A round-up of today's other stories in brief
Mutual-fund managers to borrow shares
The Financial Regulator said yesterday that it would allow mutual-fund managers to bet on falling share prices through borrowing stocks, a practice it has allowed until now only through the use of derivatives.
Funds registered in the Republic will be allowed to make money for their clients through borrowing shares, selling them and then buying them back at a lower price and pocketing the difference, a practice known as shorting, the regulator said. The amount a fund borrows cannot exceed its underlying value. - (Bloomberg)
Airtricity in Dutch windfarm deal
The Dutch government has awarded Irish group Airtricity an exclusive site off the Netherlands coast for the development of a windfarm that will produce 350 megawatts of electricity.
The site will cost in the region of €350 million to develop and Airtricity says it will deliver electricity to about 260,000 households.
Providence invests €5m in oilfield
Providence Resources has invested €5 million as part of a new farm-in deal for its AJE field offshore Nigeria.
The deal, with five companies including Chevron Nigeria, comes as Providence prepares to drill in the area early next year.
NI growth slows for second month
Growth in private sector activity in the North slowed for the second month in a row in October, the latest Ulster Bank purchasing managers' index has shown.
Growth last month was the slowest for 13 months, with suggestions of a weaker housing market weighing on new business.
Single electricity market to cut bills
Energy regulator Tom Reeves has predicted that the single electricity market will cut about €130 million off household and business power bills.
Mr Reeves, who is head of the Commission for Energy Regulation, was addressing an event in Belfast yesterday to mark the introduction of the single electricity market.
Container traffic up in Cork port
A rise in container traffic into the Port of Cork of 9 per cent so far this year has highlighted the need for a new container terminal in the port, according to Port of Cork commercial manager Capt Michael McCarthy.
He was speaking after the announcement of a new container service between Cork and Rotterdam, Zeebrugge and Gothenburg.
IBM acquires Cognos for $5bn
IBM unveiled its biggest acquisition yesterday with the $5 billion (€3.4 billion) cash purchase of software maker Cognos. The deal marks IBM's response to the rapid consolidation of the business intelligence software market and accelerates its acquisition-fuelled drive to boost its software business. - (Financial Times service)
Olivant may buy Northern Rock stake
Northern Rock rose in London trading after Olivant Advisers, the investment firm set up by former UBS AG head Luqman Arnold, said it may buy a minority stake in the UK bank bailed out by the Bank of England.
"The proposal would involve the immediate introduction into Northern Rock of a core team of Olivant's experienced principals," the company said.
Northern Rock rose 6.5 per cent to 154.4p, valuing it at £650.4 million (€919.9 million). - (Bloomberg)
