In short

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

BP expects oil, gas output to fall 2.5%

BP expects its oil and gas production to have fallen 2.5 per cent in the second quarter - more than some analysts had expected - raising the challenge the oil giant faces in meeting growth plans.

London-based BP said in a statement yesterday that output was likely to fall to about 4.01 million barrels of oil equivalent per day.

However, analysts said they expect strong oil prices and refining margins during the quarter to ensure earnings beat the same period of 2005. - (Reuters)

S&P raises B of I rating to 'positive'

International ratings agency Standard & Poor's has revised its outlook on Bank of Ireland to "positive" from "stable".

"The outlook revision reflects the clearer evidence of better and more focused performance by Bank of Ireland's UK division to complement its robust domestic franchise," S&P said.

The agency said an upgrade to Bank of Ireland's debt ratings would be warranted if the bank continued "to manage the growth of its Irish, UK, and wholesale operations without a material weakening in capitalisation, asset quality or liquidity".

US manufacturing slows in June

US manufacturing growth slowed in June and construction spending in May unexpectedly staged its biggest drop since September 2004, data showed yesterday, adding to signs the economy is cooling.

Analysts said the data supported the view that US economic growth was moderating from its heady pace in the early part of the year, but did not send up fresh warning flares.

Airline registry has 3,500 members

More than 3,500 lenders, lessors and airlines - four times the predicted number for the whole year - have signed up to a new registry aimed at increasing transparency in the aircraft equipment sector after only three months in operation.

The International Registry of Mobile Assets, which was set up at the beginning of March, is open to 10 countries that have ratified the Cape Town Convention. Ireland is the only EU country to participate.

The aim is to increase airlines' access to lower cost debt by providing financers, leasing companies and manufacturers with more readily accessible information about each piece of aircraft equipment.

Bank pays $18.7m to treasury chief

Incoming US treasury secretary Henry Paulson was awarded an $18.7 million (€14.6 million) cash bonus for a half-year of work as Goldman Sachs Group's chief executive, the investment bank said yesterday.

The US senate last Wednesday confirmed Mr Paulson (60) for the treasury post, replacing John Snow. - (Reuters)

Oil futures remain steady above $73

Oil futures were steady above $73 (€57) a barrel yesterday as American drivers shrugged off high pump prices and took to the road in large numbers.

London Brent crude traded 22 cents lower at $73.29 a barrel, after touching a high of $73.99 a barrel earlier in the session. The market in US light crude was closed for a holiday. It gained 41 cents to $73.93 on Friday.

Drivers are expected to travel in record numbers during the US holiday period, after the economy grew in the first quarter at the fastest rate in two and a half years. - (Reuters)