In short

The other business news of the day in brief...

EBS transfers €150m to Nama

EBS building society is transferring about €150 million in loans in the first wave of transfers to the National Asset Management Agency, the smallest amount of loans connected to the top 10 borrowers moving to the agency from the five participating lenders. Anglo Irish Bank is moving the largest amount of loans in the first transfers, with close to €10 billion in loans, followed by AIB with about €3 billion, Bank of Ireland with about €2 billion and Irish Nationwide with about €1 billion.

EBS is transferring a total of €900 million in loans into the agency over the course of this year.

Company fined €5,000 over bond sale

The Financial Regulator has fined a Roscommon financial provider €5,000 for breaching regulatory requirements on the sale of a bond, writes Ciara O'Brien.

The regulator said it had entered into a settlement agreement with Jim Mannion Co (Insurances) Ltd, Co Roscommon, over its failure to comply with provisions of the Consumer Protection Code and section 30 of the Investment Intermediaries Act 1995.

They did not properly inform a customer about investment risks and guarantee limitations over Friends First ISTC Creative Bond, the regulator said.

Wal-Mart US stores post drop in sales

Wal-Mart Stores Inc posted a drop in holiday sales at US stores and gave a disappointing profit outlook, casting doubt on its ability to keep shoppers won in the recession.

The world’s largest retailer enjoyed sales growth and higher traffic in the depth of the US downturn as consumers sought bargains. But as confidence picks up, shoppers may be heading back to Wal-Mart rivals.

“The fact that their discretionary sales remained under pressure while improving at other retailers lately, investors are likely to question if people are trading back up,” said Telsey Advisory Group analyst Joseph Feldman.

Wal-Mart shares fell 1.6 per cent yesterday.

Iceland hopeful over debts deal

Iceland expressed optimism yesterday it was close to a new agreement with Britain and the Netherlands on the country’s “Icesave” debts, a deal which could unfreeze vital foreign aid.

Officials from the three countries have been meeting in London all week on how Iceland will repay Britain and the Netherlands more than $5 billion that was lost in Icesave online accounts when the Icelandic bank Landsbanki collapsed late in 2008.

The government of the North Atlantic island nation said the Icelandic negotiators were now on their way to Iceland to meet with officials there, but declined to comment on the outcome of the talks in London.