In Short

A round up of today's other stories in brief

Foreign direct investment hits $1,500bn

Worldwide foreign direct investment (FDI) surged to a record $1,500 billion (€1,020 billion) last year, surpassing the previous peak of $1,400 billion in 2000, according to preliminary UN figures.

In a report released yesterday, the UN Conference on Trade and Development said financial turmoil in the second half of last year had not hit overall FDI flows, although the outlook for 2008 was more uncertain.

Dollar weakness may have encouraged inward investment to the US, the largest recipient, attracting an estimated $193 billion in FDI, as companies and other investors with funds in appreciating currencies snapped up cheap US assets.

Rich and poor countries alike saw strong growth in FDI, with two-thirds going to industrialised nations and the rest to developing and "transition" countries. - (Financial Times service)

Aer Lingus passengers up 7.8%

Aer Lingus carried 695,000 passengers in December, 9.6 per cent more than in the same month in 2006. There was an 11.8 per cent increase in long-haul passenger numbers compared with a 9.3 per cent rise on short-haul flights. For 2007 as a whole, passenger numbers topped 9.3 million, 7.8 per cent ahead of 2006.

Chadwick increases stake in Grafton

Michael Chadwick, executive chairman of building materials and DIY group Grafton, has spent more than €4.3 million boosting his shareholding in the company. He acquired 813,000 shares in the market on Monday for €5.30 each.

Mr Chadwick now holds 8.3 per cent of the firm.

In May, Grafton shares were trading above €12.20.

Euro-zone retail sales fall again

Euro-zone consumer spending has shown fresh signs of weakness with retail sales falling sharply for a second month running - even as German manufacturing orders powered ahead.

Retail sales in the region fell 0.5 per cent in November, after a 0.7 per cent fall in October, according to Eurostat. - (Financial Times service)

Bear Stearns chief to step down

Bear Stearns chief executive Jimmy Cayne has told his board that he plans to step down. Mr Cayne (73) hopes to remain as chairman of the Wall Street bank, which has suffered heavy losses in the credit market turmoil, and hand over the chief executive role to Alan Schwartz, Bear's president. - (Financial Times service)

Persian Gold 'positive' on drilling

Persian Gold has announced "very positive" test drilling results on the Irish firm's prospecting site in central Iran. Initial samples indicate the presence of a "near-surface oxide gold deposit", said chairman John Teeling.

Petroceltic to build three new wells

Petroceltic plans to build three new oil wells in Italy's Po Valley in the Adriatic, and is expanding operations in Algeria.

An update released by the Irish firm yesterday reveals the commencement of a survey in Algeria, covering 850sq km (328sq miles), to identify "sweet spots" similar to those identified by BP in an adjacent area.

Blackrock International

An article in yesterday's paper stated that Blackrock International Land spent €140 million last year on commercial properties, including shopping centres, in Britain.

In fact, the company spent €35 million on commercial properties in Britain, specifically offices, warehouses and development land. It did not invest any money in shopping centres.