InShort

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

Buy4Now wins €2m contract

Irish online shopping group Buy4Now, which provides the framework for Superquinn's internet ordering service, has won a €2 million contract to provide an e-grocery solution to US food retailer Roche Brothers.

This is the Irish group's second contract in the US and will increase its foothold in an e-grocery market worth an estimated €2 billion. This compares with €40 million in Ireland.

Under the terms of the three-year agreement, Buy4Now will set up the same system for Roche's 18 Boston stores that it currently provides for Superquinn. The service will start on November 2nd.

Rick Roche, president of Roche Brothers, said the group had chosen Buy4Now because of its "proven track record and excellent can-do ethos."

Abbot Laboratories profits fall 15%

Abbott Laboratories Inc yesterday said third-quarter profit fell 15 per cent as a variety of charges more than offset increased sales of its array of prescription drugs and medical devices.

The US-based company said it earned $681 million (€568 million), or 44 cents a share, compared with $804 million, or 51 cents a share, during the same quarter of last year.

Excluding special items, Abbott's earnings rose 9 per cent to 58 cents per share - matching the average forecast of analysts polled by Reuters Estimates.

Abbott shares rose more than 3 per cent, helped by the company's announcement it hopes to launch a new cholesterol drug by 2008.

Intel growth rises 18% on chip strength

US chipmaker Intel delivered revenue growth of 18 per cent in the third quarter compared with the year-earlier period, as demand for chips used in laptop computers remained strong.

Third-quarter revenue jumped to a record $9.96 billion, (€8.35 billion) a sequential increase from the prior quarter of 8 per cent. Net income was up 5 per cent on the year-earlier period at $2 billion. This was a 2 per cent decrease from the prior quarter.

California-based Intel employs more than 5,000 people at its Intel Ireland facility and a further 125 at its European communications unit in Shannon.

The group last month said it planned to hire an extra 80 people for research and development positions in Shannon over the next few years. Intel said it expects sales of between $10.2 billion and $10.8 billion in the current quarter.

Genzyme up 24% in third quarter

US biotechnology group Genzyme yesterday reported a 24 per cent jump in third-quarter revenue as demand continued for all its products.

Revenue increased to $708.1 million in the quarter, from $569.2 million in the year-earlier period.

Genzyme, which employs 7,600 people around the world, including 250 at its Irish operation in Waterford, said net income was $115.7 million (€96.66 million), up from $97.8 million in the year-earlier quarter.

Last month the group announced a €125 million investment in the Waterford plant, which is the primary tableting facility for Renagel, a treatment for patients with chronic kidney disease. The investment will create as many as 120 jobs.

Employment policies pay off

Ireland's active employment policies, such as increased spending on youth placement and vocational training as well as more flexible working patterns, has helped contribute to the European Union's (EU) increasing employment rate, a report released yesterday showed.

Despite low economic growth, the EU's employment rate doubled to 0.6 per cent last year, while its unemployment rate stabilised at about 9 per cent, the Employment in Europe report said.

Tax benefits help EMC's profits

EMC, the leading producer of corporate data storage equipment, said yesterday that third quarter profit nearly doubled, helped by a tax-related benefit and strength in its services business.

The company, which has a production facility in the Republic, said third-quarter net income rose to $422 million (€352 million), or 17 cents per share, from $218 million, or 9 cents per share, a year earlier.- (Reuters)

New oil drilling in Celtic Sea

Exploration group Island Oil and Gas said yesterday it has a contract with Petrolia Drilling for the digging of three wells, two in the Celtic Sea, starting in April next .