have scaled back their estimates of the likelihood of a US recession following a better-than- expected jobs report and stronger business activity surveys. - (Financial Times service)

Ulster Bank names deputy chairman

Ulster Bank Group has appointed former IDA Ireland chief executive Seán Dorgan to its board of directors as deputy chairman.

Mr Dorgan has recently been appointed chairman of Tesco Ireland and to the boards of Short Bros, FBD Holdings and Fineos Corporation. He is also chairman of the governing board of Dublin Institute of Technology and a board member of the Institute of Public Administration.

Trade mission to Brazil and Mexico

A group of 42 Irish firms have begun a weeklong Enterprise Ireland trade mission to Brazil and Mexico.

The mission is being led by Minister of State with responsibility for international trade John McGuinness. He said the visit was intended to enhance economic links and open up new markets in both Latin American countries.

The Irish firms are involved in sectors such as telecommunications, financial services, agricultural equipment, educational services and food processing technology.

Brazil and Mexico are the two largest economies in Latin America.

Power plant case in Commercial Court

A dispute over a multimillion-euro joint venture agreement to build and operate two power plants to provide power at peak times has come before the Commercial Court.

Cardinal Asset Management (CAM), with offices in Ballsbridge, Dublin 4, and Nick Corcoran and Nigel McDermott of CAM claim they are entitled to participate in the joint venture between Mountside Properties Ltd and GE Energy regarding the two peak power plants.

The plaintiffs claim they are entitled to a two-thirds beneficial interest in Mountside on the basis of agreements allegedly reached after they participated with Mountside in another project.

The defendants have denied the claims and have argued the proceedings are endangering the joint venture.