In Short

A roundup of today's other business stories in brief:

Companies get licences for digital TV

Denis O'Brien's Communicorp, Eircom and Sky Ireland are among seven companies that will get licences to provide programmes for the Government's digital TV trial service.

The Department of Communications, Marine and Natural Resources announced the successful applicants yesterday.

They also include new commercial venture, Channel 6 TV Ltd, London-based Chellomedia, telecommunications business, Magnet Networks, and USP Ireland.

Eircom received its licence in a joint venture with RTÉ.

Kingspan accepts takeover ruling

Kingspan and Leanort yesterday confirmed reports at the weekend that they will not be appealing the Competition Authority's decision to block Kingspan's takeover of Xtratherm, which is owned by the holding company Leanort.

The authority announced its decision last week following a review of the proposed buyout.

Tullow upbeat on Ugandan well

Tullow Oil said yesterday that a Ugandan well in which it has an interest with exploration company Heritage could be capable of producing 5,600 barrels of oil per day.

The well is on the bed of Lake Albert. Heritage boss, Tony Buckingham, said yesterday that the entire Albert basin looked like a potentially world-class petroleum-producing area.

Davy sells 90m Waterford shares

Davy Stockbrokers has sold 90 million shares of the 459.1 million Waterford Wedgwood shares that were the subject of a put option with company chairman Anthony O'Reilly and Peter Goulandris.

Under the option's terms, part of the underwriting agreement that accompanied the company's last rights issue, Mr O'Reilly and Mr Goulandris would have been obliged to buy the 459.1 million shares at six cent from Davy next June.

However, the sale of 90 million units cuts that obligation to 369.1 million.

Cork engineer wins award

Cork engineer Patrick Troy has been recognised for workplace innovation that has saved his employer more than $1 million (€789,000) annually.

Mr Troy, who is in charge of new product development at Johnson & Johnson unit De Puy Ireland, engineered a more efficient system for manufacturing artificial knee joint replacements. That work saw him named Engineers Ireland Chartered Engineer of the Year at the weekend.

Auctioneers urge stamp duty reform

The Institute of Professional Auctioneers and Valuers (IPAV) has called for the abolition of stamp duty for first-time buyers.

In its pre-Budget submission, the IPAV also called for a reduction in the number of stamp duty bands and lower rates.

It also recommends the doubling of mortgage interest relief for first-time buyers and a doubling of the income tax exemption limit in the rent-a-room scheme.

Pan Andean signs deal with US firm

Exploration minnow Pan Andean Resources said yesterday that it has signed a deal with US operator, Phoenix Exploration, giving it the rights to drill a test well in part of a block in the Gulf of Mexico.

Pan Andean will retain a 2.5 per cent royalty interest if the well produces any oil.