A short look at what is happening in the world of finance this morning.

Strong sales growth boosts Primark

Primark, which trades in Ireland as Penneys, enjoyed a very strong second half, according to its owner Associated British Foods

In a trading statement released yesterday, ABF said like-for-like sales growth at Primark in the six months ended September 17th were expected to be about 12 per cent, bringing the full-year growth rate to 9 per cent.

During the period, new stores were opened in Leeds and Kingston, while the company's store in Mullingar was replaced by a larger one. Primark now operates from 123 stores and this will increase further as it invests some £500 million (€740 million) to convert the Littlewoods store portfolio from spring 2006.

Family businesses fail when passed on

Nearly three-quarters of Irish family businesses fail after the founder hands over the enterprise, Cork Chamber of Commerce said yesterday. Its chief executive, Michael Geary, said a large proportion of Ireland's indigenous businesses were owned or managed at family level.

Citing research by the Irish Management Institute, he said 72 per cent of these companies failed once the business was handed over.

This was mainly due to poor succession planning, or an absence of such planning altogether, he said.

The chamber is to hold a free breakfast workshop on Thursday, September 22nd at which advice will be given on how to successfully transfer businesses from one generation to another.

Similar events, hosted by chambers of commerce and Ernst & Young in association with Right Transition, are planned for towns and cities including Swords, Ennis, Tralee, Galway, Letterkenny and Waterford.

Cross-border deal sought for mobiles

Greater co-operation on mobile phone issues, including the abolition of inadvertent roaming charges for customers travelling between the Republic and Northern Ireland, were discussed at a cross-border meeting yesterday.

Minister for Communications Noel Dempsey and Northern Ireland Minister for Enterprise, Trade and Investment Angela Smyth met in London with representatives of all mobile phone operators.

Economic activity lags in North

Economic activity in Northern Ireland expanded at a lower rate than in the rest of the UK in August, according to a report released yesterday by Ulster Bank. "The hoped for rebound in private sector activity from the disappointing July results failed to materialise to any great extent in August, when Northern Ireland underperformed all UK regions except Yorkshire & Humberside and the East Midlands," said Ulster Bank chief economist Pat McArdle.

According to the report, the pace of new order book expansion picked up slightly, due to rising demand from the public sector, while staffing levels increased for the fifth successive month, but only marginally.

Inflation was higher in Northern Ireland in August than in the UK and above its historical average. But prices charged to the public rose by less than did the cost of inputs.

Amarin drug gets go-ahead for trials

Amarin, the neuroscience company chaired by the former executive vice-chairman of Elan, Tom Lynch, has received regulatory approval to go ahead with Phase III clinical trials of its drug, Miraxion, for the treatment of Huntington's disease.

The trials, which will take place in the US and Europe, are expected to involve up to 540 Huntington's patients.