A round up of today's other business stories in brief.
WTO could force GM foods on EU
The World Trade Organisation (WTO) last night issued an interim ruling on whether the EU's unofficial moratorium on approvals of genetically modified (GM) crops and foods between 1998-2004 restricted trade, writes Jamie Smyth from Brussels.
The ruling, which has been delayed several times by the WTO, could force the EU to open its market to more genetically modified foods from foreign producers.
Diplomats and industry watchers speculated yesterday that the EU may come off worst in the case brought by Argentina, Canada and the United States, where they claim its unofficial moratorium on GM approvals hurt their exports and was not based on science.
Donegal directors struck off in UK
Two Donegal businessmen have been disqualified from acting as directors in the UK. John Anthony Doherty and Columba (Colm) Joseph Doherty were barred for 11 years and eight years respectively by the High Court in Belfast.
The two men were directors of PJ Doherty (Derry) Ltd, which went into liquidation in November 2001 with debts of £6.7 million (€9.75 million).
Charges undercut BP earnings
BP posted a 25 per cent surge in 2005 profits thanks to high oil prices but its shares fell on weaker-than- expected fourth-quarter earnings, mainly due to one-off charges at its refining unit.
The world's second- largest listed oil firm by market value tempered the profits disappointment by reporting a relatively strong reserve replacement record in 2005 and adding it could return up to $65 billion (€54.2 billion) to shareholders through dividends and buybacks in the coming three years if oil prices stay high.
BP, whose chairman is Peter Sutherland, said underlying fourth-quarter profit was $4.985 billion, versus $4.765 billion for the last quarter of 2004 but well shy of expectations of $5.75 billion. - (Reuters)
Top ranking in CIMA exams
Deloitte consultant Olwyn Hanrahan ranked top globally among 33,000 Chartered Institute of Management Accountants (CIMA) in one paper in professional exams last November. Ms Hanrahan gained the highest score in an examination of integrated management issues.
Disney posts 7% rise in profit
Walt Disney has posted a 7 per cent rise in first-quarter profit as revenue from the new Hong Kong Disneyland theme park and the 50th anniversary promotion of the original Disneyland made up for movie studio softness.
Net income rose to $734 million (€613 million), or 37 cents per share, in the three months to the end of December, from $686 million, or 33 cents per share, a year earlier. Revenue rose to $8.854 billion from $8.666 billion a year earlier. - (Reuters)
Overseas sales boost Toyota
Toyota Motor, the world's most profitable car maker, posted a 14 per cent rise in quarterly profit yesterday as sales in overseas markets raced ahead and a weaker yen boosted the value of earnings from them.
Toyota had an operating profit of 482.21 billion yen (€3.4 billion) for October- December. Net profit surged 34 per cent to Y397.57 billion. - (Reuters)
