In Short

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

Danone first quarter profits of 18.7% in line with expectations

French food group Danone reported an 18.7 per cent rise in first quarter sales yesterday and said it was on course to meet its 2008 targets for sales and earnings growth.

The maker of Actimel yoghurt and Evian bottled water said sales rose to €3.76 billion.

The company had strong sales growth at its baby nutritional products division, boosted by Danone's takeover of Dutch baby food maker Numico last year.

Like-for-like sales growth, excluding the impact of acquisitions and foreign exchange rate fluctuations, during the first quarter stood at 11.4 per cent.

Danone chief executive Franck Riboud reiterated its 2008 target for sales growth of between 8 and 10 per cent and for underlying earnings per share growth of at least 15 per cent.

Danone is one of world's top 10 food groups and is the biggest in the world in dairy products and bottled water.

NI business activity down

Business activity in NI declined for the fourth month in a row in March, according to the latest Ulster Bank Purchasing Managers' Index for the North.

The report indicated that the downturn in private sector activity that began in December was maintained throughout the first quarter. Output and new business declined for the fourth straight month.

Meanwhile, inflationary pressure on firms' input costs moved closer to the survey-record level.

Wachovia to raise $7bn in capital

Wachovia, the fourth-largest US bank by assets, warned yesterday that the nation's economy was deteriorating more rapidly than expected as it revealed plans to raise $7 billion in capital after a surprising first-quarter loss.

The troubles at Wachovia, which made an ill-timed acquisition of a big California mortgage lender at the height of the housing boom, underscore the extent to which the credit squeeze is spreading. - (Financial Times service)

Glanbia paid MD €1.2m in salary

Dairy and nutritional ingredients group Glanbia paid its group managing director John Moloney almost €1.2 million in salary, bonuses and pension contributions last year, up from €927,000 in 2006, according to its annual report.

The package included a performance bonus of €581,000 for the year, in which Glanbia's pre-tax profits rose 34 per cent.

Deputy group managing director Geoff Meagher received remuneration of €756,000, while a third executive director, Kevin Toland, who heads Glanbia's US and nutritional divisions, received a remuneration package worth €876,000.

Oil surges to record high

Oil rose to a record close yesterday, bolstered by the weaker dollar and supply disruptions ahead of the US summer gasoline season.

The dollar slipped on worries about the gloomy economic outlook for the world's top consumer, boosting oil and other dollar-denominated commodities purchased as a hedge against inflation.

US crude oil futures settled up $1.62 at $111.76 a barrel, the highest settlement on record and near the intraday high of $112.21 hit last Wednesday.

London Brent crude rose $1.09 to settle at $109.84 a barrel. - (Reuters)