Today's other business news in brief

Chinese exports fall again

April was another challenging month for Chinese exports, which notched up their sixth consecutive fall with little sign of recovery in external demand, although rising factory investment was read as a positive sign, writes Clifford Coonanin Beijing.

Customs bureau data showed that overseas shipments fell a hefty 22.6 per cent in April to €67.4 billion from a year earlier, a steeper decline than in March, while imports were down 23 per cent to €57.8 billion, a slower fall than in March. “These figures show we cannot be optimistic about the future trends for exports … weakening overseas demand, now and in the near future is affecting the overall economy,” the Commerce Ministry said.

US posts first April deficit in 26 years

The United States posted its first April deficit in 26 years, a record $20.91 billion shortfall caused by a deep recession that made revenues collapse in the years biggest tax collection month, the US Treasury said.

It brought the deficit for the first seven months of fiscal 2008 to a record $802.29 billion after a positive accounting adjustment for government bailout investments.

Eircom in legal challenge to Comreg

Eircom has brought a legal challenge to a direction from the telecommuncations regulator preventing it launching certain bundles of services, including “TalkTime Family bundles”, on the retail market. The proceedings against the Commission for Communications Regulation (ComReg) were admitted to the Commercial Court this week by Mr Justice Peter Kelly.

Eircom is also appealing against ComReg’s decision of April 2nd that Eircom had failed to comply with its obligations not to unreasonably bundle certain other services launched in October 2008.

Premier adjusts to Irish demand

Premier Foods, the British owner of brands including Chivers, Erin and Oxo, said yesterday that it has seen a “significant shift” by retailers in Ireland to source many of its products directly from the UK over the last few months.

Premier is to transfer its Irish operations into the grocery division “to enable us to serve these customers more efficiently”. Its former “Chilled Ireland” division has been renamed the “Chilled” division. Premier said group sales rose 3 per cent in the first quarter driven by growth in its groceries division after implementing price rises last year.

Correction:In an article yesterday entitled 'Irish low-tax regime problematic - EU adviser', a comment by TCD academic James Wickham was wrongly attributed to TCD academic James Stewart.