A round-up of today's other business stories in brief.
Oil rises above €74 a barrel
Oil rose above $74 (€59) a barrel yesterday, ending a slide from record highs sparked by the Lebanon conflict, after Israel called up reservists in what could be a ground offensive against Hizbullah guerrillas. Production snags at US refineries also supported prices.
"We're having a strong end to the week as usual, supported by refinery problems in the US and uncertainty over what may happen in the Middle East," said Christopher Bellew, an oil broker at Bache Financial in London.
US crude for September gained 43 cents to $74.70. London September Brent crude traded up 42 cents to $74.12. Oil had slid from last Friday, when it hit a record $78.40 in New York on fears the fighting between Israel and Hizbullah could spread, but remains up about 22 per cent this year.
Company closer to Eircom takeover
BCM Ireland Holdings, the company formed by Babcock and Brown and the Eircom Esot for the acquisition of Eircom, has satisfied one of the conditions for the takeover. The company said yesterday that it had received a special temporary authority from the US Federal Communications Commission under the US Communications Act of 1934.
The scheme of arrangement effecting the takeover was conditional on getting the FCC's consent. BCM now moves on to seeking Eircom shareholder approval at at an extraordinary general meeting and court meeting of the telecoms company next Wednesday.
Director acquires Abbey shares
Richard Shortt, a director of Abbey, has spent €25,800 to acquire 3,000 shares in the company. Mr Shortt paid €8.60 per share yesterday. Abbey closed at the same level last night, down five cent on the day.
NatWest Three must remain in US
Three former British bankers charged in an alleged Enron-related swindle will not be allowed to return to Britain pending trial, a United States judge ruled yesterday. US magistrate judge Stephen Smith said David Bermingham, Giles Darby and Gary Mulgrew, former National Westminster Bank employees, would have to remain in the United States until their trial, which is scheduled to begin in September.
The three men were extradited from Britain last week under a under a treaty critics say favours the United States.
They face wire fraud charges for an alleged conspiracy with former Enron chief financial officer Andrew Fastow to enrich themselves at their employers' expense.
All three pleaded not guilty last week and remain free in Houston under bond while wearing electronic tracking devices.
Tunnel creditors unable to agree
Creditors of channel tunnel operator Eurotunnel are not expected to agree on a £6.2 billion (€9 billion) debt restructuring plan before Tuesday, leaving the negotiations in hands of a Paris court.
On July 25th, a French commercial court may appoint an administrator to lead talks between the company and its creditors. An agreement over the weekend is unlikely, despite "good progress" at a meeting between the two main creditor groups in New York yesterday.
Eurotunnel will be insolvent in January if no agreement has been reached by September, the company's chief executive, Jacques Gounon, said last week.
