In Short

Other financial stories in brief

Kingspan deal faces further investigation

The Competition Authority is to carry out a full "phase two" investigation of Kingspan's €87 million acquisition of Navan-based insulation business, Xtratherm.

The authority notes that both businesses are involved in making and providing insulation materials in the State. It will now establish whether or not the proposed deal will "substantially lessen competition" in the domestic insulation market.

The authority has already completed a "phase one" investigation into the deal. It has until October 26th to make a determination on the matter and, in the meantime, is inviting interested parties to make submissions. On Monday, the UK's office of fair trade also asked for public comments on the acquisition.

Yukos creditors seek bankruptcy

Yukos's creditors voted yesterday for the stricken Russian oil firm to be declared bankrupt and rejected a plan proposed by its owners to prevent its demise.

"It's deader than a doornail. There's going to be nothing left. It's going to be sold in pieces," said Eric Kraus, a fund manager at Moscow-based Nikitsky Russia Fund.

The creditors overwhelmingly backed a proposal by Yukos's court-appointed administrator, Eduard Rebgun, to ask a Russian court to put the firm into receivership at a hearing on August 1st. - (Reuters)

Assembly urged to focus on economy

The Federation of Small Businesses (FSB) in Northern Ireland has called on the future Assembly to tackle economic problems.

In a submission to the economic subgroup of the Assembly Preparation for Government Committee, the FSB yesterday said that having a devolved Assembly is vital for the future of the economy in the North.

Oakhill plans listings move

Oakhill, the printing group, is planning to move from the official list of the Stock Exchange on to the Irish Enterprise Exchange (Iex) and from the official list in London on to the Alternative Investment Market (AIM).

It said yesterday that Iex and AIM were "the most appropriate markets for its shares".

Dragon Oil suffers pipeline blockage

Dragon Oil suffered a pipeline blockage in January that caused first-half output to fall by 5 per cent to 18,576 barrels per day. The company said 13,444 barrels of this total would be attributed to Dragon, down from 14,044 last year. The firm, which is listed in both Dublin and London, reported a "challenging" six months to the end of June, but said it hoped output would be boosted in the second half. Shares added 2 cent to close at €2.25 in Dublin.

Persian Gold update upbeat

Persian Gold has issued an encouraging update on its Chah-e-Zard gold prospect in Iran. The company said an analysis of geochemical sampling at the prospect had allowed it to engage a Turkish drilling company to start a diamond drill programme in the early autumn. Persian Gold has an option to acquire 70 per cent of the Chah-e-Zard project, with the remainder held by an Iranian company.

Ross raises €4m in shares sale

Simon Ross, managing director of AIM-listed Ross Home Builders, has raised £2.71 million (€4 million) by selling shares in the company.