In Short

Today's other stories in brief

70 to lose jobs at Derry factory

Up to 70 employees at the Savile Row factory in Castledawson, Co Derry, are to lose their jobs, as the company makes cutbacks due to falling orders. It is believed that the company has now entered into consultation with the GMB union over the job cuts.

'Racing Post' talks continue

Irish investors are still in talks with newspaper publisher Trinity Mirror about the purchase of the Racing Post titles from the group, which is offloading a number of its print assets.The deal is understood to be close to being done.

However, Trinity said yesterday that the sale of its regional newspapers in England would fetch £450 million (€669 million), £150 million less than first expected.

The news came as it announced that pretax profit in the six months to July 1st rose to £98.2 million, from £91.4 million a year ago.

Worldspreads shares up 16%

Worldspreads, the Irish spread betting firm that floated in London this week, has added 16 per cent to its share price since its launch on the Alternative Investment Market.

Director Kevin Moran, the former Republic of Ireland soccer player, bought 38,300 shares yesterday at 50.8p, for a total of more than £19,000 (€28,200).

Union rejects Sunday banking

The Unite (Amicus) trade union, which represents employees at Halifax and Bank of Scotland (Ireland), has rejected the suggestion of Sunday openings of its branch network made by chief executive Mark Duffy. Unite said its members did not believe that a demand existed.

Broadband access extended

Eircom announced yesterday that 12,000 new customers will now have access to broadband, as a further 19 exchanges across the State have been broadband-enabled.

Chief executive Rex Combs said a further 100 should be enabled by the end of the year.

Bill to modernise company law

Minister for Enterprise, Trade and Employment Micheál Martin said yesterday that he intends to publish a Bill to modernise company law by the end of 2008. It will be based on a scheme proposed by the Company Law Review Group to consolidate all acts and statutory instruments into a single piece of legislation.

AIB

A news item yesterday wrongly reported the level of impaired loans in AIB's property and construction book. The correct level is 0.4 per cent.

Pan Andean drilling to start

AIM-listed oil and gas producer Pan Andean Resources announced yesterday that drilling of an exploration well on its High Island 52 block in the Gulf of Mexico will begin within the next week.

Citigroup acquires Bisys

Citigroup has completed its acquisition of fund administration group Bisys, which employs almost 600 people in Ireland.

Citigroup will now employ more than 2,000 people here.

AccBank opens four new units

AccBank is opening four new business centres in Galway, Limerick, Sligo and Ballina in October. However, six existing units will close later this year.