In Short

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Revenue investigations net €55m

Special investigations carried out by the Revenue Commissioners yielded almost €55 million last year, according to preliminary figures released yesterday. Overall, special investigations have yielded a total of €2.4 billion for Revenue.

An investigation into offshore assets yielded €29 million during 2008 while €18.7 million came from an investigation into life assurance products. In addition, €4.1 million was taken from bogus non-residential accounts.

More than €570 million in tax revenues were taken from 13,406 audits in 2008.

There were 20 convictions obtained for serious tax and customs evasions. A further 433 prosecutions were obtained from seizures related to laundered or marked mineral oil, VRT offences, excise licences and anti-fraud seizures.

Cocaine and heroin with an estimated street valued of €517 million was seized during the year, while cigarettes worth €54.3 million were seized. Additionally, cannabis estimated at €27.9 million and €700,000 worth of alcohol was also seized during operations in 2008.

Germany 'will not influence' Commerzbank

The German government insists it will not seek to exert influence over the day-to-day business at Commerzbank in spite of the partial nationalisation of Germany's second largest bank.

Analysts say it could be five years before the government was in a position to reduce or sell its stake of 25 per cent plus one share, which it agreed to take this week after indications that Commerzbank would fall short of capital when it takes over Dresdner Bank this month.

Deutsche Postbank, another of the country's biggest lenders, also warned of wider losses last year as fears grew that the German banks had endured a torrid fourth quarter.

The government on Thursday agreed to give Commerzbank €1.8 billion in equity and for the second time in two months to inject €8.2 billion in "silent participations", which that do not carry voting rights but count towards a bank's core capital.

Any profit Commerzbank makes must first be used to pay annual interest of 9 per cent on the €16.4 billion of silent participations. - (Financial Times service)

Icon forecasts eps of $1.42-$1.50

Irish clinical research, pharmaceutical and biotechnology company Icon is forecasting earnings per share between $1.40 and $1.52 for this year.

This compares with expected net income per diluted share of $1.27 to $1.29 for the year ended December 31st, 2008, the company said in a statement yesterday.

November euro zone retail sales increase

Euro zone retail sales unexpectedly increased in monthly terms in November, but prospects remained bleak amid plunging business morale and growing unemployment.

The 0.6 per cent upswing at retailers left sales 1.5 per cent lower than in November 2007, reinforcing expectations that the ECB will cut interest rates next week. - (Reuters)