A round-up of today's other stories in brief
Standard Life confident about 2006
Standard Life Investments said it is confident about the 2006 outlook for Irish stocks because domestic companies will benefit from continued economic growth and the maturing of SSIA funds.
"Irish companies continue to enjoy the benefits of operating in the strongest economy in the euro zone," investment director Stephen Weeple said at a conference in Dublin. Standard Life also said Anglo Irish Bank and Kingspan are amongst its preferred Irish stocks.
Bank of England keeps rates at 4.5%
The Bank of England kept interest rates at 4.5 per cent for the fourth month running yesterday, leaving analysts still divided over when and what the next move in borrowing costs will be.
"It is a genuinely open question as to whether the MPC will cut rates again next year," said Andrew McLaughlin, Group Chief Economist at Royal Bank of Scotland.
First Choice profits rise 16%
Britain's First Choice Holidays said its annual underlying pretax profit was up 16 per cent, due to a strong performance from its package and adventure holidays, and that it is making two acquisitions.
First Choice - which owns Falcon and JWT in Ireland - said yesterday that profit before tax, goodwill amortisation and exceptional items was a record £114 million (€169 million) for the year to the end of October.
The company said that profit margins had increased as a doubling in fuel costs year-on-year had been mostly passed on. - (Reuters)
Glencar in deal with mining firms
Mining company Glencar said it has signed agreements with two groups, Africa Resources and La Societee Malienne de la Petite Mine d'Or, which allow it to acquire the two companies' 5 per cent stake in four licences in Mali for $1 million (€800,000) in cash or shares. Glencar can exercise the option at any time up to 90 days following the time when senior finance for a mine within the licence area has been secured and accepted.
Ormonde arm awarded €320,000
AIM-listed Ormonde Mining said yesterday that its Spanish subsidiary has been awarded grants worth €320,000 from the Ministry of Industry, Tourism and Trade in Spain. The grants cover investment in two of Ormonde's Spanish sites; its La Zarza gold-copper project and its Tracia gold project.
Nabarro Wells to advise Ovoca Gold
Precious metals group Ovoca Gold appointed Nabarro Wells to advise the company on its listing on London's Alternative Investment Market. It also named Ambrian Partners as the group's broker. Ovoca also named Rowan Maule as its new chief operations officer.
Gold discoveries for Conroy group
Exploration group Conroy Diamonds and Gold said it has discovered two more gold-bearing structures at one of its licenses in Co Monaghan. The quality of the gold found in some of the samples at the Longford-Down Massif site is particularly high, the group said.
Maynooth opens €4.5m institute
The National University of Ireland in Maynooth yesterday launched a new €4.5 million Institute of Microelectronics and Wireless Systems. The institute, which is funded with grants from Science Foundation Ireland and Enterprise Ireland, will research the wireless and microelectronics sectors, which employ more than 50,000 people.
