Today's other stories in brief

Oil prices hit six-month high

Oil prices firmed above $60 a barrel to touch a new six-month high on bullish inventory data and a spate of refinery accidents in the United States, in spite of weak market fundamentals.

Fire struck gasoline-making units at two US refineries this week, triggering a roughly 8 per cent spike in US gasoline futures that is likely to filter through to retail pumps just as the summer driving season begins.

Oil prices have been on an upward trend since mid-April on equity-led rallies. They have recovered from below $33 in December after a plunge from record highs above $147 in July last year.

After oil markets closed on Tuesday, the American Petroleum Institute released data showing US crude stocks fell by a much larger than expected 4.5 million barrels in the week to May 15th. – (Reuters)

Experian profits increase 8%

Credit information firm Experian reported an 8 per cent increase in full-year operating profit at constant exchange rates. The Dublin-based group, best known for running credit checks, reported earnings before interest and tax for the year to end-March of $939 million, ahead of forecasts. Revenue from continuing operations was up 8 per cent to $3.8 billion, incorporating organic growth
of 3 per cent. "Experian has stood up well," said chief executive Don Robert. –
(Reuters)

ELC delivers profit for Mothercare

Mothercare has reported a surge in profits after its takeover of the Early Learning Centre (ELC)
delivered benefits beyond its expectations. The company reported pretax profits of £42.2 million
(¤48.3 million) last year, up from £4.5 million a year ago, which included costs relating to the integration of ELC. Underlying profits rose to £37.1 million, helped by like-for-like UK sales growth
of 1.4 per cent despite a "challenging market".
– (Reuters/PA )

Bord Gais debts low risk, says Moody's

State-owned energy company Bord Gáis Éireann’s (BGÉ) debts are low risk, according to ratings agency Moody’s. The agency, which measures businesses’ and organisations’ ability to repay their debts, has rated BGÉ’s recent borrowings as A2, which means it believes there is a very low risk the company will default on its debts. A strong credit rating helps to keep down the cost of borrowing, as banks will charge less interest. BGÉ recently raised €340 million through a bond issue to US financial institutions. The cash will be used to fund its plans to expand in the Irish energy market. It recently began selling electricity to householders, in competition with the ESB and Airtricity, and has recruited more than 100,000 customers.