A round-up of today's other business stories in brief ...
Claim by Enron investors dismissed
A US judge has dismissed Enron investors’ long-running legal claims against three big financial firms over their dealings with the collapsed energy trader.
Credit Suisse, Barclays and Merrill Lynch, now part of Bank of America, were granted summary judgment in the case and the claims against them were rejected, according to the ruling by US district judge Melinda Harmon in Houston, Texas.
The ruling does not affect the more than $7 billion (€5.54 billion) in settlements other financial firms agreed to pay Enron investors previously to settle the case.
The plaintiffs contend the banks played a role in accounting misdeeds that led to the company’s bankruptcy.
The original case was brought in April 2002 and sought $40 billion in damages from an array of financial firms.
While Citigroup, JP Morgan and others settled the case, Credit Suisse, Barclays and Merrill had continued to fight it. – (Bloomberg)
Lenders pass on ECB rate cut
EBS Building Society, KBC Homeloans, ICS Building Society, and Halifax and Bank of Scotland (Ireland) have all passed on in full the interest rate cut announced by the European Central Bank on Thursday to variable mortgage customers, as have AIB, Bank of Ireland and Permanent TSB.
‘Gloss’ Look the Business event
The Gloss magazine’s “Look the Business” event, in association with Vodafone, will take place on April 29th – and not April 23rd as incorrectly stated in yesterday’s editions.
The fashion event, which is aimed at working women, runs from 6.30pm to 10.30pm and the venue is the Mansion House, Dublin.
Further details are available from 01-2755130 or register@thegloss.ie.
Dragon Oil to seek high-spec rig
Dublin- and London-listed exploration firm Dragon Oil is to seek a higher performance specification drilling rig for its Cheleken exploration field in Turkmenistan.
The company said it had decided not to renew the contract for the CIS 1 platform-based rig and was looking for a rig that could drill slanted wells.
Healthcare start-up to create 20 jobs
A Co Offaly start-up healthcare manufacturer is to create 20 jobs, having won a major contract with pharmaceutical giant GlaxoSmithKline (GSK).
Europharma Concepts, based in Clara, has been awarded the contract to produce Biotene, an oral care range for dry mouth sufferers, for the European market. The jobs will bring the number of staff to 35.
Pan Andean in talks over drilling plan
Irish oil and gas exploration firm Pan Andean Resources is in talks with at least one large international company about its proposed drilling operation in Antorcha, Columbia.
Pan Andean managing director David Horgan said he hoped to conclude the talks within the next month so drilling could start by November. He said he remained confident the company could raise the estimated $7 million (€5.54 million) needed for the project and the slowdown meant good-quality rigs were available locally.
Stena Line to upgrade fleet
Ferry group Stena Line plans to spend €15.5 million upgrading its 10-strong fleet operating on routes between Ireland and Britain.
This will include a €3.5 million refit and refurbishment of the Stena Adventurer at the Harland Wolff shipyard in Belfast.
The next biggest outlay is a €2.2 million refit of the Stena Nordica. Both operate on the Dublin to Holyhead route.
