In short

Other financial stories in brief

Oil prices surge to almost $133 a barrel as crude stockpiles drop

Oil prices surged more than $3 to a record near $133 a barrel yesterday after a US government report showed a surprise drop in crude stockpiles, reinforcing fears of a worsening supply crunch.

The gains bring oil up more than 30 per cent so far this year in a rally that has raised alarm in consumer countries such as the US. "The market is in a very bullish mood and these statistics will do nothing to change that," said Tom Bentz, analyst at BNP Paribas Commodity Futures.

US crude gained $3.52 to $132.50 a barrel by the evening in Europe after hitting a fresh peak of $132.70.

London Brent rose $4.34 to $132.18.

- (Bloomberg) IFG raises €7.2m

Financial services company IFG has raised €7.2 million before expenses to fund "probable acquisitions", the firm said in a statement. Some 3.43 million shares were placed at a price of €2.10 per share on Tuesday, representing 4.91 per cent of its issued share capital.

Legal action adjourned

A legal action against a civil engineering firm over the leasing of machines worth millions of euro has been adjourned at the High Court on the basis of agreed undertakings.

Caterpillar Financial Services Ireland plc last Friday secured an interim injunction requiring Howley Civil Engineering Ltd to disclose the location of 17 pieces of machinery leased to it by Caterpillar. It was also ordered not to interfere with or dispose of the equipment.

Yesterday, Robert Beatty, for Caterpillar, told Ms Justice Mary Laffoy that the case could be adjourned for one week.

Fewer days lost to labour disputes

The number of days lost to industrial disputes fell in the first three months of the year compared with the same period in 2007, according to data published yesterday by the Central Statistics Office.

A total of 1,477 days were lost as a result of four disputes, with disputes in the manufacturing sector accounting for 87 per cent of days lost.

The bulk of the days lost were as a result of a dispute by 80 staff at Novum (Overseas) Ltd in Clonshaugh, Co Dublin, which began on February 15th and which ran for 16 working days.

The dispute centred on the way workers were selected for layoffs.

Moonduster in CFD conversion

The Philip Lynch-led Moonduster consortium yesterday indicated it had converted its contract for difference (CFD) holdings in ferry operator Irish Continental Group (ICG) into direct ownership. Hayblu Ltd, an investment vehicle controlled by Moonduster, said it held 24.98 per cent of ICG's stock.

It is understood that this includes the CFDs previously held by Moonduster.

Trintech's first quarter results

Trintech, the Nasdaq-quoted Irish software firm, reported first-quarter revenues of $9.6 million (€6 million) and a pretax loss of $549,000.

This compares to a pretax loss of $1.2 million a year ago.