InShort

Go-ahead for Jurys Hotel development: The re-development of the Jurys Hotel site in Cork has received the go-ahead from An Bórd Pleanála but the group has yet to reach a final decision on its high-profile site in Dublin's Ballsbridge.

A spokesman for the company confirmed that the issue had been discussed at a regular meeting of the board of Jurys Doyle yesterday. "Progress has been made but the timeframe for a final decision has not been altered since the chairman's updating statement last month," the spokesman said.

At the time of the Jurys Doyle annual meeting in April, chairman Richard Hooper said the group was in the final stages of its review of the strategic options for the site, which is believed to be worth at least €200 million.

Shares in Jurys Doyle edged up by five cent to €15.20 as investors awaited further developments in the situation at the company. The company has rejected a €15.25 per share offer from the Precinct consortium.

Waterford sells site for €32.9m: Waterford Wedgwood has sold a site close to its sports and social centre in Waterford for €32.9 million. The 22-acre site is to be sold to a private developer, subject to a number of conditions.

"It is intended that the proceeds of the sale will be used for general corporate purposes particularly at Waterford Crystal."

Waterford Wedgwood recently announced a plan to invest approximately €100 million in restructuring its Irish and international operations, involving 1,800 job losses.

Pensions alert by World Bank: Governments need to consider mandatory investment accounts in reforming unsustainable pension systems that do not meet the needs of 21st century workforces, the World Bank said yesterday.

"Many of the pension systems in the OECD countries and in developing countries were not designed for the 21st century," said Richard Hinz, a World Bank adviser and co-author of its Old-Age Income Support in the 21st Century report. - (Financial Times Service)

Green light for IN&M purchase: Independent News & Media said yesterday that it had received Indian government approval for the €27.3 million purchase of a stake in Indian newspaper publisher, Jagran Prakashan.

Independent is buying a 26 per cent stake in the company, the publisher of Indian's largest Hindi-language daily newspaper, Dainik Jagran.

Euro-zone trade surplus narrows: The euro-zone's trade surplus narrowed sharply in March from the same month last year as new industrial orders shrank, auguring ill for the area's economic growth prospects, data showed on Tuesday.

Compared with February, the euro-zone's trade surplus grew slightly in March, fuelled by strong exports from Germany, the European Union's statistics office Eurostat said.

The non-seasonally adjusted trade surplus for the 12-nation bloc rose to €4.2 billion in March from €3.6 billion in February, but was sharply below the €10.4 billion surplus in March 2004, showing the impact of the strong euro. - (Reuters)

Dragon denies stake sale report: Dragon Oil has denied a Russian newspaper report that its majority shareholder, Emirates National Oil Company, has agreed to sell its stake to Russian oil major Lukoil.

Dragon said it had not received any approach that could lead to an offer being made for the company.