In Short

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

Icon raises earnings forecasts

Clinical trials group Icon has raised its earnings forecasts, citing a strong backlog of orders and new business wins. The Dublin- based group said it was now expecting net revenue of between $448 million and $452 million ((€338-€341 million) this year.

Net income per diluted share will be between $1.28 and $1.30, the group said. In the first nine months of the year, Icon recorded net revenue of $326 million.

In the following year, it says revenue will be 20 per cent ahead, at between $530 million and $550 million. Net income is expected to be 29 per cent ahead.

Decision on bank pensions reserved

The Labour Court has reserved its decision in the pension dispute at the Bank of Ireland. Representatives of the bank and of the Amicus trade union made their case before the court for about two hours yesterday.

The court has already reserved its decision in the case taken by the Irish Bank Officials Association against the bank in relation to the same matter. A decision is not expected from the court until January.

Elan seeks Tysabri approval in US

Drug company Elan Pharmaceuticals has submitted an application to the US Food and Drugs Administration to use its Tysabri drug as a treatment for Crohn's Disease. Tysabri is approved for use in treating multiple sclerosis.

Elan also announced it was redeeming $870 million (€665 million) in debt ahead of its due date in 2008, the bulk of it in convertible notes. Their redemption will see the company issue 34.2 shares to noteholders.

North-South radio licence auctions

The Commission for Communications Regulation (ComReg) and its Northern Ireland counterpart Ofcom, will hold two co-ordinated auctions for radio spectrum licences in spring 2007.

The bands could be used for wireless broadband access, mobile broadcast, CCTV links or extra capacity for the delivery of mobile services. The successful bidders will be allowed to decide how best to use the spectrum.

ICAI opposes EU common tax base

The Institute of Chartered Accountants in Ireland (ICAI) has said EU plans for a common consolidated tax base on all member states would create more problems than it would solve.

"The practical difficulties of applying it will outweigh the business benefits of any such regime," ICAI's tax director Brian Keegan said.

Increase in foreign investments

Irish investors increased their holdings of foreign securities by €212.7 billion during 2005, bringing the total to €999.6 billion by the end of the year, according to figures published by the Central Statistics Office yesterday. US and British securities accounted for just over 44 per cent of Irish resident holdings.

Investments in Italian and German securities also increased significantly, while holdings of French and Dutch securities declined.

Equity investments represented almost a third of total investment assets at the end of last year, compared to 26.6 per cent in 2003.

WIT chief officer in residence

Waterford Institute of Technology has named Sam McCauley as its first chief executive officer in residence. Mr McCauley, owner of the pharmacy chain Sam McCauley Chemists, will deliver master classes in WIT's school of business, mentor students and provide input to course development.