A round-up of today's other stories in brief.
Weyerhaeuser Coillte tie-up gets go-ahead
The Competition Authority has approved Coillte's proposed takeover of Weyerhaeuser Europe, strengthening the State-owned forestry company's position in the wood panels market, particularly in the UK.
The acquisition was first announced in August, but in September the Competition Authority launched an investigation to determine whether it would lessen competition in the sector. Both parties are involved in the manufacture of wood products. The authority said the proposed tie-up would not "substantially" lessen competition and as a result could go ahead.
Coillte welcomed the announcement and said it would look to complete the acquisition, which will give it control of Weyerhaeuser's medium-density fibreboard (MDF) plant in Clonmel, in the coming weeks. The group expects to keep on the 200-strong workforce.
Weyerhaeuser Europe recorded an operating profit of €3.45 million on sales of €74 million in 2004, mostly in the UK market.
US agrees terms of Russia WTO entry
Russia and the US yesterday agreed in principle on the terms for Russian entry into the World Trade Organisation, giving a significant boost to Moscow's hopes of joining the 149-nation body after 13 years of talks.
Pensions Board names new chief
The Pensions Board announced yesterday that Brendan Kennedy has been selected as its new chief executive.
Mr Kennedy will replace Anne Maher on November 30th, when she will step down after serving for 10 years as chief executive.
An actuary by profession, Mr Kennedy joined the Pensions Board two years ago in the capacity of actuarial adviser.
New awards for rural businesses
A new award scheme aimed at rural entrepreneurs has been launched by John Concannon, founder of Galway-based JFC Group.
The winning entry in the JFC Innovation Awards for Rural Business will receive a prize valued at €15,000, comprising cash, mentoring support and advertising space in the Irish Farmers' Journal.
Further details can be found on www.teagasc.ie
Sales dip for 'Daily Mail' Irish edition
The Daily Mail Irish edition posted an average circulation of 60,964 for the month of October, according to figures from the Audit Bureau of Circulations (ABC).
This was a slight drop on the figure recorded in September, which stood at 62,888. The paper has an overall circulation between Ireland, Scotland, Wales and England of 2.3 million.
Pharmaceutical stocks fall sharply
European and US pharmaceutical stocks fell sharply yesterday, sustaining a sell-off in the sector prompted by fears that a Democrat-controlled Congress would push to lower drug prices.
AstraZeneca and GlaxoSmith-Kline fell 2.1 per cent to £30.10 (€44.80) and 1.9 per cent to £13.60 respectively. Switzerland's Novartis closed down 1.4 per cent to SFr73.70 while Sanofi fell 1.3 per cent to €65.80.
US pharmaceutical stocks also caught the chill. The New York Stock Exchange Healthcare index rose 1.7 per cent early in the week before the polls, but tumbled once the extent of the Democrats' gains became clear. - (Financial Times service)
