A round-up of today's business new in brief

Murdoch loses funding for CMH purchase

Lachlan Murdoch's planned media sector comeback has stumbled after he lost the support of one of his chief backers in his proposed Aus$3.3 billion (€1.98 billion) purchase of Australia's Consolidated Media Holdings (CMH).

In January, Mr Murdoch joined forces with James Packer in a 50-50 deal to buy CMH, the Australian group containing the remnants of Kerry Packer's media empire. The move was expected to resurrect the media career of Rupert Murdoch's eldest son.

However, Illyria, Lachlan Murdoch's private company, yesterday said SPO Partners, a private San Francisco firm, had withdrawn its equity finance commitment.

The withdrawal was said to be primarily due to "changes in investment conditions specific to SPO and not the consortium's assessment of the value of CMH's investments". - (Financial Times service)

Firms fined 18m by CRO

Irish companies paid almost €18 million penalties for delays in filing annual returns to Companies Registration Office (CRO) last year. Companies failing to file annual returns face financial penalties, the loss of audit exemption and the prospect of being struck off. The CRO has raised €100 million in fines since the regime was introduced in October 2001.

The CRO estimates that over 100,000 companies could be entitled to audit exemption but that up to 25 per cent of those may lose out for late filing of returns. Six thousand companies were in that position last year, the CRO said.

UK traders suspended

Lehman Brothers has suspended two traders from its equity derivatives desk in London after the US investment bank initiated a review of the valuations of some of their positions.

It is thought the size of trading positions in question is not deemed material in accounting terms, and could be below $100 million. The review was ongoing, insiders said.

Trichet's pay increases 2%

European Central Bank president Jean-Claude Trichet's salary rose 2 per cent last year, below the rate of inflation and in line with his call for wage restraint throughout the euro zone.

Mr Trichet's base salary rose to €345,252 in 2007 from €338,472 in 2006, according to the Frankfurt-based bank's annual accounts published yesterday. - (Bloomberg)

Approval for 250m resort

Wicklow County Council yesterday gave the green light to a €250 million redevelopment of Humewood Castle. Its owner, property player Lalco, is planning to redevelop the 450-acre estate in Co Wicklow as an activity-based tourist resort.

The construction of the project will create 400 jobs, while the resort will employ 200 when it is completed.

Kentz wins $90m deal

Recently floated Irish-Malaysian engineering group Kentz has won a $90 million contract with multinational, Flour.

It said yesterday it has been awarded a support services contract with Flour, which is working on a project management consultancy in Kuwait.

KBC and pensions

In a table on managed pension fund performance in Wednesday's newspaper, it was stated that KBC Asset Management had reported a loss of 8.7 per cent per annum over the last five years. The figure should have reported a gain of 8.7 per cent per annum over the past five years.