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O'Reillys buy more shares in Independent

Sir Anthony and Gavin O'Reilly have bought close to €180,000 worth of shares in Independent News Media.

The group's chief executive, Sir Anthony, bought 100,000 shares at €1.522 each according to a statement released to the market yesterday.

The transaction was worth €152,200 and brought his stake in the business to 28.01 per cent.

His son, Gavin O'Reilly, the group's chief operating officer bought 25,000 shares in the company at €1.5264 each, bringing his holding to 0.125 per cent of the group.

The O'Reillys and other directors, together own 29.49 per cent of the group.

The next largest shareholder is businessman Denis O'Brien, who has been building a 25 per cent stake in the group since 2006.

Jacob Fruitfield buys Cork firm

Biscuit-maker Jacob Fruitfield has purchased Co Cork company Cisti Gugan Barra, which makes Katie's traditional Irish cakes and biscuits, from the company's examiner for €700,000.

The business, which is based in Ballingeary, west Cork, was established in 1989 and employs 18 staff.

Jurys Inns to run Aberdeen hotel

Jurys Inns, the budget hotel chain bought last year by Dublin-based Quinlan Private, has signed a deal to operate a 203-bed property in Aberdeen on a 35-year lease.

It will form part of the £250 million Union Square retail and leisure project, which is being developed by Hammerson. The 8,575sq m (92,300sq ft), three-star eight-storey hotel will include 557sq m (6,000sq ft) of conference facilities, a restaurant and bar and cafe.

Italian police raid Irish bank's office

Italian police investigating a case of possible derivatives fraud raided the offices of four foreign banks, including the Rome office of Dublin-based Depfa Bank, on Thursday.

The other banks whose offices were raided were Germany's Deutsche Bank, UBS of Switzerland and JPMorgan of the US. UBS and JPMorgan declined to comment.

Deutsche Bank was not available for comment. No one was available for comment in Depfa in Dublin. - (Reuters)

Circle Oil loses $2.7m before tax

Explorer Circle Oil, lost $2.7 million (€1.71 million) before tax last year, compared with a loss of $3.7 million in 2006, the company's results show.

During the year, it raised a $30 million loan from KGL Petroleum of Kuwait, and made progress with drilling and surveys of a number of prospects in north Africa.

Office rents fall 2.2% in Manhattan

Manhattan office rents fell 2.2 per cent in the second quarter, the first decline in the most expensive US office market since 2005, according to real estate broker Studley In.

The broker blamed a "malaise" among Wall Street securities firms, which hadn't previously stopped the rise in rents. - (Bloomberg)

Sony Ericsson to only break even

Sony Ericsson warned yesterday that it would only break even in the second quarter because of disappointing European sales of its mobile phones.

The profit warning - its second this year - demonstrates how mobile phone sales are suffering from the global economic downturn. - (Financial Times service)