A round-up of today's other business news in brief

Insurance costs to go up as claims rise

Insurance costs, particularly motor premiums, are likely to rise this year as the sector struggles with rising claims and falling operating profits.

The Irish Insurance Federation’s (IIF) annual Factfile survey for 2008, showed gross insurance premium income fell by 26 per cent to €13.4 billion, with the group saying this trend has been maintained.

Last year the Irish Insurance Federation’s 22 domestic non-life members, which account for 95 per cent of the Irish market, saw their net underwriting profit drop 79 per cent to €228 million.

The value of gross premiums written by non-life members declined by 7.7 per cent to €3.33 billion, while new claims rose 14 per cent.

Oxigen profits up 35% to 15.4m

Pretax profits at Oxigen Environmental, one of the State’s largest waste management companies, increased by 35 per cent to €15.4 million last year.

According to accounts recently filed to the Companies’ Office, the Dundalk company recorded a 17 per cent rise in turnover to €77.7 million.

Established in 1988 by Seán Doyle and Seán Rooney, the company provides waste services to over 400,000 domestic customers across Leinster.

Fed’s economy verdict lifts dollar

The dollar rose against the yen last night after the Federal Reserve said the US economy is levelling out and added that it will extend to the end of October a programme to buy long-term government securities.

The Fed also left benchmark rates unchanged near zero. Analysts said the Fed’s decision to extend the time-frame but not the amount of securities it intends to buy under the programme may be considered a sign the economy is improving, and that helped lift the dollar. – (Reuters)

More passengers using Belfast port

Passenger numbers at the port of Belfast rose last year to almost 1.3 million following the completion of a new terminal and record visits from cruise ships.

According to its results for 2008 turnover grew by 5 per cent to £32.7 million (€38 million) while operating profit rose 10 per cent to £14.8 million. Pretax profits fell 10 per cent to €20 million. The port is operated as a trust overseen by Belfast Harbour Commissioners.

Aldi appoints new Irish-UK director

German-owned discount supermarket operator Aldi has appointed a new managing director to take charge of its expanding business in Ireland and Britain. Armin Burger succeeds Paul Foley, who is leaving the company “by mutual consent” to pursue new business interests.