A roundup of today's other business news in brief

Manufacturing volume rises 3.5%

The volume of production in the manufacturing sector rose 3.5 per cent in October compared with a year earlier, figures from the Central Statistics Office showed.

The largest volume rise was seen in basic pharmaceutical products and preparations sector, which rose 42.5 per cent during the month compared to last year.

Turnover for the manufacturing industry fell 21.2 per cent year on year.

However, volumes in the computer, electronic and optical products sector fell 47.3 per cent, while food products fell 7.3 per cent.

The “modern” sector, which includes high-technology and chemical sectors, increased its production by 12.8 per cent during the month, while the more traditional sectors fell 13.3 per cent.

Compared to September, overall volumes in the manufacturing sector were down 3 per cent, while turnover slipped 8.8 per cent.

In the three-month period from August to October 2009, the seasonally adjusted volume of industrial production fell 4.8 per cent compared to the previous quarter.

Panasonic buys 50% of Sanyo Electric as television sales slow

Panasonic has bought 50.19 per cent of Sanyo Electric, the world’s largest maker of lithium-ion batteries, for ¥403.8 billion. The Osaka- based company purchased 3,082 million shares in the public offering it started on November 5th, the company said in a statement to the Tokyo Stock Exchange.

The world’s largest plasma- television maker is strengthening energy-related businesses such as lithium-ion batteries as television sales growth slows because of intensified competition with South-Korea’s Samsung Electronics.

The company estimates the global lithium-ion battery market will increase fivefold by 2018 from this year.

Panasonic fell 1.9 per cent to ¥1,226 in Tokyo trading, narrowing its gain this year to 10 per cent. The benchmark Nikkei-225 Stock Average lost 1.4 per cent. – (Bloomberg)

Big rise in days lost in industrial disputes

There was a significant increase in the number of days lost due to industrial disputes in the third quarter of this year, new data from the Central Statistics Office showed.

Over the three-month period, 66,887 days were lost because of disputes compared to 578 in the same period in 2008. More than 11,000 workers were involved, compared with 34 in the third quarter a year earlier.

Disputes involving five firms in the industry sector accounted for 59,526 of the days lost.

Kentz parent secures €17m Exxon contract

The holding company behind Irish listed Kentz has announced it has been awarded a new contract with Exxon gas.

Under the $25 million (€17 million) shutdown services and operations support contract for the Sakhalin 1 development project in Russia, Kentz Corporation will provide personnel, permits, equipment, transportation, and the management of contractor and subcontractor resources. The shutdown is expected to happen during the third quarter of 2010.

Update on Circle Oil Egyptian operations

International oil and gas exploration firm Circle Oil has issued an update on its operations in Egypt, with increased daily production levels seen at its Al-Almir well.

The firm said yesterday it had acquired extra seismic in its Ras Marmour permit in Tunisia and was planning to proceed with seismic acquisition in its Oman operations in winter and spring. Circle Oil said it was planning to wait until winter rains had passed in Morocco before beginning drilling.

Shanghai Treasury building refinanced

China Real Estate Opportunities (CREO) has agreed refinancing for Shanghai’s Treasury building.

The Treasury Holdings-backed company said yesterday it had completed a loan facility for a multi-currency three-year loan worth about £27.72 million (€30.6 million) with a Hong Kong bank. The new loan will replace an existing arrangement CREO had with credit Suisse, and will allow CREO to take advantage of lower interest rates.