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Consumers critical of finance firms

Two out of every three consumers are not satisfied with the resolution of complaints they make to financial services firms, the financial regulator said yesterday.

Research conducted by the regulator in July found that 14 per cent of people had reason to complain about services received from financial firms within the past five years.

Two-thirds of those who complained to firms were unsatisfied at the end of the complaints process.

Financial services companies are obliged to follow a consumer protection code that requires them to handle complaints quickly, efficiently and fairly.

"We want consumers to be informed about the statutory complaints process, to exercise their rights and for firms to handle complaints fairly," said the regulator's consumer director, Mary O'Dea.

Losses of £692,260 for diamond firm

West African Diamonds, the diamond exploration company focused on Sierra Leone, has reported a pretax loss of £692,260 (€994,792) for the year to the end of April, its maiden period.

It said it expected to produce diamonds and gold before the end of 2007.

Merrill writedowns reach $8.4bn

Merrill Lynch yesterday revealed much worse than expected mortgage-related writedowns of $7.9 billion (€5.54 billion), prompting fears that Wall Street could face further losses from the credit market turmoil.

Including losses on leveraged loans, Merrill's total writedowns were $8.4 billion, by far the largest reported by any bank. The writedowns, which were almost double the $4.5 billion predicted two weeks ago, partly reflected signs of worsening conditions in the US mortgage market in the last few weeks, the firm said.

- (Financial Times service)

Bioverda chief to head Bord Gáis

John Mullins, the chief executive of NTR's bioenergy arm, Bioverda, is set to take the helm at Bord Gáis Éireann.

The State-owned natural gas supplier said yesterday that it had appointed Mr Mullins as its new chief executive. He will take up the position in December.

Mr Mullins worked with ESB International before joining NTR and took up his role at Bioverda when it was launched as a new division within NTR in early 2006.

Absolute Capital reopens fund

Absolute Capital Management Holdings, the hedge-fund manager that suspended withdrawals after investment chief Florian Homm quit, resumed trading in its German fund and said yesterday that four others may be liquidated. Absolute Capital will immediately begin calculating the net asset value of the German fund, it said. - (Bloomberg)