A round-up of today's other stories in brief

Ovoca needs more funds to keep exploring

Exploration company Ovoca Resources will need to raise further funds if it is to continue exploring for gold and silver in Russia and Sweden.

Speaking at the group's agm yesterday, chairman Roger Turner said it would be at least another two-and-a-half years before the company started extracting any material from its sites, which are currently all at exploration stage.

He also said the company is looking at several acquisitions in Russia, which would help speed up the process of extraction, but that extra funds would be needed before any purchase was made. Ovoca raised €1.69 million in June through a share placing to provide funds to enable the company, which is already listed on Dublin's IEX, to list on London's AIM.

"The opportunities are there, but patience and determination are required," said Mr Turner, adding that the long-term aim is to develop Ovoca from an exploration company to a mid-tier mining company.

Global technology spend to rise 2.5%

Companies are expected to boost worldwide spending on information technology by 2.5 per cent this year and a similar amount in 2006, extending the recovery that started over two years ago, technology consulting firm Gartner said this week.

The growth this year would take spending up to about $2.6 trillion (€2.16 trillion), with nearly half on telecoms services and the rest on IT hardware and software and IT services. - (Reuters)

'Independent' staff to discuss changes

Journalists at Independent News and Media in Dublin are expected to meet today to discuss several new appointments made by the new editor of the Irish Independent, Gerard O'Regan.

Members of the National Union of Journalists (NUJ) held a meeting yesterday with executives at the company to discuss the three appointments made by Mr O'Regan. Three journalists have been appointed as executive editors in the areas of news, sport and features. Some journalists have expressed concern about the implications of the appointments.

NUJ officials stressed the need for the company to adhere to the 2001 house agreement signed by staff and management.

Journalists are to hold a chapel (branch) meeting today in Talbot Street when a full discussion of recent developments will take place.

Merrion to donate to cancer group

Stockbroker and corporate financier Merrion Capital will donate all commissions earned from its clients during business today to Action Breast Cancer (ABC), a part of the Irish Cancer Society.

The initiative is to mark Pink Ribbon Day, which aims to raise awareness of the condition. Merrion chief executive John Conroy said the firm was delighted to support ABC.

LSE sees strong new issue activity

The London Stock Exchange yesterday said it had made a strong start to its financial year, benefiting from good momentum in all core business areas.

With new issues totalling 272, the five months to the end of August was the strongest period for new issue activity on the exchange in more than three years, representing a 50 per cent rise over the same period in 2004.

The exchange also saw international new issues on AIM rise to 46 from 21 last year, reflecting an increased overseas marketing effort.

"We have continued to see good momentum in all core business areas," said Clara Furse, chief executive. "These trends underpin our expectation of an excellent trading performance."