Today's other news in brief

Validity of Carlton CPO is upheld

The Supreme Court has upheld the validity of a compulsory purchase order (CPO) for a valuable development site at and around the Carlton cinema in Dublin's O'Connell Street.

The site has been at the centre of disputes for several years, but Dublin City Council will not know until next week whether it can proceed with development of the area as there may yet be a challenge to the constitutionality of laws relating to CPOs.

The Supreme Court yesterday dismissed an appeal by Paul Clinton, of Gate Lodge, Ranelagh, Dublin, an architect and member of the Carlton Group, against a High Court decision upholding the validity of the CPO made by the council in 2001 and confirmed by Bord Pleanála in 2003. It ruled the CPO was lawful and proportionate.

Gleeson to leave pensions fund

Ian Gleeson, head of property at the State's €18.8 billion National Pensions Reserve Fund (NPRF), is to join Morley Fund Management. It was not immediately clear what the departure would mean for the NPRF's target of allocating 8 per cent of its portfolio to real estate by 2009 from its current level of 2 per cent.

Drilling to take place at Hook Head

Exploration group Providence Resources said it was on course to start a 50-day drilling programme in the Celtic Sea in August.

Kerry buys back more shares

Food group Kerry yesterday announced the buy-back of 225,000 shares at €22.10, less than a week after it bought back another 200,000 units. Following the buy-back the shares will be cancelled.

Profits up at Alliance Boots

UK pharmacy chain Alliance Boots has reported that underlying trading profits rose 7.4 per cent to £641 million (€940.5 million) for the year to end-March.

Alliance Boots, created from the merger of drug store chain Boots and drugs wholesaler Alliance Unichem last July, agreed last month to an £11.1 billion takeover by private equity firm Kohlberg Kravis Roberts and its deputy chairman and biggest shareholder Stefano Pessina.

€100m fund for start-up businesses

Ulster Bank is to launch a €100 million loan fund aimed at start-up businesses. The new loan fund is the bank's latest offer to target start-ups and small and medium-sized enterprises in the past fortnight, and highlights growing competition in the market to win over small business customers.