In Short

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

VC investment in Irish firms down 39%

The amount of European venture capital invested in Irish companies fell 39 per cent in the second quarter, according to the latest quarterly European venture capital report from Ernst & Young and Dow Jones VentureOne.

The total invested in the three months to the end of June was €14.67 million, down from €23.9 million in the same period last year, with the biggest fundraising believed to have come from Dublin-based software firm AdaptiveMobile. Compared with the first quarter of this year, however, the funding more than tripled.

Across Europe as a whole, as much as €1.14 billion was invested in 213 deals, with a trend for increased investment but fewer deals.

Carroll adds to stake in ICG

Liam Carroll has again added to his stake in ferry company Irish Continental Group (ICG) with the purchase of almost 1.1 million more shares.

In a statement to the stock exchange yesterday, Mr Carroll said he bought 9,822 shares at €25 - the amount being offered by management buyout vehicle Aella - and a further one million shares at €24.76.

This brings his holding to 19.91 per cent.

IN&M continues share buyback

Independent News & Media has continued its share buyback, spending at least €973,500 on a further 295,000 shares. The shares will be held in treasury.

US factories scale back activity

The turmoil in global credit markets hit the US manufacturing sector last month as factories scaled back activity.

Managers cut orders because they expected sales to weaken amid tightening credit conditions, according to the Institute for Supply Management. - ( Financial Times service )

UK endorses French IMF candidate

Britain yesterday endorsed former French finance minister Dominique Strauss-Kahn over a former Czech central banker to head the International Monetary Fund (IMF) in a contest likely to go to the Frenchman.

Mr Strauss-Kahn won the backing in July of the EU to head the institution once IMF managing director Rodrigo Rato steps down in October. In a bid that seemed a direct challenge to Europe, which has traditionally appointed the IMF head, Russia named Josef Tosovsky as a second candidate. - ( Reuters )

Oil nears $75 amid hurricane fears

Oil rose to almost $75 yesterday as a top US hurricane forecaster predicted a busy end to the Atlantic storm season, raising concerns over potential oil and gas disruptions. US crude gained 63 cents to $74.67 (€54.85) after trading as high as $74.97, while London Brent crude was up 26 cents at $73.67.- ( Reuters )