In Short

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

Dollar Financial expands into North

US financial services firm Dollar Financial is to expand into Northern Ireland with the purchase of four stores in the Belfast area for $500,000 (€390,000) plus a payment for part of the companies loan book.

Dollar Financial president Don Gayhardt said this provided a stepping stone for expansion into the Republic. The company has 395 stores in the UK, operating as Money Shop.

Dollar Financial provides short-term loans, cheque cashing and money transfer to customers who receive income on an irregular basis or from multiple employers.

It expects its Northern Ireland stores to generate revenues of $700,000 in the first 12 months.

Campbell sells Irish operations

Campbell Soup Company has completed the sale of its Irish operations to British food group Premier Foods.

The divestment was flagged in July, when Campbell struck a $870 million (€677 million) deal with Premier for its UK and Irish businesses.

The Irish operations, which employ 170 people, include the Erin brand, which Campbell bought from Greencore in 2003.

This business, which manufactures Campbell soups, is based in Thurles, Co Tipperary. The operation also takes in a commercial office in Dublin.

The other brands include Homepride, Oxo, Batchelors and Fray Bentos.

Eurotunnel defaults on loan

Eurotunnel defaulted on a senior secured bank loan under France's new bankruptcy protection law when it failed to make €350,000 in interest payments yesterday.

The Channel tunnel operator is the largest and most complex of the few companies to be given protection from creditors under the new procedure so far, with more than €9 billion in debt.

Standard & Poor's downgraded its long-term debt rating from C to D, the lowest junk rating.

Eurotunnel has enough cash to have made the interest payment, but it was not allowed to do so under the safeguard procedure.

All 17 of Eurotunnel's subsidiaries were placed under the safeguard and it will be exempt for at least the next six months from paying interest on its debt. - (Financial Times service)

Island Oil & Gas expands board

Island Oil & Gas is expanding and restructuring its board to reflect the emergence of Platinum Petroleum as a 33.27 per cent shareholder.

The position arose after the conversion of two loan notes worth £10 million (€15 million) and the consequent issuance of 10 million new shares to Platinum, an energy investment group.

Platinum could increase its holding to 41.11 per cent if it decided to exercise a further set of warrants, but this would need to be approved by the Takeover Panel. Island has confirmed that Jack McKinney has stepped down as acting finance director.

Andor founder takes up new role

Dr Hugh Cormican, the founder of Belfast-based Andor Technologies, is moving from the role of chief executive to director for strategic development.

Regulator warns on Atlantic Capital

The Irish Financial Services Regulatory Authority has warned consumers not to give money or accept investment advice from Atlantic Capital Management, a Spanish firm that has been offering unauthorised investment services in Ireland.

For more details see www.financialregulator.ie.