A roundup of today's other business news in brief:
NBC to create TV and movie website
NBC Universal and News Corp has sealed plans to create a website to distribute professionally produced movie and television content - the biggest media industry effort yet to knock YouTube aside as the top online video destination.
The site, which will launch this summer, has signed up AOL, MSN, MySpace and Yahoo to distribute videos, which will be free and funded by advertising.
The plan is another setback for Google, the internet search company, which wants to forge partnerships with traditional media companies after its acquisition of YouTube for $1.65 billion (€1.23 billion) in October.
This month, Viacom, which owns MTV Networks, sued YouTube for $1 billion (€750 million) after negotiations over licensing fees and advertising foundered.
Media companies say YouTube has not taken seriously efforts to identify and track copyrighted video.
45% reduction in 3G losses reported
Hutchison Whampoa, the conglomerate controlled by Hong Kong tycoon Li Ka-shing, yesterday reported a 45 per cent reduction in losses at its 3G telecommunications business and predicted the unit would break even next year.
The group said 3G losses narrowed to $2.6 billion (€1.95 billion) last year. The 3G unit, which has anchor operations in Italy and the UK, lost more than $4.6 billion (€3.45 billion) in 2004 and 2005.
"I don't have to put one more cent into 3G," said Mr Li, adding that the company's networks in Italy, Australia and Hong Kong had achieved internal break-even targets last year.
"The only one lagging is the UK and we are forecasting it to do well very soon." The group's Irish operation 3 is included in the UK business unit.
Hutchison said its 3G business was on track to post positive earnings before interest and tax in 2008.
Manufactured goods prices fall
The price of goods leaving factory gates fell again in February, the Central Statistics Office (CSO) said yesterday.
According to the CSO's latest wholesale price index, manufactured goods prices fell by 0.6 per cent in February making the annual percentage change 1.6 per cent lower in February 2007.
By contrast, consumer price inflation was 4.8 per cent in February, according to the latest CSO release, was driven strongly by 9 per cent inflation in the service sector while goods price inflation was zero.
When broken down by category, the strongest fall in wholesale prices occurred in the "office machinery and computer" category of goods, where prices were 2.5 per cent down in the month and 11.2 per cent lower than a year before.
Basic chemicals prices also fell significantly, by 1 per cent month-on-month and 1.5 per cent annually.
Construction firm in North expands
Northern Irish-based construction company Graham has opened new offices in Dublin as part of plans to expand its operations in the Republic.
The company, which is part of the consortium to construct Dublin's newest bridge, the Samuel Beckett Bridge near Macken Street, has been involved in a number of landmark developments in the Republic over the past 10 years, including the Luas Bridge in Dundrum and the Dunleer/Dundalk stretch of the M1 motorway.
Graham is also part of a consortium bidding for the second bundle of schools to be built in the Republic under the Government's Public Private Partnership programme.
The company posted revenues of more than €200 million and projects that this will rise to €300 million next year, with 25 per cent of that being generated in the Republic.
