Other finance stories in brief

Moodys gives Ardagh lower credit rating

Moodys Investors Service has downgraded its credit ratings of glass producer Ardagh Glass by one notch, including the corporate family rating and ratings of all secured and unsecured loan notes.

Moodys said that the negative outlook reflects overcapacities in the UK market and the risk of further energy price hikes.

Ardagh Glass Group is the leading supplier of glass containers in the UK, and also operates in Italy, Germany and Poland.

C&C completes sale of Tayto

Drink and snacks group C&C yesterday announced the completion of the sale of its Tayto Crisps business to Largo Foods.

In a statement to the stock exchange, C&C said the Competition Authority had cleared the €62.3 million transaction.

The listed drinks and snacks group said proceeds from the deal, which was first announced in July, will be used to reduce the group's debt. Tayto currently sells two of the top five Irish crisp brands, King and Tayto.

Dollar eases losses despite caution

The dollar pared some losses yesterday against a backdrop of growing risk aversion, even as investors fretted about the prospect of slower US economic growth leading to interest rate cuts as early as next year.

The greenback was still down against the euro but managed to turn slightly positive against other major currencies. The euro was up 0.1 per cent at $1.2797 against the dollar, and against the yen, was up about 0.3 per cent at 148.96 yen. - (Reuters)

Minmet reveals return to profit

Mining and exploration group Minmet yesterday revealed a return to profit in the first half of the year and said it expects to conclude one new deal within the next few months.

The Dublin-based company has been de-listing its projects into separately listed companies to maximise their value and said its portfolio is now worth $11 million (€8.6 million).

Net profit was $601,000 in the six months to the end of June, compared with a loss of $3.1 million in the year-earlier period. Revenue increased 18 per cent to $5.1 million.

Cap Gemini to move operations

Technology services group Cap Gemini announced yesterday that it intends to transfer its entire Irish operation to Sogeti, a wholly-owned subsidiary of the group.

Cap Gemini believes that Sogeti's business model is "better suited" to the opportunities offered by the Irish marketplace.

The transfer of ownership is expected to take place on 1 January 2007, and Cap Gemini's 69 Irish employees will move to Sogeti.

Keenan becomes IL&P director

Roy Keenan, formerly chief executive of Bank of Ireland in the UK, has been named as a non-executive director of rival Irish Life & Permanent. Mr Keenan will take up the position on October 1st.

Lapp Platts releases results

Lapp Platts, the IEX and AIM-listed exploration firm released its first-half results yesterday. The company said it was looking at regional consolidation by aggregating its licences with those of other groups in the northern Sweden region.

The net loss narrowed to £9,140 (€13,583) in the six months to the end of June, from £119,759 in the year-earlier period. The group has no revenue.