In short

Today's other stories in brief

New rules on pension surplus

New rules on the treatment of pension fund surpluses on company balance sheets could have implications for the way funds are invested in the future, Mercer said yesterday.

The consultant noted that the new International Accounting Standards Board guidelines curtail the circumstances in which a company can take credit on its balance sheet for a pension scheme surplus.

Mercer said the change would encourage many companies to consider the extent to which their pension plans take investment risks.

In some situations, the case for taking any risks will be eliminated, the consultant said.

IN&M buys back 1m shares

Independent News & Media has continued its buyback programme with the purchase of one million shares. The company paid between €3.54 and €3.56 a share. The stock will be held in treasury. Independent News & Media closed unchanged at €3.54 last night.

McMahon joins Collins Stewart

The Dublin office of stockbroker Collins Stewart Europe has hired Rob McMahon as director of its director of Irish equity sales. Mr McMahon joined the company from NCB Stockbrokers and previously worked for Citigroup Global Markets.

Gary McCarthy, managing director of the Dublin office, said the firm's decision to add an Irish domestic product to its pan-European offering was a mark of the company's ambitions in Ireland.

Ormonde buys out partner

Ormonde Mining has raised its interest in the Spanish La Zarza gold and copper mining project to 100 per cent, paying €2 million to its partner. The deal sees Ormonde acquiring a 2.25 per cent royalty interest and landholdings previously held by Nueva Tharsis. The consideration will be paid in instalments, with the first €350,000 already advanced.

Investment firm warning

The financial regulator has issued a warning on an investment firm that it says is not authorised to operate in the Republic. Huntington Asset Management Group (Switzerland) has been offering investment advice to members of the public, despite not having the authorisation to do so. The regulator urged consumers to avoid giving out their bank account number or personal finance details over the phone.

Aer Lingus Gatwick bound

Aer Lingus will start flying to Gatwick in London at the end of October. The new service, one of 14 new routes introduced by Aer Lingus so far this year, will operate four times each day.

Sony Ericsson misses target

Sony Ericsson, the world's fourth-biggest mobile phone maker, missed expectations with a 55 per cent jump in quarterly profits after it shifted focus to sales of lower-priced phones to gain market share.

The strategy however helped to widen the potential customer base of the mobile phone venture of Sweden's Ericsson and Japan's Sony, known for higher-end music phones based on its Walkman brand.

The weaker-than-expected profit came shortly after bigger rival Motorola warned investors of a quarterly loss, blaming weak phone sales. - (Reuters)

€350,000 spend on B&B sector

The Town and Country Homes Association is to invest €350,000 in "revitalising" the B&B sector. The investment, which will be rolled out over the coming year, will focus on marketing and IT development.

Members of the 1,200- strong association will benefit from reduced fees for training courses, while existing booking systems will also be improved.