In short

A roundup of today's other business news in brief

Over €7.5m paid to Morrogh investors

More than €7.5 million in compensation has been paid to investors in failed Cork stockbroking firm WR Morrogh, with 99 per cent of claims now processed, writes Caroline Madden.

The annual report of the body tasked with running a scheme to compensate eligible investors in failed investment firms – Investor Compensation Company Limited (ICCL) – said there were no investment firm failures in the year to July 31st, 2009 leading to claims. ICCL certified a further 22 compensation claims relating to the WR Morrogh case.

Northern recovery behind UK – claim

An improvement in the North’s economic environment will lag behind any recovery in the UK by up to four months and it will be fragile, a leading Northern economist predicted.

Mike Smyth, head of the school of economics at the University of Ulster, believes that, while Northern Ireland has emerged from the worst of the downturn, the local economy will remain weak until the early part of 2010.

In the latest First Trust Bank Economic Outlook Business Review, published today, Mr Smyth warns that public expenditure in the North will be “very tight” in 2010 and 2011.

EU ministers play down Dubai risk

European finance ministers have played down the risks to their banks from Dubai, as one of the emirate’s state-owned firms started talks to restructure $26 billion (€17 billion) of debt.

The exposure of “European banks seems to be, so far, from what we can assess, at a reasonable level”, finance minister Anders Borg of Sweden, which holds the EU presidency, said in Brussels. – (Bloomberg)

Plan for biggest Tesco store rejected

Tesco has been refused planning permission for the second time to develop a controversial hypermarket in Co Down which would have been its biggest store on the island.

The proposed outlet expansion was initially refused planning permission by the North’s Planning Service last June. Its developers, a consortium comprised of London-based Land Securities Group, GML Estates and Stoney Properties, appealed. Following a public inquiry this year the Planning Appeals Commission this week advised that the Tesco development should not be given the go-ahead.