Other business stories in brief
Consultation on regulatory appeals begins
The Taoiseach yesterday announced a three-month public consultation process on regulatory appeals.
Following the publication of a White Paper on regulation, Bertie Ahern said: "The availability of efficient, effective and transparent appeals mechanisms is an important prerequisite for achieving quality regulation."
Ryanair announces new routes
Ryanair has added two new routes from Shannon and a sixth daily service on its Dublin to Gatwick route.
It will start operating flights from Shannon to Bournemouth and Edinburgh from October 31st. It also added a fourth daily service between Cork and Dublin and announced four new routes from London: Stansted to Deauville and Pula; and Luton to Fez and Marrakech.
Oakhill's operating profit falls 57%
Irish printing and card services group Oakhill said that while trading in the second quarter was significantly better than at the start of the year, margins were continuing to be squeezed and were still having a negative impact on the group's operating profit.
In a trading update, it said operating profit fell 57 per cent in the first six months of the year, compared with the year-earlier period. Revenue is up 7 per cent.
Oakhill said these figures did not make any provision for losses and costs relating to problems it encountered with one of its products in June, when production was temporarily suspended following security concerns.
Petrel project in Iraq still on track
Exploration group Petrel Resources, which is seeking to develop the Subba and Luhais oil field in Iraq, said the project is on track despite rising tensions in the Middle East. "What others see as difficulty, we see as opportunity," said managing director David Horgan, adding that several international groups have expressed an interest in partnering with Petrel.
Brothers banned from director roles
The North's Department of Enterprise, Trade and Investment said it had accepted a disqualification undertaking from two brothers for their part in the collapse of Black Mountain Coffee. Gerald Francis O'Reilly of Saintfield, Co Down has been disqualified from operating as a company director for seven years. Fintan O'Reilly of Aberdeen, Scotland, is disqualified for two years.
Amazon earnings plunge 58%
Online shopping company Amazon said earnings plunged nearly 58 per cent as it invested in new technologies and its toy business. Despite profits dropping to $22 million (€17.3 million) in the three months to June 30th, sales jumped 22 per cent to $2.14 billion.
Shares tumbled more than 12 per cent in after-hours trading on Tuesday after it said it planned to invest in its toy strategy and slash prices. It also said operating profit for the year would be lower than forecast.- (PA)
Reuters raises 2006 outlook
Reuters Group Plc raised its 2006 revenue outlook and boosted its dividend for the first time in five years.
The firm said it expected revenue to increase between 5 and 6 per cent, compared with a previous forecast of about 5 per cent, after it posted a first-half gain of 9 per cent. Net profit declined 27 per cent to £96 million after the discontinuation of some operations and last year's first half benefited from a disposal. - (Reuters)
