In short

A round-up of today's finance news in brief

€60m fund set to support Irish SMEs

Enterprise Ireland has established a new €60 million fund to support small- and medium-sized companies (SMEs) and, ultimately, help secure new jobs and exports.

The Growth Fund, launched yesterday by Enterprise for Minister Micheál Martin, is aimed at companies seeking to invest in staff, equipment or technology.

Grants of up to €650,000 will be available to firms that meet the main criteria of the scheme.

Sky adds 1,700 new customers per week

Satellite broadcaster Sky Ireland added 22,000 new customers in the quarter to the end of December last and now has 535,000 subscribers.

Its rival in the digital television market, UPC Ireland, had 585,000 television subscribers at the end of September, although just more than half of these are on a digital service.

The addition of 1,700 net new customers a week equates to Sky's second-highest quarterly growth figures in five years

For Ireland and Britain combined, Sky added 167,000 digital satellite subscribers in the quarter to reach 8.832 million.

Tysabri drives up Biogen profits 85%

Biogen Idec, the world's largest maker of multiple sclerosis drugs, said fourth-quarter profit rose 85 per cent on sales of the company's fastest-growing product, Tysabri. Worldwide sales of Tysabri are split with Biogen's partner, Irish drugmaker Elan. Net income at Biogen surged to $201.2 million, or 67 cents a share, the Cambridge, Massachusetts-based company said in a statement. - (Bloomberg)

Ryanair complaint set to be rejected

A German court said it is likely to rule against a bid by Deutsche Lufthansa AG, Europe's second- biggest airline, to stop what it claimed was a government subsidy to Ryanair Holdings plc .The Higher Regional Court of Koblenz told Lufthansa it intends to reject the case, the court said in a statement on its website today. - (Bloomberg)

DCC's Flavin exercises options

DCC executive chairman Jim Flavin has spent €258,652 on the exercise of options over shares in the company. Mr Flavin exercised the options yesterday at €6.22 each. DCC closed at €17.15, down 35 cents, last night. At this price, Mr Flavin's paper profit on the transaction was €454,513.

Ormonde rethinks use of zinc mine

Ormonde Mining is looking at new ways of maximising the value in its Spanish La Zarza zinc prospect after a study showed the cost of existing plans would be higher than tanticipated. Shares fell by 2.5 cent to 12 cent in Dublin.

Minco positive on Orca Minerals

Minco has issued a positive update on its Canadian subsidiary, Orca Minerals, which is drilling in Mexico.

The firm reported "thick intersections of high-grade zinc-lead-copper mineralisation" at the Bilbao project in Mexico.