Other financial stories in brief

Bord Gáis in alternative energy R&D

State-owned utility Bord Gáis plans to spend €50 million on research and development in alternative energy.

The company's chief executive, John Mullins, told the Cork Chamber spring networking lunch yesterday that the company was creating a €10 million fund to research and develop low-carbon and alternative energy. Part of the cash will be spent on funding a PhD fellowship in energy research at the department of civil and environmental engineering at University College Cork, with the ultimate aim of prototyping new resources and bringing them to market.

Overall, the company intends investing €750 million on electricity and alternative energy. It is also building a gas-fired power plant in Cork.

Kerry paid former CEO 1.4m

Food group Kerry paid its former chief executive Hugh Friel a total of €1.4 million in salary, bonus and benefits in 2007, Mr Friel's last year in charge at the company.

The pay package was 30 per cent higher than his 2006 remuneration, which came in at just under €1.1 million.

Five executive directors shared a total of €5.5 million in pay.

New chief executive Stan McCarthy, who last year was head of Kerry Ingredients Americas, received a package worth about €1 million, while deputy chief executive Denis Cregan was paid almost €1.2 million.

Kerry's pretax profits rose 35 per cent to €298 million in 2007.

Government deficit halved in euro zone

Euro zone government deficit more than halved last year and debt also fell, with all countries in the single currency below 3 per cent of gross domestic product, new data shows.

Government deficit in the 15 countries now using the euro fell to 0.6 per cent of GDP in 2007 from 1.3 per cent in 2006 and debt declined to 66.3 per cent from 68.4 per cent.

"This is the best figure ever," European Commission spokeswoman Amelia Torres said, referring to the deficit. "This result demonstrates that the Stability and Growth Pact is working."

Google profits beat expectations

Google said it saw no impact from a weakening US economy as it posted a better than expected quarterly profit and waved off fears of an online advertising slump.

Google's hard-hit shares surged 18 per cent above $500 - a level last seen in February - as the company showed signs of better cost control and earned more revenue abroad than at home for the first time, partly because of the weaker dollar.

"It's clear to us that we're well positioned for 2008 and beyond, regardless of the business environment that we find ourselves surrounded by," chairman and chief executive Eric Schmidt told investors.

ICAI had 17,000 members last year

Close to 17,000 people were members of the Institute of Chartered Accountants in Ireland (ICAI) at the end of last year, according to the organisation's annual report.

The report says the institute had 16,691 members at the end of 2007, an increase of 6 per cent.