Today's other news in brief.

Iona 'on course' to report net profit this year

Iona Technologies is on course to record a net profit this year despite reporting a loss of $1.2 million (€864,437) in the first half, according to chief executive Peter Zotto.

Addressing journalists at a briefing in Dublin yesterday ahead of the group's annual general meeting today, Mr Zotto said the second half of the year tended to be significantly stronger than the first and he expected this year to be no exception.

Dublin-based Iona provides technology platforms for large multinationals including Vodafone, Credit Suisse and Goldman Sachs.

Mr Zotto said he expected Iona to be generating about $100 million in revenue by 2009. Last year it recorded revenue of $77.8 million.

Carroll now ICG's largest stakeholder

Property developer Liam Carroll has become the largest shareholder in Irish Continental Group (ICG), overtaking the two bidders seeking to take over the ferry operator.

In a statement to the stock exchange yesterday, Dolmen Stockbrokers said it had bought a further 43,860 shares in ICG on behalf of Mr Carroll, bringing his holding to 20.98 per cent.

ICG is the subject of a €24-a-share buyout offer from Aella, a group led by ICG managing director Eamonn Rothwell. It holds 20.9 per cent, while rival bidder Moonduster holds 20.4 per cent.

Shares in ICG closed unchanged at €25 yesterday.

Mr Carroll has bought a substantial portion of his shares at €25, implying he would be unwilling to sell at the current offer price.

Setanta signs deal with Arsenal FC

Setanta Sports has signed a six-year deal with Arsenal FC to be the exclusive broadcaster of a new Arsenal TV channel.

Setanta will take all subscription revenues while Arsenal will retain all gross receipts from sponsorship and advertising.

The channel is due to be launched in December and will be the 11th station to be offered in the Setanta Sports Pack on satellite. Arsenal TV will be included in the pack at no extra charge.

Dragon Oil profits jump 42%

Profits at Dragon Oil jumped 42 per cent in the first half of the year on the back of higher oil prices and increased production.

The oil and gas development company, which has headquarters in Dubai but is registered in Ireland and listed in Dublin and London, recorded net profit of $114.9 million (€82.9 million) in the six months to the end of June, up from $80.8 million in the same period last year.

Turnover rose 49 per cent to $213.2 million.

Average gross production was 28,321 barrels of oil per day, a 52 per cent increase on the same period last year.

Recycling firm to expand services

Greyhound Recycling & Recovery has spent €2.6 million on seven new bin lorries to expand its rubbish collection services.

Greyhound, which has more than 3,500 commercial waste customers as well as working with 12 local authorities, needs the capacity increase to cater for new contracts signed this year with groups including the Defence Forces, ESB and Lisney.

Burren Energy's profits fall 5%

Burren Energy yesterday reported a 5 per cent decline in first-half net profit, citing higher production costs, but said it had agreed a $500 million (€360.6 million) loan facility to fund acquisitions.

Chief executive Atul Gupta said the company was pursuing new business opportunities with the aim of strengthening and expanding its portfolio.

Burren reported net profit of $132.8 million in the six months to the end of June.

Revenue slipped 1.3 per cent to $235.9 million.