A roundup of today's other news stories in brief
Gala plans 35-store expansion
Convenience store operator Gala Retail Services plans to add 35 shops to its network of outlets next year as part of a €40 million expansion.
Gala said the stores would be located across the country and would lead to an additional 400 jobs in 2008.
Chief executive Gary Desmond said about 20 of the stores would be new outlets with the balance comprising retailers transferring from either the independent sector or from other symbol groups.
Gala expects its retail turnover to exceed €550 million next year, which will mark its 10th anniversary. The group currently has 218 stores here and employs about 3,500 staff.
Airtricity buys €25m wind farm
Airtricity has bought a wind farm in Tyrone in a deal valued at between €25 million and €30 million.
The company said yesterday that it had bought a 10-turbine, 25-megawatt (MW) wind farm at Sixmilecross, Co Tyrone in partnership with energy group, RES UK & Ireland.
Neither side revealed the purchase price. However, wind farms cost around €1.1 million and €1.2 million per MW to develop, indicating that the investment could be in the region of €30 million.
Airtricity is an Irish wind farm developer founded by former Bord na Móna executive Eddie O'Connor. It recently sold its US business to Eon for over €1 billion.
'Phoenix' fined over articles
The Financial Regulator has fined Penfield Enterprises, publisher of the Phoenix, €5,000 for breaches of the EU's market abuse directive, which was introduced here in 2005.
The breaches relate to the use of unsigned articles on public companies by Phoenixthat carried recommendations to buy or sell shares in those businesses.
Publisher John Mulcahy said the current affairs magazine would continue its long-running tradition of using unsigned articles on public companies but has stopped issuing recommendations.
Island seeks €10m for acquisition
Irish exploration group Island Oil & Gas is seeking to raise €10 million to fund the acquisition of a stake in Valiexchimp's oil and gas assets in Moldova and Tarastan. Island said yesterday it wanted to fund the deal in a way that no financial obligation accrued to its current shareholders.
Aminex receives drilling unit
Aminex announced yesterday it had taken delivery of the Caroli Rig-6 drilling unit, which will drill two back-to-back wells on the Nyuni/East Song-Songo licence offshore Tanzania in the Rufiji River delta.
Support for 12.5% corporate tax rate
It is "absolutely imperative" that Ireland's corporate tax rate remains at 12.5 per cent if current foreign direct investment levels are to be maintained, major technology and pharmaceutical companies here have claimed.
Representatives of Ibec groups ICT Ireland and PharmaChemical Ireland said a low corporation tax rate was a critical part of Ireland's attractiveness for investment.
Novell promises 40 new jobs
Novell says it will create 40 new jobs in Dublin by centralising a Europe, Middle East and Africa team that handles software licence renewals over the internet and by telephone.
The software company already employs 125 people at a shared services centre in Sandyford, Dublin 18.
