In Short

Today's other business stories in brief

New Revenue chairwoman appointed

Revenue commissioner Josephine Feehily is to be the new chairwoman of the Revenue Commissioners, taking over from Frank Daly.

Mr Daly is to become chairman of the Commission on Taxation.

Ms Feehily became a commissioner in 1998. Prior to that she was an assistant secretary in the Revenue for almost five years. Before joining the Revenue, she worked at the Department of Social, Community and Family Affairs.

Dragon Oil profits up 65%

Profits at Dublin- and London-listed Dragon Oil grew 65 per cent to $365 million (€239 million) last year on the back of increased production from its wells in the Caspian Sea and Yemen.

Dragon said yesterday that revenues rose 84 per cent in 2007 to $597 million from $325 million the year before.

Operating profit was up 65 per cent at $365 million from $221 million.

Sterling falls to record low

Sterling fell to a record against the euro yesterday as UK consumer confidence slipped to the lowest level in more than three years.

The dollar also hit a fresh low, pushing oil prices to record levels. The euro hit $1.53 against the dollar, and 76.89p against sterling. Oil spiked to a new high above $104. - (Bloomberg/Financial Times service)

Planned new homes slump

The number of planned new homes in the Republic slumped by more than 60 per cent in the first two months of the year. Figures released yesterday by housing guarantee agency Homebond show that there were 2,195 proposed new homes registered with the body in January and February. That was 64 per cent less than the 6,073 registered in the same period last year, and almost 7,000 less than in 2006.

Meanwhile, Britain's Royal Institute of Chartered Surveyors produced a report showing that the Republic's residential property market was Europe's worst performer last year, with prices falling 7 per cent.

Turnover rise for book seller

Book retailer Hughes & Hughes increased its turnover by 16 per cent to €33.6 million in the year to the end of February 2007 but its after-tax profits declined due to higher depreciation and interest costs.

Accounts just filed for Circuit Line Investments show that its after-tax profit in the period was €206,329, down from €600,909 the previous year. Interest costs trebled to €197,513 while its depreciation charge almost doubled to €938,576.

Warning on future of IFSC

Anglo Irish Bank chairman Seán Fitzpatrick has said he is "worried" about the future of the IFSC. While companies operating in the Republic provide so-called back-office services for $1.86 trillion (€1.22 trillion) worth of assets, the economy is struggling to attract better-paid fund management jobs, he said at a conference in Dublin. - (Bloomberg)