A round-up of other business stories in brief
Oil prices near four-year low
Oil fell more than 6 per cent yesterday to its lowest level in nearly four years in response to further bleak economic data that could spell a deeper decline in global energy demand.
The numbers out of work in the US hit a 26-year high last month, the government said, while another report showed US factory orders fell sharply for the third month in a row.
US light crude dropped $2.86 to $43.93 a barrel by lunchtime after slipping as low as $43.77 - the lowest since January 2005. London Brent crude fell $2.87 to $42.57.
Oil prices have dropped more than $100 a barrel from record highs over $147 in July, as the global credit crunch has eaten into demand in large consumer nations.
"Relentless negativity is pressuring the oil complex," said Mike Fitzpatrick, vice- president at MF Global. - (Reuters)
New housing registrations down 70% in year
There was a 70 per cent fall in new housing registrations in November compared to the same month in 2007, slightly better than the October figure.
According to Merrion Capital, citing data from Homebond, the total number of registrations with Homebond in November was 456.
In the three months through to November registrations fell 67 per cent compared with the same period last year.
Planned new homes must be registered with either Homebond or another agency, Premier, three weeks before work starts. As such, the data provides a good indicator for residential building activity.
Azur buys US rights to Elestrin
Drug firm Azur, the investment vehicle of former Elan executive Séamus Mulligan, has spent $3.3 million (€2.58 million) up front buying the US rights for a drug used in treatment of hot flushes associated with menopause.
Azur's deal with Nasdaq-listed BioSante Pharmaceuticals for the rights to Elestrin, a low-dose oestrogen treatment, is the company's fourth acquisition since its establishment in 2005.
The initial payment to BioSante includes a product licensing fee and payments for the transfer of the trademark and inventories. Azur will pay further royalty payments and payments linked to future net sales of Elestrin.
Now building a presence in the US market, Azur specialises in the sale and distribution of strong drug products that are nearing the end of their patents and pipeline products. The firm has raised more than €75 million in two fund-raising rounds, mainly through private clients of Davy stockbrokers.
Siptu seeks help on mortgages
Irish banks should follow the lead set elsewhere by allowing a two-year moratorium on mortgage repayments for those who now find themselves jobless, the country's largest union Siptu said yesterday.
At the end of this period, the interest component should be "forgiven by the relevant bank".
The Construction Industry Federation has lent its support to such a scheme.
Siptu also called for an urgent recapitalisation of the banks but reiterated its opposition to private equity.
In its economic review, Siptu said the public sector is being used as a scapegoat for the country's current economic woes.
