Calls for lower rates 'not helpful'

Calls for lower interest rates in the euro zone were not "helpful" and historically low rates were no barrier to growth and investment, European Central Bank Governing Council member Axel Weber said yesterday.

Weber, who heads Germany's Bundesbank, was delivering a lecture on monetary and financial policy in the European Monetary Union at the Leipzig School of Management.

He noted recent calls for the ECB to lower its 2 per cent official rates, saying: "I do not regard these suggestions as helpful. Real interest rates are historically low and do not stand in the way of investment," he added.

Weber also said that low rates were no barrier to growth, although the ECB's primary goal remained price stability and keeping inflation below, but close to, 2 per cent. - (Reuters)

Oil prices fall on stockpile data

Oil prices fell yesterday after US government data showed a much-needed increase in fuel stockpiles.

But traders are still betting on $60 a barrel in the near term as lofty prices have had little impact on economic growth and demand remains robust.

US light sweet crude fell 64 cents to $58.40 a barrel, recovering from a session low of $57.95, while London's Brent crude fell 59 cents to $56.91.

Traders said profit-taking had kicked in following a steep rally that pushed US crude to a record peak of $59.70 yesterday. -(Reuters)

Wilmers to be M&T chairman

Robert Wilmers, the long time chief executive of the US M&T Bank, in which AIB has a 22.5 per cent stake, is stepping down as chief executive but will remain as its chairman. Yesterday the bank named Robert Sadler as his successor, who has been chairman of M&T's bank unit since 2003.

Mr Wilmers, who is 71, is a director of AIB. He has been chairman and chief executive of the successful bank since 1983. M&T is one of the 20 largest banks in the US. It acquired AIB's Allfirst bank in Baltimore Maryland in 2003.

PI Investment in talks with clients

PI Investment Management, the fund manager that poached a team of senior staff from Bank of Ireland Asset Management (BIAM) last year, is in discussion with a number of large potential clients, its chairman, Gerald Doherty, said yesterday.

"We are currently in discussions with many significant potential clients and look forward to announcing new mandates in due course," said Mr Doherty.

He was speaking at PI's formal launch in Dublin, which was attended by Minister for Enterprise, Trade and Employment Micheál Martin.

Milesian Oil raises €750,000

Irish exploration company Milesian Oil and Gas said yesterday that it raised €750,000 through the private placement of 3.75 million shares priced at 20 cent each. It has won two licensing options in the Celtic Sea, off the Republic's south coast, earlier this year.

Milesian's managing director, Emmet K Brown, said that the cash would be used to complete a technical evaluation of the two prospects.

PwC appoints nine partners

Accountancy group PricewaterhouseCoopers has appointed nine partners.

Among these are John Dillon, Ivan McLoughlin and Mary Cleary who all provide assurance and business advisory services across different sectors.