A roundup of today's other business stories:
Vodafone sells stake in Proximus
Vodafone yesterday agreed to sell its 25 per cent stake in Proximus, the Belgian mobile phone company, to co-owner Belgacom for €2 billion.
The sale is the third asset Vodafone has sold since deciding that it would bail out of some mature markets in which it was not a market leader or holding a minority stake in favour of expanding in more promising ones.
- (Financial Times service)
Waterford Port shows €5m profit
The Port of Waterford has reported an operating profit of almost €5 million for 2005, having increased sales by 5 per cent to €10.7 million. It also maintained its position last year as the largest port in the State after Dublin, in terms of units handled.
Speaking at the release of the port's 2005 results, chairman Ben Gavin called for the development of the port in order to address the shipping capacity shortfall expected to arise in the State in the near future. The port owns a substantial land bank which is zoned for development, and Mr Gavin said that this is the logical site for future development.
Sainsbury's aims for added NI value
British supermarket giant Sainsbury's intends to boost the value of Northern Irish produce sold in its stores by 20 per cent after teaming up with a record 150 suppliers in the region in the last year.
This would build on the 20 per cent increase in the volume of goods sourced in the North last year. That brought the value of Northern Irish products sold in Sainsbury's to more than £220 million (€325.5 million). About 1,200 locally made products are now on sale in Sainsbury's stores throughout the UK.
Sainsbury's has recognised health food company Good4U as the provider of its top product launch this year with its Brocco Shoots - a blend of broccoli, alfalfa, clover and radish sprouts. The family-owned firm was founded in Sligo but is now based in Cookstown, Co Tyrone.
UK economic growth accelerates
British consumers caused UK economic growth to accelerate in the second quarter, prompting worries of further interest rate increases by the Bank of England. According to latest figures from the Office of National Statistics (ONS), Britain's economy grew by 0.8 per cent in the second quarter compared to the first quarter of this year, and by 2.6 per cent in annual terms.
The data suggests that chancellor Gordon Brown's most recent forecasts, which are for the economy to grow between 2 and 2.5 per cent, may be exceeded.
African Diamonds intends demerger
Exploration group African Diamonds said yesterday its directors have proposed a demerger of its Sierra Leone and Guinea assets into a new company called West African Diamonds. The directors intend to raise equity for West African Diamonds to enable it to begin production at mining projects in Sierra Leone and Guinea. They also intend to seek admission for the new company on London's Alternative Investment Market this year.
