Today's other stories in short
Crude oil price falls on Saudi comments
Crude oil fell as Saudi Arabian oil minister Ali al-Naimi said record prices are "unjustified" and the state oil company signalled it may soon start pumping from a new field. The June 22nd meeting in Jeddah "will discuss the price rises, which are unjustified by fundamentals, and suggest appropriate solutions", Mr al-Naimi said in a statement yesterday.
Crude oil for July delivery fell $1.90, or 1.4 per cent, to $134.84 a barrel at the 2.30pm close of floor trading in New York yesterday. - (Bloomberg)
Anglo Irish Bank appoints director
Anglo Irish Bank has appointed Donal O'Connor - a former senior partner of accountancy firm PricewaterhouseCoopers - as a non-executive director of the company.
Former RTÉ Authority chairman Fintan Drury, founder of the Platinum One event management and sports sponsorship agency, is retiring as a non-executive director of the bank.
Eagle Star to adopt Zurich brand
Eagle Star is to adopt the Zurich brand across all its life and general insurance business in Ireland. The financial services firm has been a part of the Swiss Zurich Financial Services Group for more than 10 years.
The Eagle Star name will remain in use for its pension, investment and protection product range.
Banks have $400bn capital deficit
European banks have a $400 billion (€260 billion) hole on their balance sheets in spite of a record-breaking week in fund-raising from rights issues.
This is a 20 per cent increase from the end of last year, raising a big question mark over the health of the banks and suggesting the credit crisis is deepening, according to Citigroup.
The so-called capital deficit, which measures the amount of equity banks should have in relation to risky assets on their books, now stands at more than $400 billion, Citigroup says. - (Financial Times service)
INM agm speaker represented O'Brien
John Ryall of Independent News Media shareholder Pershing, described as an institutional investor in a report on Thursday on the company's agm, is in fact a representative of Denis O'Brien. He did not mention his connection with Mr O'Brien when addressing the meeting.
US consumer price rise beats forecast
US consumer prices rose more than forecast in May as record oil prices reduced American confidence to the lowest level since Jimmy Carter was in the White House. The consumer price index increased 0.6 per cent, the biggest rise since November. - (Bloomberg)
New chief at Chambers Ireland
Chambers Ireland, the country's largest business network, has appointed Ian Talbot as chief executive.
Mr Talbot formerly held positions as a director of Citigroup and JP Morgan Chase in Ireland, and with Fexco Consumer Products.
Boundary Capital names director
Private equity firm Boundary Capital has appointed Eugene McCague as a non-executive director.
Mr McCague (49), is chairman of Arthur Cox Solicitors and a board member of the Health Services Executive.
