A roundup of today's other stories in brief.
Financial regulator sets five 'goals'
The Irish Financial Services Regulatory Authority has set five "high level goals" to complete by the end of 2009.
As part of its three-year plan, the financial regulator intends to set and monitor standards for financial service providers in dealing with customers; set and monitor standards for the running of sound financial service providers and fair markets; provide relevant information to consumers; facilitate innovation and competitiveness; and maximise its operational efficiency and cost-effectiveness.
The consumer protection code will be fully enforced throughout the industry by June 2007. It intends to carry out three inspections into particular aspects of the code during 2007 as well as two mystery shopping exercises.
10% rise predicted in Christmas spend Christmas shopping looks set to hit new highs this year, with the Small Firms Association (SFA) predicting that consumers will spend more than €4.25 billion over the festive season.
This would represent a 10 per cent increase on last year, a level of growth not seen since 2002.
A combination of full employment, population growth, a strong economy and maturing SSIAs will all contribute to record spending this Christmas, the SFA predicts.
Scope for Tullow Oil in Uganda
Results from Tullow Oil's joint drilling project in the Albertine Basin in Uganda suggest there is scope to significantly increase the quantity of recoverable reserves in the area, the company said yesterday.
The news comes as Tullow's partner, Hardman Resources, said it had made its fourth oil discovery in four wells, proving that the working oil system extends over a significantly greater area than first thought and therefore providing encouragement.
Tullow, which is in the process of acquiring Hardman, also said this week it expects to begin providing gas deliveries from its Kudu wells in Namibia in 2010 and was now looking for partners to help further the project.
ICAI welcomes limit increase
The Institute of Chartered Accountants in Ireland (ICAI) has welcomed regulatory amendments which will allow new audit exemption limits to be applied for financial years ending in 2007, which is earlier than expected.
The new exemption thresholds will be €7.3 million in terms of turnover and €3.65 million in balance sheet terms - the maximum limits allowed under EU law. This will remove the burden of a statutory audit from small companies, the ICAI said.
Accountancy body selects chair
Bernadette McGrory-Farrell has been selected to chair the audit committee of the International Federation of Accountants (IFAC), which represents more than 160 professional accountancy bodies. Ms McGrory-Farrell is a partner in WO McGrory & Co in Drogheda and is also managing director of Omac Management Services Ltd.
