A roundup of today's other business stories in brief:

Ryanair 'zero fare' adverts criticised

Britain's advertising watchdog yesterday criticised Ryanair for promoting millions of "zero fare" flights that actually cost up to £21.70 (€32.50).

The Advertising Standards Authority (ASA) said the low-cost airline should have made clear that people would have to pay taxes and other charges on all tickets. It ordered the Dublin-based company to drop the television commercials. In a written adjudication, the ASA said Ryanair breached its code because the charges on each ticket were "non-optional".

Ryanair's "amazing autumn sale" commercials promised "Four Million Zero Fare Seats". Small print at the bottom of the screen said taxes and charges applied. - (Reuters)

Losses for Shannon Development

A significant drop in the sale of assets was the main factor behind Shannon Development recording an almost 300 per cent increase in losses last year, writes Gordon Deegan.

According to accounts returned to the companies office by the regional development agency, it recorded a loss of €10.2 million last year - an increase of €6.5 million on the €3.7 million loss in 2004.

The figures show that the agency suffered a 75 per cent drop in the sale of assets last year, recording a €3 million profit on assets last year compared to a €12 million profit in 2004. The firm spent €2.73 million on a voluntary severance package in 2004 and 2005.

Play centre wins microfinance prize

Bumblebees, an indoor play centre for children in Co Donegal, has won the best newcomer award at the 2006 First Step Microfinance Awards.

The runners-up were Wine Dispense Systems and Taste of Home. Chocolate company CocoaBean was awarded the top prize of best established entrepreneur. M Lennon Catering and The Olive Tree restaurant were runners-up.

Ireland 'second easiest' to pay tax

Ireland is the second easiest country in the world in which to pay business taxes, according to a report by PricewaterhouseCoopers and the World Bank, which compares business regulation in 175 countries.

The placing is based on the average ranking of three criteria: the total business tax rate; the number of tax payments that have to be made; and the time per year required to complete business tax filings.

Dragon Oil signs drilling contract

Dragon Oil has signed a two-year contract for the use of a drilling rig, which will enable the London and Dublin-listed company to advance its exploration activities in the Cheleken Contract Area offshore Turkmenistan.