A round-up of today's other business news in brief
Alzheimer drug trialsto go ahead
About a dozen European regulators have analysed data from mid-stage trials of Elan's Alzheimer's drug bapineuzumab, which is being developed with Wyeth, and are satisfied that it is appropriate to move ahead with larger late-stage studies.
Last October, European regulators had asked that enrolment be delayed in two large late-stage trials of the drug so they could review results from smaller mid-stage trials to assess the drug's potential benefits and safety. The regulators also wanted to review designs of the larger planned studies.
"A dozen or more regulatory bodies have taken a look at the Phase II data and concluded that advancement is the correct course," Geno Germano, president of Wyeth's US and pharmaceuticals business units, said at the JP Morgan healthcare conference in San Francisco.
Wyeth expects to accelerate enrolment of patients in the phase III overseas studies. - (Reuters)
Green light for wind farm
Airtricity has got the official go-ahead for a €500 million-plus offshore wind farm in the North Sea.
The Dutch government yesterday gave the Scottish & Southern Energy-owned and Irish-based business the green light to develop a 260 mega watt wind farm of the Netherlands' coast.
Oil prices fall 5% on economy fears
Oil prices fell more than 5 per cent yesterday as thickening economic gloom added to worries world energy demand will keep shrinking this year.
US crude fell $1.88 to settle at $35.40 a barrel, after falling as low as $33.20 - the lowest since December 19th. London Brent fell 55 cents to $44.53 a barrel, maintaining an unusual premium to the US benchmark.
Oil prices have fallen more than $110 since July due to the effects of the global financial crisis. "We have gotten more dire economic news and the notion is that 2009 will not result in any significant turnaround, with sentiment mounting that may happen in 2010 instead," said Jim Wyckoff, an independent energy analyst. - (Reuters)
Circle discovers oil in Gulf of Suez
Circle Oil, the Irish explorer operating in Africa, discovered oil and gas in the Kareem Formation in Egypt after drilling in the North West Gemsa Concession in the Gulf of Suez.
Logging results indicate the total net thickness of the two pay zones is about 42ft, with an upper zone of 22ft, Circle said in a statement yesterday. "We have discovered commercial hydrocarbons in five of the last six wells drilled," chief executive David Hough said in the statement. - (Bloomberg)
British builder cuts debt pile
British housebuilder Barratt Developments said it has trimmed 14 per cent off its debt pile, but that heavy price discounting will hit full-year margins.
Barratt, one of the more heavily indebted British housebuilders, said that the outlook for the housing sector remains bleak as mortgage lending is constricted and buyer appetite is low.
"There is very little visibility until mortgage financing returns," chief executive Mark Clare said on a conference call. - (Reuters)
More architects losing jobs
Two out of every five architects will have lost their jobs during the 15-month period between January 2008 and March this year, according to a survey carried out by the Royal Institute of the Architects of Ireland (RIAI).
Almost 30 per cent of the estimated 3,500 architects in the State lost their jobs last year and the RIAI expects further jobs losses in the first quarter of this year. The RIAI has 2,800 members in the State.
