Today's other business stories in brief
Black seeks clemency on sentence
Conrad Black, the former Hollinger International chairman who is serving a six-and-a-half-year prison sentence for fraud and obstruction of justice, has asked the Bush administration for clemency.
The office of the pardon attorney, part of the US department of justice, received an application for commutation of Black's sentence, agency spokeswoman Laura Sweeney said yesterday. - (Bloomberg)
Digicel to invest in Honduras
Digicel, the Caribbean mobile firm controlled by businessman Denis O'Brien, will invest €359 million to build a modern GSM network in Honduras.
The company said it aimed to increase mobile phone penetration in the country from 60 per cent to 80 per cent over the next five years.
Mr O'Brien said the Honduran market had high "growth potential" with a population of 7.5 million.
Lilly executive to lead Elan
Irish pharmaceutical firm Elan has appointed former vice-president of Lilly Research Laboratories Carlos Paya as its new president.
Mr Paya joins the company board next week and will focus on strategic planning and take the role of chief scientific officer and some chief medical officer duties.
Mr Paya will also be responsible for Elan's commercial and marketing functions, with a primary focus on strategic planning, marketing positioning and product life-cycle management.
Tullow reports Ghana oil find
Irish explorer Tullow and its partners found quantities of oil during drilling off the coast of Ghana, the company said yesterday.
Initial indications are that the oil could be connected to a potentially larger prospect that lies nearby in deeper water.
OpenHydro takes stake in Alderney
OpenHydro, the tidal energy company backed by One51 and Emera, has taken a 20 per cent equity stake in the Channel Islands-based Alderney Renewable Energy.
The deal is understood to be worth between €10 million and €12 million.
Alderney Renewable Energy recently secured a 65-year licence for the generation of wave energy off the island of Alderney.
Examiner named for food company
A company which produces chilled ready meals has been granted the protection of the High Court to allow it to put a survival scheme in place.
Mr Justice Peter Kelly yesterday appointed an interim examiner to Swissco Ltd, which employs 127 people at Little Island, Cork.
Presbyterian Mutual Society
In a report last Tuesday it was stated that the Presbyterian Mutual Society had gone into liquidation.
The society has in fact been put into administration, a process designed to protect businesses that face liquidity problems.
Arthur Boyd of Arthur Boyd Company, the Belfast-based chartered accountants and business recovery specialists, has been appointed administrator.
