In short

A roundup of today's other stories in brief.

International payments deficit at €2bn

Ireland recorded its highest quarterly deficit on the balance of international payments in the first quarter of 2006. The latest Central Statistics Office (CSO) release recorded a record-high deficit of just over €2 billion.

The figure represents the balance of payments in and out of the economy. Factors contributing to the development included a fall in trade surplus. The balance of merchandise exports over imports declined to €6.4 billion, its lowest in six years. A deficit of €1.9 billion was recorded on trade in services and under €6.2 billion on personal and investment incomes.

Arcelor clears way for Mittal takeover

Arcelor investors yesterday rejected a planned alliance with Severstal of Russia, paving the way for Mittal to take over their company in a €29.6 billion agreed deal that will establish the world's largest steelmaker. - (Financial Times service)

Oakhill begins production again

Irish printing and card services group Oakhill, which earlier this month suspended production of one of its products following security concerns, has said it has reached an agreement to recommence production despite the investigation not being complete.

It said it was not yet possible to assess the financial impact of the stoppage. On June 7th, it said the product concerned accounted for about €153,400 of sales a month.

Oil approaches $74 a barrel

Oil rose towards $74 a barrel yesterday, moving back within sight of record highs, on a positive outlook for oil demand and economic growth in the US.

Prices were drawing strength from the continued closure of a key shipping channel in Louisiana, which has limited output at three refineries. Underlining supply concerns, gasoline inventories fell by one million barrels last week, while crude declined 3.4 million barrels. - (Reuters)

Lundin pays $125m for stake in mine

Exploration group Lundin Mining said it had signed a letter of intent with IFC Metropol, a Russian financial institution, to pay $125 million (€99 million) for a 49 per cent interest in the Ozernoe project, a Russian zinc and lead deposit. President and chief executive Karl-Axel Waplan said the project had the potential to double the group's zinc production.

Russia to repay $22bn Soviet debt

Russia signed a deal yesterday with the Paris Club of sovereign lenders to repay the entire Soviet-era debt in a deal costing $22.3 billion (€17.8 billion). Earlier this month the members accepted Russia's offer to pay 51.4 per cent of the debt at par and the rest at a premium of about 4.8 per cent or about $1 billion.

Germany is to get most of the $700 million premium, and France, the UK and the Netherlands will divide the rest. - (Reuters)

WYG acquires Nolan Ryan

Irish project management and quantity surveying practice Nolan Ryan Partnership has been acquired by White Young Green plc (WYG). The firm will continue to trade as Nolan Ryan Partnership.

Merrion funding round raises €6m

Merrion Pharmaceuticals confirmed it raised €6 million in a recent interim funding round. Chief executive Mike McKenna said it had been "significantly over-subscribed".