In Short

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

Fyffes forms Indian fruit venture

Fyffes has formed a 50/50 joint venture with a fruit distribution company in India. Suri Fruit Agency is a leading distributor of high altitude fruits, particularly apples, in Northern India. It and Fyffes are to form Suri Agro Fresh Pvt Ltd, which is to be run by Sudhir Suri and Hitin Suri.

The joint venture is to be based in Delhi and will have net assets of approximately €300,000 and a turnover of approximately €6 million.

Suri has been in operation for more than 50 years and has a supply base of more than 1,500 growers, Fyffes said. "We have been trading with India for many years and this is Fyffes first direct investment in that country," said Fyffes chairman, Carl McCann.

Microsoft resumes fight against EU

Microsoft, sounding an optimistic note, resumed its last-ditch fight yesterday against anti-trust fines of up to €2 million a day proposed by the European Commission.

But its competitors, who have their say on the second and last day of the closed hearing, said the US software giant's defence against the fines was not sufficient.

Microsoft faces fines because the commission says it has not complied fully with a 2004 decision that the company abused the dominance of its Windows operating system to muscle competitors out of the market and must change its business practices.

- (Reuters)

Citco to create 250 jobs in Cork

Up to 250 new jobs in hedge fund, custody and support activities will be created following the opening yesterday of a new premises for global financial services company Citco in Cork city.

Minister for Enterprise, Trade and Employment, Micheál Martin performed the official opening of the new building at Tellengana, Blackrock Road, Cork city yesterday afternoon.

Citco has a hedge fund administration operation and banking and custody services centre at the IFSC in Dublin and a data processing operation in Cork.

ITV rejects takeover offer

A private equity consortium has walked away after Britain's biggest commercial broadcaster, ITV, rejected its revised takeover offer. The consortium - made up of Apax Partners, Blackstone Group and the private equity arm of Goldman Sachs - said it would not proceed further with its proposal.

The board of ITV said yesterday it had rebuffed an improved proposal that would have offered shareholders an additional 44 pence per share in cash.

- (Reuters)

Upbeat economic sentiment in EU

Optimism among euro-zone businesses jumped to a nearly five-year high in March, data showed yesterday, pointing to an economic recovery and interest rate rises despite falling inflation and gloomier consumers.

The European Commission's economic sentiment indicator rose to 103.5 points from 102.7 in February, beating a forecast of a rise to 102.8. It measures confidence in industry, services and retail sectors, construction and among consumers.

The commission's separate business climate indicator for the euro zone was also surprisingly strong at 0.8 points from 0.61 in February, suggesting a pick-up in industrial output in the first quarter.

EU statistics agency Eurostat said inflation fell to an annual rate of 2.2 per cent in the euro zone in March.

- (Reuters)