In Short

A round-up of today's business news in brief

Buyout deals decline

The global mergers and acquisitions market reached a record $3,850 billion (€2,721 billion) during the first nine months of the year, but experienced a dramatic drop in the third quarter as the credit markets seized up and buyout activity collapsed.

The volume of deals worldwide fell 42 per cent to $1,000 billion during the third quarter, compared with the $1,740 billion announced in the previous quarter, Dealogic, the financial data provider, said. - (Financial Times service)

Accountancy fees top €1bn

Accountancy firms performed strongly last year, with fee incomes passing the €1 billion mark for the first time, according to Finance Magazine's annual survey of the market.

The top 20 firms returned an annual growth rate of 19.6 per cent, while all of the companies surveyed posted an increase in fee income. Overall, fee income rose from €976 million to €1.16 billion. The "Big Four" - KPMG, Deloitte, PricewaterhouseCoopers and Ernst & Young - increased market share to 75.2 per cent from 73.5 per cent.

Aminex reports $1.6m loss

Listed oil and gas group Aminex has announced a net loss of $1.6 million (€1.13 million) for the first half of this year.

Company revenues amounted to $2.9million (€2.1million) for the period.

Ormonde gives positive update

Irish explorer Ormonde Mining has released a positive update on its Tungsten Project in Salamanca, Spain.

"We are very pleased with the latest results which further extend the strike and depth of the high-grade tungsten zone and support directors' growing confidence that it should be possible to establish a high-margin, low capital cost, underground mine on the deposit," Kerr Anderson of Ormonde Mining said.

€1m profit for Getmobile

Irish-owned mobile phone contract provider Getmobile Europe has announced a pre-tax profit of €1.1 million for the first six months of this year.

The company recorded sales of €49.8 million between January and June of this year, €21 million ahead of the same period in 2006.

Rosslare port gets €8m boost

Iarnród Éireann is set to invest over €8 million in new terminal facilities at Rosslare Europort in Co Wexford. The majority of the investment will go into replacing the Linkspan on the port's Berth 2, at a cost of €6.8 million. The works will be completed in late 2008.

Ballymore buys tower site

Property developer Ballymore has acquired a 95 per cent interest in the Picadilly Tower site in Manchester where it will develop Europe's tallest residential building. The mixed use development will feature almost 700 residential units.

Circle Oil loses $1.2m

Circle Oil, the AIM-listed oil and gas exploration company, yesterday reported a net loss of $1.2 million (€840,000) in the first half of the year, compared with a loss of $1.9 million for the same period the previous year. The reduced loss was largely due to a decrease in the cost of share options and lower administration costs.

Call to reduce claims 'burden'

Independent brokers group PIBA claims regulation has gone too far in Ireland, "placing a disproportionate burden on small and medium-sized businesses".

PIBA chairman Jack FitzPatrick called for "regulation to be scaled according to the level of risk posed".