In Short

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

NI business body calls for 12.5% tax rate

The Federation of Small Businesses (FSB), Northern Ireland's largest business organisation, said yesterday that lowering the corporation tax rate in the North to 12.5 per cent - which would bring it in line with the Republic - was the best way to ensure competitiveness.

This would be preferable to the suggestion made recently to the Varney Review, which is carrying out a review of tax policy in Northern Ireland, that companies from the Republic should be allowed to set up in the North while continuing to pay tax in the South, the FSB said.

Ryanair passengers increase by 21%

Ryanair's passenger numbers rose by 21 per cent year-on-year in July to 4.76 million.

Figures released yesterday also showed that the airline's "load factor" - the number of passengers as a proportion of the number of seats available - soared by 90 per cent last month.

New director for Engineering Ireland

Engineering Ireland has appointed John Power, head of corporate affairs at ESB, as its new director general.

Mr Power, who is a qualified electrical engineer, takes up the position on September 3rd and will succeed Kevin Kernan.

Tullow worker shot dead in Uganda

An oil worker on Tullow's Ugandan interest was shot dead yesterday during an attack by gunmen. The worker was employed by Heritage Oil, Tullow's 50/50 partner in the 3A block on Lake Albert. Canada-based Heritage issued a statement expressing its sadness at the loss of life. It also said it did not expect the incident to affect the drilling schedule.

Bloxham settles with past employee

Bloxham Stockbrokers confirmed yesterday it had reached an out-of-court settlement with its former employee, Paul Fogarty, though declined to give details of the agreement.

Mr Fogarty, who joined Bloxham earlier this year from rival Davy, had previously sought an injunction preventing the broker from dismissing him after he alleged his employment terms had been changed. Mr Fogarty, who also declined to comment, has now left Bloxham.

Germany dampens EU sales growth

Germany put the brakes on euro-zone retail sales growth in June for the second month running, data showed yesterday.

Eurostat said retail sales, an indication of consumer demand, rose 0.4 per cent month-on-month in the 13 countries using the euro, with a 0.9 per cent year-on-year gain. This was below market expectations of a 0.7 per cent monthly rise and a 1.4 per cent annual rise. - (Reuters)

Pearl considers merger options

Insurer Pearl was considering its options yesterday after meeting rival Resolution for the first time since it muscled in on a planned merger with Friends Provident and became Resolution's top shareholder. Pearl went on the offensive last week, boosting its stake in Resolution a day after Resolution announced plans for an £8.6 billion (€12.8 billion) merger with Friends. - (Reuters)

Oil tumbles below $76 a barrel

Oil tumbled below $76 a barrel yesterday, dragged down as US economic data fell below expectations.

US oil fell $1.15 to $75.71 a barrel after hitting a record $78.77 on Wednesday. - (Reuters)