A round-up of today's other stories in brief
Oakhill suspends production
Oakhill has suspended production of one of its products following security concerns in a move that may cost the group as much as €153,400 a month. Its shares dropped 21 per cent.
No one at the company was available to clarify the exact nature of the problem or to confirm which product it concerns.
However, the issue is believed to stem from security problems following the upgrade of manufacturing processes at the end of last year at the group's cards business. The announcement comes only a month after Oakhill said adverse trading trends would negatively impact its full-year results.
Ramco Energy ruling reversed
A Texas court yesterday reversed a decision against Ramco Energy in the Tenge lawsuit involving Anglo Dutch-Petroleum.
A Ramco statement quoted the judgment as saying "there is no evidence to prove with reasonable certainty what profits, if any, plaintiffs lost as a result of the Ramco parties breaches of contract".
Ramco will now turn to the Scottish courts to "lift the inhibitions and arrestments which have been restricting its ability to carry out its normal business", according to chairman Stephen Remp, and will try to recover costs involved with the Scottish legal action.
New directors at Ulster Bank
Ulster Bank has appointed three new directors. The bank, which recently won a KPMG business banking excellence award, has poached Declan Fitzgerald from AIB Capital markets to be its new head of capital markets.
Veterans Ulster Bank executives John McGrane and Joe Molloy become head of business and commercial banking and head of wealth management respectively.
Dowling buys 2,000 Kerry shares
Kerry Group non-executive director Michael Dowling has spent €34,100 on 2,000 shares in the company. Mr Dowling bought the shares on Tuesday, paying €17.05 each. Shares in Kerry closed at €16.90 last night, up five cent.
Director in AIB buys 12,300 ADRs
Robert Wilmers, a non-executive director of AIB has bought 12,300 ADRs in the company, the equivalent of 24,600 ordinary shares. Mr Wilmers bought the ADRs on Tuesday in New York, paying $46.6337 (€36.43) each, or a total of $573,594.
The shares were registered under the ownership of Natexis Bleichroeder.
Guarantee of rail finance 'not aid'
The European Commission said yesterday that the Irish government's guarantee to the transportation board to finance rail infrastructure improvements did not constitute state aid.
With the guarantee the Córas Iompair Éireann can raise funds with private banks for improvements.
