In Short

A roundup of today's other business stories in brief:

IL&P in talks to acquire Dolmen unit

Irish Life & Permanent (IL&P) is in talks to buy the stockbroking business of Dolmen Securities for a price in the range of €40 million to €70 million.

The bank is attempting to strengthen its interests in the "mass affluent" market after it set up a new wealth management division last year. Negotiations to buy the business are understood to be at an early stage.

Goodbody Stockbrokers banking analyst Eamonn Hughes said IL&P was coming to the wealth management game "relatively late" but said there would still be "a good structural growth story" to play out.

Liquidator for Lynn property firm

The High Court has appointed a liquidator to a property company of missing solicitor Michael Lynn, Kendar Holding Ltd (KHL). The winding up order was sought by a construction firm claiming to be owed some €325,414.

Mr Lynn was described as the sole director and secretary of KHL, trading as Kendar Global Properties.

Evanna Fitzgerald, for Welplan (Ireland) Ltd of Heather House, Heather Road, Sandyford Business Estate, Foxrock, Dublin 18, said Kendar was indebted to Welplan for €325,414 on foot of a judgment obtained in the High Court on December 13th. The debt was for goods and services received by Kendar in the past six years.

Qualceram Shires sells former HQ

Bathroom fittings manufacturer Qualceram Shires got slightly less than expected for the sale of its former headquarters in Arklow, Co Wicklow, to developer Cova.

The company expected to sell it for €31 million, but it said yesterday it had received €30.025 million.

Two new papers for Waterford

The People Group unit of Sir Anthony O'Reilly's Independent News & Media is introducing two new titles today in the Waterford area.

The Waterford Peoplewill cover the city and east of the county and the Dungarvan Peoplewill cover the west of the county. Compact in format, the papers will sell for €1.60.

Aer Lingus sells a million seats

Aer Lingus has reported that monthly online seat sales on its website exceeded one million for the the first time in January.

It said a promotion last month delivered another record, when 51,000 seats were booked in a single day.

Order to wind up financial loans firm

The High Court has made an order for the winding up of financial loans company FAI Finance Corporation Ltd, which had losses of some £36 million (€47.9 million) up to December last and negative net assets of £32 million.

On the application of Fexco, 51 per cent majority shareholder in FAI Finance, Ms Justice Mary Laffoy granted the winding up orders and appointed liquidators.

FAI Finance Corporation has registered offices at Swords Business Campus, Co Dublin, and was engaged in providing loans.

It had entered into an arrangement with Barclays Bank for finance facilities and had drawn down some £30 million under that.

French report urges higher bank fines

France's banking regulator must be allowed to impose higher fines on banks that fail to monitor carefully the risks taken by their traders, according to a government report on the rogue trading scandal at Société Générale.

The report, prepared by the finance ministry for prime minister François Fillon also deals a blow to SocGen and its management for failing to spot the rogue trading allegedly conducted by Jérôme Kerviel, which left the bank with exposure of up to €50 billion.

- ( Financial Timesservice)