In Short

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

ICAI calls for firm code of consultation

The Institute of Chartered Accountants in Ireland (ICAI) yesterday called for increased consultation between stakeholders and the State's regulatory agencies.

In its submission to the Business Regulation Forum, the ICAI said yesterday that while consultation was taking place on some levels, it was often disjointed and driven more by the needs of the regulatory body rather than a genuine effort to afford stakeholders an opportunity to comment.

The group, which has more than 15,000 members, is calling for the creation of an established code of consultation to be followed by all of the State's regulatory agencies.

It also wants a regulators' forum where new issues can be discussed and the undertaking of a review of compliance costs for current regulation.

African Eagle reduces losses

Exploration group African Eagle Resources yesterday announced a reduction in its losses in 2005 and said the group was well placed to benefit from the ongoing strength in the metal markets through its drilling activities in Zambia and Tanzania.

African Eagle, which is seeking partners for some of its other drilling projects, saw its net loss narrow to £92,118 (€134,813) in 2005, from £490,271 the year before.

Heinz to cut its workforce by 8%

Heinz is to cut 8 per cent of its workforce as part of a move to spend more money to develop new products and on marketing.

Heinz said net income fell to $167.9 million (€131.2 million), or 50 cents a share, in the fiscal fourth quarter that ended on May 3, from $206.5 million, or 59 cents a share, a year earlier.- (Reuters)

'Dramatic effect' on banking sector

The new entrants to the Irish banking market have had a "dramatic effect" on competition between financial institutions here, according to Mark Duffy, chief executive of Bank of Scotland Ireland (BOSI).

The bank, which plans to compete against Bank of Ireland and Allied Irish Banks in retail banking, has identified 39 separate moves from its competitors in the past 12 months, Mr Duffy told the Leinster Society of Chartered Accountants yesterday.