A round-up of today's other stories in brief

Kenmare reports $4.7m pretax profit

Kenmare Resources yesterday reported a pretax profit of $4.7 million (€3.8 million) for last year and said construction on its Moma titanium project in Mozambique was more than 80 per cent complete.

The company said the plant should be ready for handover by the end of 2006. "We are looking forward to taking charge of the mine and then moving into production," it said.

Shares in Kenmare added one cent, or 1.5 per cent, yesterday to €0.68.

Reinsurer drops part of €60m claim

A Bermuda-based reinsurance company, which claimed it suffered losses of more than $60 million (€48.37 million) as a result of alleged negligence and misrepresentation by three Deloitte & Touche companies, including Deloitte & Touche Ireland, is not proceeding with a claim for some $38 million of that amount, the High Court heard yesterday.

Solicitors for ESG Re Ltd notified lawyers for the defendants in February that it would not be able to adduce evidence to sustain part of the claim and was no longer maintaining a claim for some $38 million of the alleged losses sustained.

Mr Justice Peter Kelly yesterday rejected the defendants' application for costs on the part of the claim being dropped and a stay on proceedings until such costs were paid, as misconceived and having no basis in law. He adjourned the proceedings.

Powers to protect pension holders

The Pensions Board's new powers to fine the trustees of pension schemes for breaching pensions legislation will enhance protection for members of pension schemes, a pensions governance conference organised by Marsh Ireland heard yesterday.

Brian Buggy, a pensions expert at solicitors Matheson Ormsby Prentice, said under a measure contained in this year's Social Welfare Act, the Pensions Board will be able to impose fines on trustees without having to initiate "cumbersome" criminal prosecutions.

Smurfit Stone losses increase

Smurfit Stone, the US packaging company spun off from Jefferson Smurfit in 2002, posted increased first-quarter losses yesterday. The company blamed higher energy and freight costs and lower containerboard and corrugated prices for the $64 million (€52 million) loss, which was up from $19.9 million a year earlier.

Patrick Moore, the firm's chairman, president and chief executive, said the board was "optimistic" about the outlook for the business.

Forum seeks views on rules

The Government's Business Regulation Forum is looking for comments and suggestions from consumers, companies and organisations about the impact of regulations on businesses.

"The Forum is not seeking to reduce regulation per se," Minister for Enterprise, Trade and Employment Micheál Martin said in a statement. Instead it will examine the burdens placed on companies and propose possible changes.

The deadline for submission is May 26th.

52% of mortgages for 35-year term

A majority of Irish first-time buyers are opting for mortgages with a 30- year or longer term, according to the Irish Mortgage Corporation. For the first quarter of 2006, 27 per cent of the company's mortgage loans were for a 30-year term and 52 per cent were for a 35-year term.