Today's other business news in brief.
KPMG sees fee income rise by 27.5%
KPMG, the accountancy firm, increased its Irish fee income by 27.5 per cent to €269.3 million in the past year, marking the highest growth rate in its history.
The income, from KPMG's operations in both the Republic and the North, came as employee numbers grew by 20 per cent to 1,800. The firm has 77 partners in Ireland.
Meanwhile, rival firm PricewaterhouseCoopers has posted an 11 per cent rise in its fee income for the year ended June 30th.
The firm drew fee income of €322 million from its offices on both sides of the Border.
Policy on agency workers criticised
The Republic's position of not granting equal pay and conditions to agency workers stands in "stark and unacceptable contrast" to the rest of Europe, Siptu president Jack O'Connor claimed yesterday.
Mr O'Connor said the unions would not be involved in facilitating more flexible working arrangements until reform is carried out in the 520 employment agencies currently operating in the State.
Addressing a conference in Croke Park, he said the Republic's current position was in contrast to the EU where agency workers have equal pay and conditions after six weeks.
Petroceltic reports loss of €650,000
Petroceltic, the Dublin-listed exploration company focused on the Mediterranean and north Africa, has reported a first-half loss of $919,000 (€650,741) after it increased its spend on exploration activities and gas prices fell.
Revenues fell to $140,000, from $610,000 in the same period last year.
Petroceltic attributed the decline to lower gas prices, technical problems with production at the Kinsale Head gas field and a natural fall off in the field.
The firm, which recently won seven new licences in Italy, said it remained positive about the future, and was well placed to generate significant growth in shareholder value in the years ahead.
Profits fall 6.8% at Pan Andean
AIM-listed Pan Andean Resources said profits fell 6.8 per cent in the 12 months to the end of March, but it remained upbeat about the future.
The company, which is focused on the US, the Gulf of Mexico and Peru, recorded net profit of £860,570 (€1.2 million), down from £923,738. Revenue fell 5.9 per cent to £1.9 million.
John Teeling, the company's chairman, attributed the declines to the fall in the value of the dollar against sterling.
He also said a rise in hydrocarbon prices was offset by higher operating costs as the group boosted its exploration activities.
Tax penalties after death opposed
Accountants should resist attempts by the Revenue Commissioners to impose tax penalties on deceased individuals who evaded tax, the Association of Chartered Certified Accountants said yesterday.
The association claims that the imposition of penalties on a deceased taxpayer runs contrary to the European Convention on Human Rights because the individual in question would not be in a position to have a fair trial.
Banks get liquidity questionnaire
The UK's Financial Services Authority has sent a detailed one-off liquidity questionnaire to all banks and building societies asking them to give details of how they plan to fund future mortgage commitments.
The questionnaire comes as the City regulator faces criticism from MPs and investors that it failed in its job by not tackling Northern Rock's aggressive financial practices before the UK bank ran into trouble. - (Financial Times service)
