A round-up of today's other stories in brief.
Irish banking 'exposed to credit failure'
Ireland has a high-quality banking system, but also runs a above average risk of systemic failure according to a survey on financial risk.
The survey, published this week by international rating agency Fitch, places Ireland in the same category as Azerbaijan, Russia and South Africa in terms of the risk of widespread credit problems in the banking system developing.
Publication of the survey this week follows a warning made last week by European Central Bank (ECB) president Jean-Claude Trichet about the extent of property price increases in Ireland.
Fitch notes that private sector credit as a percentage of gross domestic product (GDP)will reach 190 per cent in 2006. When this is taken together with the rapid growth in private credit, 21.7 per cent according to the survey, Ireland falls into the "MPI3" category, which is Fitch's highest measure of the risk to economic stability.
Drug firm posts losses of €2.3m
Gastrointestinal drug products company AGI Therapeutics plc, which is listed on the Dublin IEX and the London AIM, recorded a pretax loss of €2.3 million in the six months to end June 2006.
The company, which raised €42.5 million when its shares were listed in February, said it had spent €1.6 million on R&D in the period and had reported positive preliminary results on trials on a potential irritable bowel syndrome product as well as other potential products.
Kenmare appoints board member
Tony Lowrie, a former partner at Hoare Govett in London, has joined the board of Kenmare Resources. Chairman Charles Carvill welcomed Mr Lowrie to the board. "Tony commands great respect in the equity market of which he has a long and wide experience, which will assist us to continue to grow Kenmare," he said.
Kerry director buys 8,500 shares
Kevin Kelly, non-executive director with the Kerry Group, has spent €148,325 on 8,500 shares, bringing his shareholding to 17,500 shares.
Santander chief may get jail term
Spain's anti-corruption prosecutor has asked for a prison term of up to six years for Emilio Botin, chairman of Spain's biggest bank Santander, court documents showed yesterday.
The charges, which would also carry a fine of €40 million, relate to alleged tax irregularities in 1994 around Santander's purchase of Banesto when Santander created a share incentive scheme for executives.
The scheme, an incentive for executives to quickly reorganise Banesto, called for the sharing out of 1 per cent of Banesto's stock in options. - (Reuters)
Boston dips 3.3% on stent data
Boston Scientific said yesterday a new internal analysis of its clinical data confirms an increased risk of blood clots with its drug-coated cardiac stent. The finding, which sent its shares down 3.3 per cent to $16.70 (€13.12 ) on Wall Street, came in an analysis of a 3,500-patient study comparing Boston Scientific's Taxus stents to bare-metal stents, company spokesman Paul Donovan said.
No increased risk of heart attack or death was found, Mr Donovan said. The Taxus stents, one of the company's major revenue drivers, are manufactured in Galway.
The analysis was completed in late June and led company officials to seek a meeting with the US Food and Drug Administration, which took place at the start of August.
The company also approached European regulators about the findings, Mr Donovan said. - (Reuters)
