A round-up of today's other stories in brief

B of I, ICS increase variable rates

Bank of Ireland and its subsidiary ICS Building Society yesterday increased their variable interest rates following the European Central Bank's (ECB) decision earlier this month to raise its key rate for the first time in five years.

The bank raised its standard variable home loan rate to 3.75 per cent from 3.6 per cent. The increase, which is less than the ECB's rise of 0.25 of a percentage point, comes into effect today.

Customers on tracker mortgages rates, which are set at a fixed margin above the ECB rate, will see their repayments rise automatically. Bank of Ireland, ICS and IIB Homeloans increased their fixed rates last month in anticipation of a rate hike.

ICS said yesterday it raised its standard variable rate by 0.20 of a percentage point to 3.75 per cent.

Fed Reserve raises interest to 4.25%

The US Federal Reserve has raised rates by a quarter point to 4.25 per cent, its 13th consecutive rise.

The dollar weakened against other leading currencies after investors took changes in the Federal Reserve's policy statement as a sign that the central bank had reached the beginning of the end of its interest rate rises.

However, attention was focused on the accompanying statement, where the central bank made significant adjustments to its language.

Gone was any reference to policy "accommodation", a phrase the market had taken as implying the Fed was aiming to take the key Fed funds target to a neutral level it had not yet reached. - (Financial Times service)

IWP performance meets expectations

IWP, the troubled household goods group, said its performance for the six months to the end of September 2005 will broadly be in line with market expectations.

The trading environment is difficult, but group operating profit before exceptional and restructuring costs is in line with market expectations, its annual general meeting was told yesterday.

Martin approves purchase of NTL

The €325 million purchase of NTL by US-based firm Liberty Global has received approval from the Minister of Enterprise Trade and Employment, Micheál Martin.

The deal has already been sanctioned by the Competition Authority, subject to certain conditions.

NTL Ireland is the largest cable operator in the Republic, offering cable television and broadband services to residential and corporate customers.

Through its subsidiaries and affiliates, Liberty Global is the largest broadband cable operator outside the US in terms of subscribers.

Waterford director to resign

Waterford Wedgwood, the maker of luxury crystal and china, announced the departure of non-executive director Gerald Dempsey from the board yesterday.

In a statement to the Irish Stock Exchange, the company said Mr Dempsey was resigning. However, sources in the company said Mr Dempsey, who has been a director of the company since 1986, was retiring.

EU initiates legal move against Italy

The European Commission began a legal action against Italy yesterday over the way its central bank handles takeover battles for Italian banks involving foreign bidders.

The action by internal market commissioner Charlie McCreevy follows a complaint by Dutch bank ABN Amro that the Bank of Italy favoured a rival Italian bidder for Banco Antonveneta.