In short

A roundup of today's other stories in brief.

EU plans to curb power of food retailers

The European Commission plans to curb the power of large food retailers, scrap subsidies on growing fruit and vegetables and promote the consumption of these crops, writes Seán MacConnell.

Agriculture Commissioner Marian Fischer Boel yesterday outlined proposals aimed at diluting the power of large food retailers that account for between 70-90 per cent of all retailers in 15 of the EU states.

"It's no secret that the retail sector, now highly concentrated, has an astonishing power to set prices," she told the European Parliament's agriculture committee. "Many agricultural sectors have to cope with this problem. But the supermarkets seem to have the fruit and vegetable sector in a particularly strong arm-lock," she said.

Settlement in Punchestown case

The billionaire Getty family has agreed settlement terms in their legal battle against Punchestown racecourse for the repayment of a €3.8 million loan given under the passports for investment scheme, a High Court judge was told yesterday.

Mr Justice Peter Kelly was told he may be asked today to make final orders in the case. It is understood the terms include the payment by instalments of over €3 million to the Getty owned vehicle, GT Equinus Inc, plus legal costs. Yesterday, Michael Cush SC, for GT Equinus, said that, until all the documents had been executed, the matter was not fully settled.

Bank predicts slower growth

Economic growth hit a five-year high in 2006 at 6.5 per cent, but will ease back somewhat over the coming year, according to Bank of Ireland's chief economist Dr Dan McLaughlin.

In the Bank's Quarterly Economic Outlook published yesterday, Dr McLaughlin said the key driver of last year's growth spurt was consumer spending, which in turn was underpinned by significant employment growth and wage increases.

He also highlighted that Irish income (GNP) is now rising faster than Irish output (GDP), reflecting strong earnings on Irish overseas investments.

Blackrock in €27m Scottish land deal

Property group Blackrock yesterday confirmed that its joint venture with Applecross and Esk Properties had exchanged contracts on the €27 million purchase of BBC Glasgow Scotland's broadcasting premises.

The deal was initially announced in August last year, when Blackrock said it would spend almost €90 million developing the site. The contract is conditional on satisfactory planning permission.

Group plans diamond mine

Exploration group African Diamonds said it hopes to start operating its AK6 site in Botswana as an open cast mine in early 2009.

At the group's agm in London yesterday, chairman John Teeling said the company had assembled a team of world class experts in diamond mining to work with its partner De Beers to decide the best way to further develop the project.

Minco to begin drilling in Limerick

Minco, the AIM-listed precious and base metals exploration company, yesterday announced the start of drilling at its Pallasgreen joint venture in Limerick.

Two drills are currently operating at the site, with a third due to start before the end of the month, the company said.