More business news in brief.

Union votes for compromise in BoI bonus-payment dispute

Irish Bank Officials' Association members in Bank of Ireland have voted for a compromise solution in a dispute over bonus payments at the bank. Under settlement proposals, bank staff will receive a once-off, non-pensionable lump sum payment equal to 3 per cent of annual salary in October.

Staff were to receive up to 6 per cent of salary in share bonus payments if cost saving and earnings per share targets were met. The bank had proposed a bonus of 3 per cent as targets had not been met.

DSG takes Dixons online

Electric retailers DSG International is removing the Dixons brand from its Irish stores in a development that mirrors a similar initiative in its British operation two years ago.

Seven of its Dixons stores will trade under the Currys brand and the Dixons outlet in the Jervis Street centre in Dublin will trade under the PC World brand.

The Dixons brand will be used online.

ITV predicts 20% NAR drop

ITV, Britain's biggest free-to-air commercial broadcaster, said its net advertising revenues (NAR) were flat in the first eight months compared with a fall of about 1 per cent in the market and cut some mid-term targets in light of economic uncertainty.

In September, NAR would likely drop 20 per cent, ITV said yesterday, with the overall market forecast 17 per cent down from last September, when the rugby World Cup boosted advertising spending.

ITV said first-half group sales rose 3 per cent to £1.031 billion (€1.3 billion), ahead of analysts' consensus of £1.02 billion, thanks to strong performances by its broadcasting, global content and online units.

Earnings before interest, tax and amortisation fell 20 per cent to £121 million, due to heavy costs for sports operations. - (Reuters)

Sterling stake

Denis O'Brien has increased his shareholding in British oil and gas exploration company Sterling Energy to 15.55 per cent.

The Irish entrepreneur informed the London stock market yesterday that he had acquired 24.1 million shares in Sterling at a cost of almost £1.9 million. He now owns 256.7 million shares in the business.

Mr O'Brien is believed to have paid about 7.75 pence a share in this latest transaction.

Michelmersh Brick Holdings

In an article on Friday, July 25th, it was stated that British brick manufacturer Michelmersh had announced that it planned to cut jobs.

Michelmersh has announced no such plans. In a statement to the company's annual general meeting - referring to CRH, Weinerberger and Heidelberg Cement as the main players in the UK brick market - Michelmersh chairman Eric Gadsden said: "The main brick manufacturers have also announced in recent weeks the closure of several of their manufacturing units . . . we believe that they will make further closures."