Todays other stories in brief

ComReg seeks highest costs against Smart

ComReg has told the High Court it will be seeking legal costs at the highest level against Smart Telecom following its unsuccessful court bid to overturn ComReg's refusal to grant it the lucrative 3G mobile phone licence.

The issue of who will pay the costs of the 14-day hearing and at what level those costs will be awarded, will come before Mr Justice Peter Kelly on November 20th. The costs are likely to be well in excess of €1 million.

Michael Cush SC, for Smart, told Mr Justice Kelly yesterday his side was willing to pay costs on a party-party basis (the usual costs basis) but opposed to an application by Michael Howard SC, for ComReg, to pay costs on a solicitor-client basis (the highest level).

Those matters include an application by ComReg for an inquiry into whether it is entitled to damages in relation to Smart's application earlier this year for an injunction restraining the award of the 3G licence to any other party.

Mr Justice Kelly had found that some of the sworn material from Smart that formed the basis on which the injunction was awarded was "quite simply untrue".

Elan to offer $500m in notes

Drugmaker Elan says it plans to offer $500 million (€390 million) worth of senior fixed rate and floating notes to foreign buyers and qualified institutional buyers in the US.

The notes, which will be issued through two of the group's finance subsidiaries, will expire in 2013 and the proceeds will be used to repay other outstanding debt.

Elan also said in a statement to the stock exchange yesterday that following the offering, it expected to redeem the $254 million worth of 6.5 per cent convertible guaranteed notes due in 2008 that are still outstanding. These were issued by Elan Capital and guaranteed by Elan.

Lundin shows increased profit

Lundin Mining, which last month became one of the world's largest copper and zinc producers following its merger with Eurozinc, has revealed a threefold increase in third-quarter profit, helped by the significant increase in metal prices.

Canadian-based Lundin, which owns the Galmoy zinc mine in Co Kilkenny, yesterday reported net income of $30.7 million (€24 million) on sales of $98.9 million in the three months to the end of September. These figures predate the merger.

Amarin spends on Huntington's study

Pharmaceutical group Amarin's third-quarter loss widened after it spent more money developing its treatment for Huntington's disease. The net loss increased to $7.3 million (€5.7 million) in the three months to the end of September in line with analysts' expectations.

R&D spending was up by $2.7 million, three-quarters of which went on Miraxion, the group's treatment for Huntington's disease.

Chief executive Rick Stewart says he expects to be able to reveal the results from the latest trials at the end of next June.

The company plans some more phase two trials and the possible acquisition of products developed by other groups, he said. This follows a $17.3 million (€13.5 million) fundraising last month.

Street performers win award

The 2006 David Manley Emerging Entrepreneur Award has been won by the founders of the Street Performance World Championship that was held in Dublin's Merrion Square in August.

The championship attracted many of the best street entertainers in the world, drew crowds of 16,000 on the first day and received sponsorship from FM104, Fáilte Ireland, the Irish Hotels Federation and Dublin City Council, among others.

The group as winners will receive mentoring and consultancy advice worth €80,000 and €10,000 cash.