In Short

A round-up of other business stories in brief...

Construction output down 35%

The volume of output in the building and construction industry fell by over 35 per cent year on year in the first quarter of 2009, new data from the Central Statistics Office (CSO) shows.

This fall reflects declines of over 56 per cent and 21 per cent respectively in residential and non- residential building work.

Output in the construction sector across all 27 EU member states fell by 11.4 per cent in the first quarter.

The biggest fall was experienced in Lithuania, where output dropped by almost 43 per cent.

Receiver to Walsh Foods appointed

Kieran Wallace of KPMG has been appointed as receiver to Walsh Family Foods Ltd following a request from the directors.

The company, which manufactured fast-food products for the catering and retail sectors, closed earlier this month.

Mr Wallace said he noted the public interest in the company, which was the inventor and only producer of the spice burger, and planned to make a decision on its future early next week.

Walsh Family Foods was started by butcher Maurice Walsh 50 years ago and employed 50 people.

Morocco permit boosts Island shares

Shares in Irish off-shore gas producer Island Oil Gas gained over 9 per cent yesterday after it secured two offshore exploration permits in Morocco.

The joint venture agreements were signed by Island’s wholly owned subsidiary Island International Exploration Morocco (IIEM).

IIEM has a half share in the projects with Serica Energy and the Office National de Hydrocarbures et des Mines each taking 25 per cent.

The agreements cover the Sidi Moussa and the Foum Draa in the Agadir Basin about 100km southwest of the Moroccan city.

Island’s shares closed at 11.5 pence in London, giving it a market value of £13.5 million (€16 million).

German prices fell by 3.6% in May

German producer prices fell by 3.6 per cent year on year in May, the biggest annual decline since April 1987, according to the Federal Statistics Office.

Producer prices had fallen on the month for every month since November.

Excluding energy prices, prices fell by 0.3 per cent month on month and by 2.5 per cent on the year, the Office said. For the first time since unification in 1990, German consumer prices were unchanged year on year in May. – (Reuters)

Circle announces Morocco gas find

Irish global oil and gas exploration and production company Circle Oil says it has made a gas discovery in Morocco. The group has confirmed the KSR-9 exploration well has been successfully drilled, logged and tested in the Sebou Permit region in Morocco.

The finding in the Mid Gaddari Sequence tested gas at a sustained rate of 8.05 million standard cubic feet a day (MMscfd), while the Lower Gaddari and Top Guebbas Sequences tested gas at a rate of 4.66 MMscfd.