In short

A roundup of today's other business news in brief

Irish pension funds scrape into black

A 1.3 per cent average gain in February saw Irish pension funds scrape into the black over the first two months of 2010. The average Irish group managed fund has now recorded a gain of just 0.1 per cent since the start of the year.

In February, funds returns gains of between 0.9 per cent (Irish Life Investment Managers) and 1.5 per cent. Aviva Investors, Canada Life/Setanta and Merrion Investment Managers were the outperformers.

Over the past 12 months, the average gain in pension funds has been 31.8 per cent, reflecting in part a sharp decline in equity markets at the start of 2009. However, over the three-year period, all funds are still in the red with average annual losses of 8.3 per cent over the period. The return to growth has not been sufficient to allow funds record meaningful growth over the longer five and 10-year terms where the average annual gain is 0.6 per cent and 0.2 per cent respectively – below inflation.

Intel executive VP suffers stroke

Intel executive vice-president Sean Maloney, a leading candidate for the top job at the world’s largest chipmaker, has suffered a stroke that will keep him out of work for months.

Mr Maloney (53) is one of four executive vice-presidents reporting directly to chief executive Paul Otellini. He’s expected to resume all of his responsibilities after several months of recuperation, California-based Intel said late yesterday in a statement.

Mr Maloney, an Englishman, is a product of the internal executive development programme at Intel, which has picked CEOs from within its own ranks since 1968. – (Bloomberg)

Judge approves Madoff case request

The judge overseeing the bankruptcy of Bernard Madoff’s defunct business approved a liquidator’s request to reject years’ worth of fake profit from the fraud when calculating victims’ claims for repayment.

The ruling by US Bankruptcy Judge Burton Lifland in New York determines how much money, if any, victims may get from the industry-financed Securities Investor Protection, which must repay as much as $500,000 for each qualifying claim.

Thousands of customers objected to trustee Irving Picard’s methodology; however,

Judge Lifland sided with Mr Picard. – (Bloomberg)

Profits surge at Domino’s Pizza

Domino’s Pizza yesterday reported a higher-than- expected quarterly profit.

Net income rose to $23.6 million, or 41 US cents per share, in the fourth quarter to January 3rd, up from $11 million, or 19 cents, in the year-earlier period.

Sales outside of the US, including Ireland, now account for nearly half of Domino’s overall retail sales and, of about 8,900 Domino’s Pizza outlets worldwide, eight of the top 10 stores in terms of sales come under the umbrella of Domino’s Pizza UK Ireland. – (Reuters)

German GM potato wins EU approval

A German-engineered potato yesterday became the first genetically modified organism in 12 years to win approval for cultivation in the European Union, sparking celebration among GMO manufacturers and outrage among opponents.

The Amflora potato was developed by BASF, the German chemicals group, to provide high-quality starch for industrial customers such as paper and textile manufacturers, and is unlikely to end up on consumers’ plates.