A round-up of today's other stories in brief.
Alltech attends world event for emerging firms
An Irish animal health and nutrition group is among the delegates at the World Economic Forum's inaugural annual meeting of the new champions in Dalian, China.
Alltech was among 1,700 delegates from more than 90 countries representing emerging multinational companies and highlighting the role they are playing in changing the global business landscape. The forum aims to be an arena where the next generation of business leaders meet, co-operate and exchange ideas.
Alltech was founded in 1980 by Dr Pearse Lyons, who is from Dublin. While its headquarters are in Kentucky, the firm has an Irish operation.
Short-haul sales at Aer Lingus rise
Aer Lingus has reported an increased load factor on its short-haul routes in August despite an increase in capacity. Year-on-year, the airline had 10.8 per cent more seats available on its short-haul operations. A total of 79.8 per cent of those seats were sold, up 1.5 percentage points.
On long-haul, load factor dropped to 78.3 per cent. Capacity was 29.8 per cent higher than the previous year.
Gilead acquires Nycomed for €34m
The Irish subsidiary of Gilead Sciences has completed the €34 million acquisition of Nycomed in Cork. Gilead will now move its Irish operations to Nycomed's manufacturing and tableting facility in Carrigtwohill, Co Cork, which was established in 2005 as Altana Pharma.
The deal, which was announced last month, means Gilead will not proceed with a €60 million investment in a facility at Grange Castle Business Park, Co Dublin.
Cheyne Finance rating slashed
Credit ratings agency Moody's has slashed the rating on loan notes issued by Cheyne Finance, the troubled Dublin-based structured investment vehicle of British hedge fund group Cheyne Capital.
Imposing an 11-notch decline in the rating for some of the entity's debt, Moody's noted that Cheyne Finance's €6.6 billion portfolio had a residential mortgage backed securities exposure of 48 per cent.
"Moody's rating action reflects the deterioration of the market value of Cheyne Finance's portfolio and the potential impact of crystallised losses following asset sales," the agency said.
Cheyne Finance was put into receivership earlier this week.
Oil prices rise amid tight supplies
Oil prices rose yesterday as tight supplies in the US countered worries about a possible economic recession in the world's top energy consumer.
US crude settled up 40 cent at $76.70 (€55.70) a barrel, after falling as low as $75.63 earlier. London Brent crude settled 30 cent higher at $75.07 a barrel.
The price of oil has climbed close to the record of $78.77 a barrel struck on August 1st, amid US refinery problems, Middle East tensions and output cuts by the Organisation of Petroleum Exporting Countries. - (Reuters)
Alitalia unveils survival plan
Struggling Italian airline Alitalia yesterday unveiled an ambitious plan to boost capacity and productivity, but warned it would run out of money within three years without a cash infusion.
Alitalia said it had begun initial contacts with potential suitors as part of a renewed effort to find a buyer after an auction for the Italian government's 49.9 per cent stake collapsed in July.
The airline gave details on the new survival plan to keep it afloat as the search for a buyer continues, but it did not specify the number of jobs it would cut, which analysts say is the key to turning the company around. - (Reuters)
