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Oil and corn prices soar to record highs

Crude oil and corn prices surged to record highs yesterday as the world's hunger for fuels continued to convulse the energy and agriculture markets.

The rise in oil prices to a record of $126.20 a barrel - double the level of a year ago - was the culmination of a stunning week in which prices jumped by $10, stoking fears of higher inflation in spite of lower economic growth. A year that began with people asking whether oil prices would reach $100 a barrel is seeing some traders already betting on when it will hit $200.

The increase is putting fresh pressure on the Organisation of Petroleum Exporting Countries to increase production.

Greencore warns of cost increases

Greencore has forecast cost increases in 2008 larger than last year's earnings as prices soar for wheat and other edible commodities.

"The inflation we will experience this year in raw materials will be greater than our profit last year," chief executive Patrick Coveney said yesterday at a meeting of the Leinster Society of Chartered Accountants.

So-called input costs at Greencore, which include raw materials, labour and packaging, will probably rise by 10-12 per cent this year, a spokeswoman said. - (Bloomberg)

Microsoft to appeal commission fine

Microsoft said yesterday it would appeal against the record-breaking €899 million fine imposed by Brussels two months ago because of the software group's failure to comply with demands that it end anti-competitive business practices.

In a statement, it said it was asking the European Court of First Instance to annul the European Commission's decision.

"We are filing this appeal in a constructive effort to seek clarity from the court," it said.

The fine is the largest financial sanction imposed on a company for an antitrust breach and is the first time a group has been penalised for non-compliance with a decision by the commission. - (Financial Times service)

Gas needs to be met until 2013 'at least'

Bord Gáis Networks believes the Republic is well placed to meet gas demand until 2013 at least. The firm expects gas demand to grow at 3 per cent each year until 2013, due mainly to increasing demand from the power generation sector.

Expected new sources of supply from Corrib and Shannon LNG, in combination with interconnection with the UK, allow for a "positive" security of supply outlook.

Accountancy body names new head

Jim Aiken has succeeded former VHI chief executive Vincent Sheridan as president of the Institute of Chartered Accountants in Ireland, the State's largest accountancy body. Mr Aiken is director of corporate affairs at the Northern Ireland Transport Holding Company.

Tom Fitzpatrick of Dublin accountancy firm FMB is the new deputy president.

Aga expects drop in first-half Irish sales

Aga Foodservice Group has said first-half domestic revenue from cast-iron cookers will be flat and Irish sales will fall. "Our cast-iron cooker sales are expected to be flat in the UK in the first half and down in Ireland where the market is very weak," it said. - (Bloomberg)

Video game sales boost HMV revenue

HMV Group said revenue growth accelerated in the fiscal fourth quarter as a boom in video game sales helped it win back shoppers from supermarkets and online competitors.

Revenue rose 10 per cent at outlets open at least a year in the 16 weeks to April 26th.

Gaming now accounts for about 18 per cent of HMV's sales. - (Bloomberg)