In Short

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

Factory gate prices fall 2.5% in October

MONTHLY FACTORY gate prices fell by 2.5 per cent in October as the price of food, electronic products and pharmaceuticals dropped.

The decline reverses a broadly neutral trend seen in the past few months. In September there was no monthly difference in prices, while August recorded a rise of 0.2 per cent.

According to the latest data from the CSO, computer, electronic and optical product prices declined by 6.9 per cent, and food products, including bread and confectionery, recorded a fall of 2.6 per cent.

Basic pharmaceutical products and pharmaceutical preparations fell 0.8 per cent.

These falls were offset by rises in grain milling, starches and animal feeds, which rose 2.5 per cent, and fabricated metal products.

The price index for export sales fell by 2.9 per cent.

Dublin airport's T2 opens to public

Dublin Airport's Terminal 2 (T2) opened to the public yesterday following its official opening last week.

Etihad Airways yesterday started its scheduled services at the €600 million terminal. Aer Lingus plans to operate a range of services through the facility over the coming weeks, as it prepares for the full transfer of its scheduled flights from January.

BoI backs stake in Creganna-Tactx

Bank of Ireland part-financed the recent purchase of a majority stake in Creganna-Tactx Medical by London-based private equity firm Permira, it said yesterday.

Total debt raised for the transaction was $91.5 million (€68.4 million). It is expected the move will see Permira support the expansion strategy of the Galway-based firm, valued at €220 million.

Seroba Kernel leads Xention investment

Irish venture capital fund Seroba Kernel Life Sciences has led an €8.5 million investment in Xention, a UK biopharmaceutical firm.

Cambridge-based Xention plans to use the funding for clinical development of drugs for treating atrial fibrillation, a common heart condition.

Existing Xention investors participated in the funding.

FBI raids over insider trading

FBI raids on three hedge funds were a sign that prosecutors feared evidence in a widening insider trading investigation could be destroyed. The searches may also have been intended to shake up the secretive hedge fund world, experts said.

The raids served as a warning to the broader financial industry. – (Reuters)