The other business news of the day in brief...
Petroneft on track in Russia
IEX-listed exploration company Petroneft Resources confirmed yesterday that pipeline construction at its licences in Tomsk Oblast, Russia are on schedule for completion in April. Petroneft will also start drilling in April the first of nine wells planned this year at License 61 in Western Siberian.
The company has appointed Karl D Johnson as vice president of business development and operations.
Banker settles court action
A banker has settled his High Court action against two chartered surveyors over an alleged conflict of duty when allegedly acting as his agents in relation to a central Dublin property owned by him.
It was claimed the surveyors bought the property themselves for about €1.5 million when there were higher offers on the table but those claims were denied and the surveyors themselves had brought other proceedings disputing that higher offers had been made. They also sought to lift a lis pendens (a notice that a property is subject of legal proceedings).
Paul McDonnell, an Ulster Bank bank executive, of Sydenham Road, Dundrum, Dublin, had alleged breach of contract and duty by John Weir, who managed the commercial property at 23 Earlsfort Terrace, Dublin, and by Owen Conway.
Iseq index reports 27% rise for 2009
The Iseq overall index rose by 27 per cent last year to just under 2,975 points, having fallen 66 per cent in 2008, according to the Irish stock exchange’s annual statistical review 2009.
Two new companies entered the Irish stock exchange in 2009 – Karelian Diamond Resources and Conroy Diamonds Gold.
Corporate names that disappeared from the Irish stock market last year included Anglo Irish Bank, Qualceram Shires, Glencar Mining, Veris and Newcourt.
The review also showed that the market capitalisation of Irish Government bonds rose from €42.55 million to €71.83 billion last year.
Over the course of the year, almost €35 billion was raised through Government bond issues.
Yahoo reports sales of $1.26bn
Yahoo, owner of the second most-used internet search engine in the US, reported fourth-quarter sales that topped analysts’ estimates as the online advertising market showed signs of recovery. Excluding revenue passed on to partner sites, sales totalled $1.26 billion.
Net income attributable to Yahoo was $153 million, or 11 cents a share, compared with a loss of $303.4 million a year earlier. – (Bloomberg)
Canon sees way to doubling profits
Canon more than doubled its profit in the latest quarter and forecast its first annual profit growth in three years as brisk digital camera sales more than offset sluggish demand for copiers.
It also said it would not sweeten its €730 million proposal to buy Dutch printer maker Oce, despite pressure from two of Oces top shareholders pushing for a higher price.
Canon said it expects operating profit to jump 52 per cent to 330 billion yen (€2.6 billion) in 2010. – (Reuters)
