Other business stories in brief
Fed holds interest rates steady again
The US Federal Reserve last night held its benchmark interest rate steady for a second straight meeting, biding time to assess whether cooling economic growth will curb price pressures.
As widely expected, the central bank's policy-setting Federal Open Market Committee voted to keep its federal funds rate target at 5.25 per cent, the level it reached in June after 17 straight increases stretching over more than two years.
The Fed said policymakers voted 10-1 to extend the interest-rate pause. - (Reuters)
Entrepreneurs feature on RTÉ
The international category of the Ernst & Young Entrepreneur of the Year competition will feature on RTÉ television tonight at 10.45pm.
This category features a diversity of business interests from bicycles to environmental treatments to software products to duck breeding.
Christopher Watson of Antrim-based Chain Reactions will feature talking about turning his family bike shop into an international business.
Anne Heraty of recruitment company CPL will talk about her company's development, while Kieran O'Connor of security company Freighwatch discusses his business from a location in Malaysia. Over the last two weeks RTÉ profiled the finalists in the emerging and industry category.
The overall winner of the Ernst & Young Entrepreneur of the Year 2006 will be named on September 28th in Dublin's Citywest hotel.
British Sugar opens Dublin office
British Sugar Group, part of Associated British Foods, has opened an office in Dublin to service its growing customer base. British Sugar is the second largest sugar producer in the world with operations in Africa, Poland and China.
M&T Bank signals fall in profits
M&T Bank, the US financial institution in which AIB has a 23.5 per cent stake, has signalled that profits from commercial real estate will fall, pointing to interest rate spread erosion. In a recent conference presentation, the bank signalled that it has positioned itself to take account of market expectations that US Fed rate tightening is over.
It indicates that a 2 per cent rise in interest rates would knock $21 million (€16.5 million) off net interest income, whereas a 2 percentage point decrease would knock income by just $1 million (€0.8 million).
Oakhill to move quotation to IEX
The board of Oakhill plc has decided to move its quotation from the full official list of the Irish Stock Exchange to the IEX. The board has also decided to move its London quotation from the official list of the UK exchange to the AIM.
Anglo raises €600m of fresh capital
Anglo Irish Bank Corporation has raised €600 million of fresh capital. The size of the fundraising increased after very strong investor demand.
