In Short

A round-up of today's other stories in brief.

Irish Timessettles with regulator over breach

The Irish Financial Services Regulatory Authority has concluded a settlement agreement with effect from April 10th, 2008, with The Irish Ti mes Ltd in relation to a single breach of the disclosure requirements in relation to a recommendation with respect to financial instruments included in regulation 18 of the Market Abuse Regulations.

The matter has been settled on the basis that the breach is admitted and a fine of €10,000 has been imposed.

The Irish Timeshas confirmed that the breach was inadvertent and has advised that it has reviewed its procedures and practices to ensure more effective compliance with the Market Abuse Regulations.

The breach related to an item in the Croesus column in the Business This Week section on Friday, February 8th.

NUIM course for Intel staff

NUI Maynooth has entered into a partnership with chip manufacturer Intel to deliver a Master of Engineering programme for the company's engineers.

This year, 15 Intel staff from its Leixlip plant will take the course. It is expected that the programme will be available to employees across Intel's 86,000 workforce from 2009.

Wholesaler to open 12 stores

An electrical wholesaler plans to open at least 12 new stores as part of a €2.5 million investment that will create 50 new jobs.

Electric Merchants is owned by Wolseley Ireland, which also owns builders' suppliers Brooks, Heat Merchants, and Tubs and Tiles in the Republic.

The firm already has eight branches and plans to have 20 opened by the end of this year.

Credit union savings up 1.5%

Savings by credit union members increased by 1.5 per cent to €13.4 billion last year, with loans to members increasing by 5 per cent to €7.3 billion, according to figures from the Irish League of Credit Unions.

Average savings per member in 2007 were €4,620, according to the league, which represents 521 credit unions in Ireland.

In the Republic, the average loan advanced by credit unions at the end of 2007 stood at €8,150, up 1 per cent on the previous year.

In Northern Ireland, the average loan was £3,140, up 3 per cent on 2006.

Judge says bank subject of scam

A High Court judge has said a bank has been the subject of a "scam" relating to €7 million loaned by it for a land purchase in Co Offaly and he had been told a "cock-and-bull story" by a businessman who gave evidence before him yesterday.

Mr Justice Peter Kelly made the comment after hearing evidence from businessman Tony McAuliffe, who had been directed to appear before the court and answer questions arising from the failure to repay €7 million to the Irish branch of Investec Bank (UK) Ltd.