In Short

A round-up of today's other stories in brief

State Street reports 61% jump in profit

State Street, the world's biggest institutional money manager, yesterday reported a better than expected 61 per cent jump in quarterly profit and raised its revenue forecast for the year.

Boston-based State Street, which now employs 2,000 people in Ireland following its acquisition of Investors Financial Services last month, said net income climbed to $366 million in the second quarter. That compares with $227 million a year ago. - (Reuters)

Pan Andean wins exploration blocks

Pan Andean, part of mining entrepreneur John Teeling's empire, has been granted ownership of two new exploration blocks in Peru following a competitive tender process.

"We have identified numerous potentially valuable plays in both blocks," said managing director David Horgan. The Aim-listed company said the commercial terms for both blocks are "world class".

J&J exceeds expectations

Healthcare group Johnson & Johnson said yesterday that second-quarter profit rose on higher sales of medical devices and prescription drugs, beating Wall Street expectations.

J&J said it earned $3.08 billion, or $1.05 per share, compared with $2.82 billion, or 95 cents per share, in the year-ago period. - (Reuters)

Lundin takeover wins approval

Swedish group Lundin Mining, which owns and operates the Galmoy zinc and lead mine in Co Kilkenny, has received approval for its takeover offer from shareholders holding 71.2 per cent of Rio Narcea stock.

Lundin will extend its offer for the gold mine operator until August 10th. It is offering 5.50 Canadian dollars (€3.82) per share.

Confidence in Germany declines

Investor confidence in the German economy declined for a second consecutive month in July, dragged down by the euro's rise to record highs against the dollar and rising interest rates and oil prices.

The latest survey by the ZEW economic think tank yesterday showed its economic sentiment indicator for Europe's largest economy fell to 10.4 this month from 20.3 in June. - (Reuters)

Island Oil & Gas in Dutch deal

Island Oil & Gas has entered an agreement with Supernova Energy, a Dutch controlled exploration company, for the purchase of 3,750,000 Island shares at £0.60 (€0.89). Supernova, part of the Bluewater Group, will get an option for 10 per cent of an Island licence which covers the Connemara Field and other prospects off the west coast.

The two firms will also form a joint venture to apply for block in the South Porcupine licensing round.

Dragon Oil boosts production

Oil production at Dragon Oil increased by 52 per cent over the first half, according to a trading update issued yesterday. The company now averages 28,321 barrels of oil per day. It completed four new wells over the first six months and expects to complete another development well this month. It spent more than $100 million (€72.6 million) on capital developments so far this year.