In Short

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

Oil prices drop almost 10% as plan rejected

Oil prices dropped almost 10 per cent yesterday after the US House of Representatives rejected the $700 billion (€485 billion) rescue package for the financial sector.

Stocks plunged after lawmakers voted against the bailout and major US and European banks needed emergency deals to stave off collapse, sending investors fleeing to the safety of gold and debt.

US November crude settled down $10.52 to $96.37 a barrel, after touching a session low of $95.04, in the second-biggest drop since April 23rd, 2003.

London Brent crude traded down $9.56 to settle at $93.98 a barrel. - ( Reuters)

Irish Press buyback plans criticised

Shareholders of Irish Press have criticised the company's plans to buy back up to 25,000 of its outstanding shares for €7.50.

At the company's emergency general meeting yesterday, a resolution was passed enabling Irish Press to undertake a share buyback programme, but shareholders attending the meeting disputed the decision to price the shares at €7.50, with some arguing that a more accurate price would be closer to €15.

The company has twice before engaged in share buyback programmes, with €7.50 offered the last time such a scheme was used, in 2004. Shareholders at the meeting expressed the view that the move was an effort to privatise the company.

Under the special resolution, the company will have the option of cancelling repurchased shares, while the remaining repurchased shares will be held as treasury shares by the company.

Irish Press chairman Eamon de Valera said the decision to initiate a share repurchase scheme had been taken because the company had been approached by several small shareholders who wished to liquidate their shares.

Circle Oil reports loss of $2.15m

Circle Oil, the international oil and gas exploration and development company, has reported a loss of $2.15 million (€1.49 million) for the six months to June 2008, up from $1.23 million for the same period in 2007.

The increased loss is mainly due to net financing costs associated with the $30 million convertible loan which was drawn down in July 2007.

The company recently completed a £33 million (€41.7 million) equity funding which will fund its exploration programme for the next 18-24 months.

Call for public sector pay freeze

Isme, the Irish Small and Medium Enterprise Association, has called for a pay freeze and employment embargo in the public sector.

In its pre-budget submission, published yesterday, the association also said business costs should be lessened by freezing local charges and reducing the incidence of stealth taxes.

It also said that the National Development Plan should be maintained.

Apple shares fall by 16%

Shares of Apple fell as much as 16 per cent yesterday - their steepest fall since January - amid concerns that the computer maker could be exposed to any drop in consumer spending resulting from the turmoil gripping the US economy.

The fall followed two separate downgrades by investment analysts. It came as the technology-heavy Nasdaq composite index, of which Apple is a part, fell 4.6 per cent.

Apple, which makes Macintosh computers, iPods, and iPhone mobile handsets, is among the most volatile large-cap technology stocks.

The company, which is run by Steve Jobs, is frequently among the biggest gainers and losers on the Nasdaq on a given day. - ( Financial Times service)