In short

A roundup of today's other stories in brief

Hong Kong firm, Musgrave settle dispute

A legal dispute between a Hong Kong services company and Irish retail company Musgrave, owner of the SuperValu and Centra brands, was settled at the High Court yesterday.

Kay-El (Hong Kong) Ltd had brought two claims alleging Musgrave had refused to settle certain debts. Musgrave denied those claims and brought a counter claim against the Hong Kong firm.

The dispute related to fixtures and fittings alleged to have been installed in a number of Musgrave stores.

C&C shares hit by bad weather

Shares in C&C, maker of the Bulmers and Magners cider brands that became popular in the heat of last summer, are down 15 per cent this month, a decline dealers are attributing to a lack of thirst for cider, writes Claire Shoesmith.

"There's no doubt it's a drink that's associated with hot weather," said one Dublin trader. Statistics released last week by Met Éireann showed that June has been mostly a washout.

Magnier to sell stake in food firm

Irish bloodstock supremo John Magnier is selling his €30 million-plus stake in a Scottish food company, writes Barry O'Halloran.

Goldman Sachs yesterday announced it was selling Mr Magnier's 13.3 per cent stake in London-listed Devro.

The shares traded at between 105p and 107.25p sterling yesterday.

Analysts estimate Mr Magnier paid between 40p and 51p for the holding.

LSE confident on Borsa Italiana deal

The London Stock Exchange (LSE) is confident of winning shareholder support for its €1.6 billion takeover of Borsa Italiana, it said yesterday, despite a mixed reception to the deal.

LSE shares fell as much as 8 per cent, amid speculation its biggest shareholder, US rival Nasdaq, might oppose the all-share deal, or might abandon its interest in a bid for the LSE and sell its 30 per cent stake. - (Reuters)

Nintendo beats Sony on market

Nintendo zipped past Sony in market value yesterday and became one of Japan's top-10 issues for the first time, as it elbows the PlayStation-maker out of its decade-long dominance of the game industry. - (Reuters)

Wilsons Auctions buys British firms

Wilsons Auctions, of Kingswood Cross, Naas Road, Dublin, has made a substantial investment with the acquisition of two auctioneers in Britain.

The acquisitions of Telford Motor Auctions and Queensferry Motor Auctions, based in England and Wales respectively, are the latest additions to the Wilsons Auctions network.

They will compliment the existing sites in Dublin, Scotland and the North.

World Bank head to be confirmed

Robert Zoellick was yesterday set to be confirmed as the next president of the World Bank following a meeting of the bank's 24-member board.

His expected confirmation preserves, for now, the tradition that the US president selects a US citizen to run the bank. - (Financial Times service)

Murdoch closer to buying Dow Jones

Rupert Murdoch's News Corp was edging closer to a deal to acquire Dow Jones and its crown jewel, the Wall Street Journal, after a frantic weekend of negotiations. The talks focused on safeguards to preserve the Journal's editorial independence. - (Financial Times service)