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

Petroceltic's losses in first half of 2008 increase to $1.9m

Irish exploration company Petroceltic has reported a loss before tax of $1.9 million (€1.3 million) for the year to June 30th, compared to a loss of $939,000 in the first half of 2007. The increased loss was mainly due to a rise in administrative expenses related to the development of its business, the company said.

Revenue rose from $140,000 to $320,000 in the six-month period, while it had a cash balance of $47.5 million.

In June Spain's Iberdrola took a 22.64 per cent stake in the firm. Petroceltic said it would use the new funding and its existing cash resources to accelerate its exploration and appraisal assets.

Earnings estimates for Irish banks cut

Goldman Sachs analysts have reduced their earnings estimates for Irish banks next year, citing the risk of rising loan losses.

The brokerage cut its 2009 per-share profit estimate for AIB to €1.14 from €1.72, and downgraded its recommendation on the stock to "neutral" from "buy".

"We expect loan losses to increase across all asset classes in Ireland, the UK and the US," the analysts said.

Bank of Ireland had its profit estimate reduced 21 per cent to 83 cent and Anglo Irish Bank's estimate was cut by 16 per cent to €1.19 a share. - (Bloomberg)

Data security alert after sale of laptop

Personal details of more than one million customers of Royal Bank of Scotland (RBS), American Express and NatWest have been found on a computer sold on eBay, adding to fears over data security.

RBS said the information on the computer bought via the internet included historical data related to credit-card applications and data from other banks, but would not disclose further details.

A spokeswoman for Ulster Bank, which is owned by RBS, said the bank was investigating whether any Irish customers were affected by the theft of the laptop.

Goodbody predicts 30% fall in house prices

House prices could fall as much as 30 per cent from their peak due to an oversupply of stock, Goodbody Stockbrokers said yesterday.

The firm warned that prices in the market, which have already declined 12 per cent from peak levels, could fall further in the next two years.

Goodbody analyst Dermot O'Leary said the "obsession" with the domestic and international housing market had not waned. He said Ireland did not have the problem of forced sales, such as foreclosed properties, as yet but said the firm's analysis of the stock of homes available for sale suggested a "significant overhang" in the market.

Goodbody has calculated that, at current stock levels, this amounts to some 18 months of supply, given transaction levels.

Virgin posts Q1 new route profit

Virgin Atlantic Airways, the British carrier controlled by billionaire Richard Branson, said it had a first-quarter pretax profit on new destinations as passengers shunned British Airways' hub because of "ongoing problems" at the new Terminal 5 at London's Heathrow Airport.

Pretax profit in the period was £23.5 million (€29.5 million), compared with a pretax loss of about £2 million a year earlier.

Sales rose 16 per cent to £645.3 million. - (Bloomberg)

Morrison to step down from Invest NI

The chief executive of the North's lead economic development agency is to step down from the post next March.

Leslie Morrison has been chief executive of Invest Northern Ireland (Invest NI) since it was established in 2002.

Co Antrim-born Mr Morrison had a long career with JP Morgan and was managing director at its head office in New York before returning to the North to work with the Northern Ireland Government.

Mr Morrison said yesterday that he had been proud of what the agency had achieved to date but after seven years in the job it was time for a new chief executive.

During his time with the agency, Mr Morrison has had to endure both praise and criticism. But the agency's latest annual report - for 2006-2007 - included 28 first-time investments in the North by overseas-owned companies.