Smart Telecom signs up 7,500 new customers

Smart Telecom said yesterday that it had signed up almost 7,500 customers for its wholesale line rental service in a single week.

Wholesale line rental is a telephone service that enables Eircom's rivals to offer line rental and calls on a single bill to customers.

Smart Telecom is the first alternative operator to offer a single bill to its customers following a lengthy regulatory process to force Eircom to open its network.

Other rivals to Eircom, including Esat BT and MCI, are working on introducing a similar single-bill services soon.

ComReg to reduce Eircom regulation

The Commission for Communication Regulation (ComReg) proposes to stop regulating Eircom in areas of the leased line market, which it deems are competitive.

However, the telecoms regulator proposes to continue to regulate Eircom for lower-capacity telecoms circuits, which make up 95 per cent of the overall market.

Leased lines are circuits that enable competing telecoms operators to provide services to customers by linking into Eircom's network. Until now, ComReg has enforced regulation on Eircom to ensure that it does not behave in an anticompetitive manner.

Glencar non-execs go without fees

Non-executive directors at Irish mining group Glencar received no fees for their work in 2003, according to the company's annual report. The three non-executive directors shared €18,010 in 2002.

Executive directors received €276,651 in salaries, pensions and other benefits, up 1.5 per cent on a year earlier.

Chief executive Mr Hugh McCullough received a salary of €103,255 and €52,656 in pension entitlements and other benefits. Technical director Mr Kieran Harrington received a package worth €93,741, including €79,050 in salary.

IFG executives receive €2.4m

Executive directors in financial services group IFG shared remuneration of €2.4 million in 2003, up more than 25 per cent on a year earlier, according to the group's annual report.

The difference is largely accounted for by pension contributions of €426,000 paid to chief executive Mr Richard Hayes, a figure that exceeds the €407,000 he received in pay and other benefits.

The six executive directors received combined pay of €1.28 million, down from €1.37 million in 2002.

IFG's four non-executive directors received fees of €110,000.

Elan files for drug approval in Europe

Drug group Elan has filed an application for approval of Antegren as a treatment for multiple sclerosis with the European Medicines Agency.

The submission follows a similar application to US authorities. It hopes that the US will fast-track the application, which would allow Elan win approval for the treatment around the end of the year.

However, the European authorities have no procedure to fast-track drug approvals. Elan may have to wait 18 months for approval.

Green considers next M&S move

Retail tycoon Mr Philip Green is considering whether to pursue an offer for Marks & Spencer after it rejected his takeover proposal, a source familiar with the situation said yesterday.

Mr Green's hopes of acquiring M&S seemed to fade on Thursday when the board rejected his offer.

Shareholders were disappointed that the bid was well short of the 400p, or £9 billion (€13.5 billion), they wanted. Analysts and investors said his cash and share approach was worth as little as 330p. - (Reuters)