In short

Other finance stories in brief

BB prepares for credit rating cut

Bradford Bingley yesterday braced for a further setback after Moody's, the ratings agency, indicated it was preparing to cut the ailing mortgage lender's credit rating.

Moody's, which has been reviewing BB's credit ratings ever since it issued a profit warning last month, has decided to lower the bank's main ratings by a single notch, people familiar with the matter said.

The downgrade, which comes just days before shareholders are due to vote on BB's £400m share issue, is significant because it gives TPG Capital, the private equity firm backing the capital increase, the right to walk away from the deal. - ( Financial Times Service)

Waterford Stanley  hit by falling demand

Waterford Stanley, a producer of range cookers, has rationalised its Irish operations.

The firm, which is part of the Aga Foodservice Group, has suffered from a deterioration in consumer demand.

Over the past few months the firm has reduced its workforce from 170 to 135, and remaining employees have had their working hours reduced.

There are 20 Stanley and 35 Waterford sales centres located throughout Ireland. Production is carried out in Britain.

A spokesman for Aga Foodservice Group said "trading conditions have become really tough", and sales at the company have fallen off in the first half of the year.

The group said the rationalisation of its Irish operations would have a "significant impact" on its first-half-year results.

In the company's accounts for 2007, 37 per cent of revenue was classified as being outside the UK, with "particular strength in France, Ireland and the US".

Myra Garrett named managing partner

Law firm William Fry has appointed Myra Garrett as managing partner with effect from November.

A partner since 1993, Ms Garrett is head of the firm's corporate finance practice.

Ms Garrett, who is a graduate of UCD, is also a member of the Irish Stock Exchange consultative panel on equities and a director of the Road Safety Authority. She takes over from Brendan Cahill who is returning to full-time practice in the firm's corporate department.

Bank of Ireland workers cancel planned 24-hour strike after compromise brokered

Bank of Ireland workers have called off next Tuesday's planned 24-hour strike after a deal with the bank in a row over gain-share payments.

The Irish Bank Officials Association (IBOA) said a "compromise deal" had been brokered by independent mediator Kieran Mulvey. The strike threat emerged after the bank said it would cut its annual gain-share bonus to staff from 6 per cent of salary to 3 per cent of salary.

Some 6,000 workers had planned to hold the stoppage and picket the bank's agm in Dublin next Tuesday. Instead, members of the IBOA will be balloted on the new deal.

Under the deal reached this morning, staff will receive an additional, once-off, non-pensionable lump sum payment equivalent to 3 per cent of annual salary in October.

IBOA general secretary Larry Broderick said that the IBOA's Bank of Ireland executive committee considers the proposals a significant advance on the bank's previous declaration that its original decision was non-negotiable.

"The proposals brokered by Kieran Mulvey represent a positive and imaginative response to the impasse created by the bank's unilateral decision," he said.

Members of the Unite union, which represents 600 workers, have also called off their action planned for the same day.