In Short

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

Heinz income jumps 23% in first quarter

Food group HJ Heinz said net income jumped 23 per cent in its first quarter, lifted by Weight Watchers and Classico and other brands and boosted by a strong North American performance.

The reported earnings come two weeks after a struggle for influence on the Heinz board, led by activist shareholder NelsonPeltz, was decided by a shareholder vote.

Mr Peltz and four business associates hope to win several seats on on the food group's board. Mr Peltz is seeking to introduce a more aggressive cost-cutting restructuring plan. The result of the vote will be revealed next month.

The company employs over 300 in Ireland working in sales and manufacturing.

Net profits were $194.1 million (€151.5 million), or $0.58 per share, in the first quarter, compared with net income of $157.3m, or $0.45 per share in the year before, which included profit from the discontinued businesses and special items. Excluding a one-off tax benefit this quarter, earnings per share grew by 8 per cent. Net earnings were roughly in line with guidance at the time of the shareholder revolt. Sales increased 8.4 per cent to $2.06 billion.

Property prices to rise, say buyers

Three-quarters of first-time buyers think property prices will continue to rise over the next five years, according to a survey commissioned by EBS Building Society.

The survey also showed that almost nine in 10 buyers were concerned about rising interest rates, with 46 per cent saying they would move to a fixed-rate mortgage if interest rates continued to rise, 43 per cent saying they would switch to another provider with better rates and 40 per cent indicating that they would change their lifestyle.

Jupiter Advisory warning issued

The Irish Financial Services Regulatory Authority (IFSRA) has issued a warning notice on Jupiter Advisory, a Swiss-based company that has been offering unauthorised investment services in the Republic.

The notice is published today in Irish daily newspapers under the terms of the Investment Intermediaries Act 1995.

It is a criminal offence for an investment firm to operate in the Republic unless it has authorisation from the regulator. Clients of unauthorised firms are not eligible for compensation from the Investor Compensation Scheme.

Fexco to engage in Bahrain venture

Fexco, the Kerry-based global payments company, is forming a property management joint venture in Bahrain with the Nass Group, a Gulf-based industrial organisation, through its Australian subsidiary, Body Corporate Services (BCS), it announced yesterday.

Fexco also said that it had developed a new Dubai-based savings scheme for the United Arab Emirates and greater Middle East market. The company has designed a way to operate a prize bonds scheme in the region that complies with Sharia law.

BP to restart oil work in Alaska

BP is aiming to restart oil production at the eastern half of the giant Prudhoe Bay oil field in Alaska by the end of September, sources familiar with the company's plans said yesterday.

The plans for a partial restart call for the pipeline connecting Flow Station 1 with the Trans-Alaska pipeline to be returned to service.

Prudhoe Bay normally pumps around 400,000 bpd of oil, or 8 per cent of US domestic supply, but BP shut down half of the field in early August after government-ordered pipeline inspections turned up severe corrosion inside a segment of the eastern oil transit line at the field. - (Reuters)