A roundup of today's other business stories in brief:
Profits at Irish hedge fund firm rise 142%
Absolute Capital Management (ACM), the AIM-listed hedge fund group headed by Donegal businessman Seán Ewing, delivered a 142 per cent increase in pretax profits to €11.4 million in the first half of the year.
The group's operating profit rose by 175 per cent to €13.97 million (before adjusting for certain non-cash related charges) compared to the same period in 2005.
Earnings per shares climbed by 153 per cent to 27 cent. According to chairman and chief executive Mr Ewing, the uplift in profitability has been driven by a significant increase in assets under management. Over the past 18 months, assets managed by the group have jumped 212 per cent to $1.227 billion (€951 million).
The group's investment funds delivered "significant absolute returns" for the first half of the year, and ACM added two further funds to its portfolio last month.
ComReg consults over dial-up fees
The Irish Commission for Communications Regulation (ComReg) said yesterday that it will consult with industry representatives and members of the public on the issue of applying a price cap to fixed narrowband access markets.
ComReg's recent review of competition within this sector, which includes copper exchange line and ISDN services, showed that Eircom dominates the fixed access market, and ComReg has indicated that a retail price cap may be required to remedy this situation.
Moody's may upgrade HP bank
Moody's Investors Service said yesterday that it may upgrade the A3 long-term deposit rating of Dublin-based Hewlett-Packard International Bank (HPIB).
The possible upgrade is dependent on the continued support of HPIB by the bank's parent company, Hewlett Packard, which is regarded as a strong performer.
Copper prices increase 2.4%
Copper prices rose strongly yesterday as striking workers at the world's largest copper mine in Chile rejected an improved wage offer from BHP Billiton and took their dispute into its third week.
Yesterday copper rose 2.4 per cent to $7,685 (€5,961) a tonne in London.
BHP's decision to raise its wage offer came three days after the group closed the Escondida mine, which accounts for 8.5 per cent of copper mined worldwide, after striking workers blocked all roads to the site.
- (Financial Times service)
UK Guinness site to be demolished
Brixton, the industrial property group, is poised to demolish the old Guinness brewery in west London after buying the site from Diageo for £47.1 million (€69 million).
Brixton said it would turn the site into an industrial park with 500,000 sq ft of space after the deal completes next June. It already owns substantial holdings in the surrounding Park Royal area. - (Financial Times service)
