In Short

Today's other business news stories in brief

Businessman fined over tax offences

A Co Kildare-based businessman and the firms he owns were fined €2,400 for four tax offences at Dublin District Court yesterday, writes Arthur Beesley.

Peter Donnolly of Newtown, Ardclough Road, Celbridge, received one fine of €600 and his company Clubtek received three €600 fines for filing incorrect tax forms in relation to the sale of a Dublin property in 1997.

ECB 'could cut rates'

The European Central Bank (ECB) could cut rates by up to 0.75 per cent in the second half of the year in an effort to increase economic activity in the euro area, according to a European investment manager.

William De Vijlder, managing director and chief investment officer of Fortis Investments, said the ECB was "softening its tone" on inflation as growth slows, and would follow the US Federal Reserve by cutting rates.

ISTC creditors to vote today

Creditors of specialist lender International Securities Trading Corporation (ISTC) will meet today in Dublin to vote on the scheme of arrangement proposed by the company's examiner, accountant John McStay, to rescue the firm.

Bank creditors will receive 12 cent for every euro owed under the rescue plan. Bondholders will lose all the money they invested.

Byrne clients face action

Solicitor Thomas Byrne misappropriated €1.97 million loaned for commercial transactions by Permanent TSB, as a result of which some "extremely unfortunate" clients of his are facing proceedings by the bank, the Commercial Court heard yesterday.

The bank is also suing Barbara Cooney, a solicitor in Mr Byrne's legal practice in Walkinstown, Dublin, and three of his clients over a commercial loan transaction on a Dublin property.

Graham signs road contract

A €45 million contract to construct a dual carriageway in Co Offaly has been secured by Northern construction company Graham in partnership with Co Tyrone- based PT McWilliams.

Cafolla action on share sale

Dublin accountant Ivano Cafolla has brought legal proceedings aimed at procuring a "proper market value" buyout of his shares in a company set up to acquire Tolka Park football stadium.

Mr Cafolla's action against Ossie Kilkenny and developer Jerry O'Reilly was admitted to the Commercial Court.

Rise in HSBC's Irish revenues

HSBC said its corporate banking revenues in Ireland grew by 40 per cent as more Irish firms sought banking services in developing markets outside the EU.

The bank, which did not release financial details for the Irish operation in its 2007 results, posted a 10 per cent rise in pretax profit to $24.2 billion (€15.9 billion) in 2007.

Operator of licence named

Providence Resources has said ExxonMobil Exploration and Production Ireland is to assume the role of operator of frontier exploration licence 3/04, which covers certain blocks in the Porcupine Basin.