In short

Other finance stories in brief

US House passes $146bn stimulus plan

The US House of Representatives approved a $146 billion (€98.8 billion) economic stimulus plan aimed at averting recession in part by sending tax-rebate cheques to about 111 million Americans.

Lawmakers voted to approve legislation that would also expand investment tax breaks for business and add capital to the slumping mortgage market by allowing federally chartered firms Fannie Mae and Freddie Mac to buy mortgages above the current federal limit.

House leaders negotiated the stimulus plan with US president George W Bush.

The House vote sends the Bill to the Senate, where some senators said they would try to alter the House version, potentially delaying passage.

Senate majority leader Harry Reid, a Democrat, wants to complete work on the legislation by the end of the week, his spokesman said. - (Bloomberg)

Online ad spend 'lags behind UK'

Spending on online advertising in Ireland is expected to hit just 3.6 per cent of overall media budgets, or €55 million, this year.

Research firm iReach said this significantly lagged behind the UK, where online attracts 12 per cent of the overall advertising spend.

Ictu secretary joins Aer Lingus board

Trade union leader David Begg has been appointed to the board of Aer Lingus as a non-executive director.

The airline said yesterday that Mr Begg, the general secretary of the Irish Congress of Trade Unions, had been appointed by the Aer Lingus Employee Share Ownership Trust.

Mr Begg, who is also a director of the Central Bank, takes up his appointment with immediate effect.

Circle Oil signs Egypt farm-in deal

Circle Oil has signed a farm-in agreement with Vegas Oil and Gas SA for the exploration and exploitation of hydrocarbons in Egypt.

The agreement, which covers the NW Gemsa block 300km (186 miles) south of Cairo, is subject to ratification by the Egyptian General Petroleum Corporation.

Under the agreement, Vegas will be the operator of the project with a 50 per cent interest, while Circle Oil and Premier Oil will hold 40 per cent and 10 per cent respectively. No value was put on the deal.

African Diamonds project financed

African Diamonds says it has finance in place to develop its AK6 prospect in Botswana. The AIM- and Botswana-listed company's annual general meeting was told that production would commence at the mine at the end of 2009 and that the company's joint exploration venture with De Beers was ongoing.

Decisions are expected on two prospects in the next six months. The meeting was also told the company had cash reserves of £3 million (€4.04 million).

Ebay to target fraudulent sellers

Ebay has unveiled some of the most stringent measures in its 12-year history to target unreliable and fraudulent sellers, marking what executives of the world's biggest e-commerce company have conceded will be a controversial bid to revive its flagging growth.

The changes are part of a broader overhaul by John Donahoe, who takes over as chief executive at the end of March, to move beyond the "flea market" culture on which the company was founded, but which has started to hold it back as internet commerce has become mainstream. - (Financial Times service)