Other finance news in brief
Denis O'Brien increases Sterling stake
Businessman Denis O'Brien has increased his stake in Sterling Energy, the UK-listed oil and gas exploration and production company, to 14.09 per cent.
Mr O'Brien acquired 16.4 million shares in the company on Tuesday for about 10 pence each. He now owns 232.6 million shares in Sterling, which has a market value of £165 million.
His share buying failed to bolster Sterling's share price, which closed down yesterday at 9.76 pence on London's Alternative Investment Market.
Mr O'Brien began stake-building in Sterling last September, when he spent about £9.4 million buying a 6 per cent stake. He is now Sterling's second biggest shareholder.
BA's fare cuts to boost competition
Competition is set to increase on transatlantic and other long-haul routes out of Dublin airport following British Airways' decision to cut the price of fares from here to 30 destinations.
The Willie Walsh-led airline said yesterday that fares were being reduced by up to €460 for flights to Australia, Canada, the United States, Africa and Asia.
All fares are from Dublin, via Heathrow in London, and include taxes and charges. The price cuts relate to economy and traveller-plus tickets.
Bookings must be made before July 15th and passengers have to travel between August 22nd and December 14th.
Mining firm posts £550,000 reserve
Connemara Mining, the AIM-listed zinc exploration company, revealed that it has cash reserves of £550,000 (€ 695,586) and a portfolio of positive exploration prospects at the company's agm in Dublin yesterday.
Connemara's positive cash balance is due to Teck Cominco, its joint venture partner, funding all exploration costs at Stonepark in Limerick.
The site is the central focus of the company's current activity and Connemara is hopeful that good drill results in the area augers well for the discovery of at least one large commercial zinc mine.
Further work is also planned at the Lough Sheelin site, where low grade zinc mineralisation was found in nine of 11 drill holes.
The company is hope that these results represent a halo around a more substantial orebody.
Speedy permits for BP managers
Russian officials said yesterday they would speed the renewal of visas and work permits for some foreign managers at TNK-BP, in an unexpected boost for BP in its battle to retain its role in the Russian oil venture.
The turnround follows diplomatic pressure and a media outcry over claims BP's Russian billionaire partners had orchestrated visa problems as part of an attempt to win control of the company - claims the Russian shareholders deny.
BP welcomed the authorities' decision to accept an application for 49 visas as "a first step", but warned that half of the venture's staff would still have to leave. - (Financial Times service)
Starbucks to close 600 US stores
In a sign that the days of splurging on $4 lattes may be over, Starbucks will close 600 US stores in the next year, as the faltering US economy hastened the pain caused by the company's own rapid expansion.
Starbucks did not say which stores will be closed, only that they are spread throughout the country.
But it did say 70 per cent of those planned for closure had opened after the start of 2006. - (PA)
