A round-up of today's other stories in brief.
Gas price cut to benefit 1,700 firms
The energy regulator confirmed yesterday that more than 500,000 households and 1,700 businesses will benefit from a fall in gas prices next month worth €100 a year to the average user.
In July, the regulator approved a 10.6 per cent cut in gas charges. This will knock €8.30 a month off the average domestic bill.
The cut will be the second this year. Prices went up 34 per cent in January, but came down by 10 per cent in February. The two price cuts will not eliminate that increase. A customer who was paying €100 a month before last year's hike, would have paid €134 between last October and February, after which their bill dropped to €120.60. From October, they will pay about €106.50.
Tullow discovers gas in North Sea
Tullow Oil has successfully encountered gas at the Harrison exploration well in its Lower Ketch site in the North Sea.
The company, which is due to release its interim results today, announced the discovery - the group's eighth consecutive find in the area since it acquired the UK assets in 2001 - yesterday. The site, in which Tullow has a 22.5 per cent stake, has yet to be flow tested. Analysts said that while this find is small in relation to Tullow's recent discoveries in Africa, it will at least serve to extend the life of the group's UK reserve basis.
Carroll raises ICG stake to 19.87%
Property developer Liam Carroll has raised his stake in ferry company Irish Continental Group (ICG) to 19.87 per cent after paying €25 each for a further 21,500 shares. The purchase price matches the €25 being offered by management buyout vehicle, Aella, to take over the ferry company. Shares closed unchanged at €25.00.
Oil price close to record high
Oil climbed further above $74 (€54) yesterday, within sight of its record high, as Opec kept a lid on output in the run-up to its September 11th ministerial meeting. Market participants were keeping watch of a potentially catastrophic Category 5 storm in the Atlantic Ocean.
Current projections show it avoiding offshore US oil and gas fields. US crude was up 44 cents at $74.48 as European markets closed. London Brent crude was 72 cents up at $73.44. - ( Reuters )
Whelan to head Anglo lending unit
Anglo Irish Bank has appointed Pat Whelan to succeed Tom Browne as managing director of lending, Ireland.
Mr Whelan joined Anglo in 1989 and has held a number of senior management positions in lending. More recently he has been director of group risk and was appointed to the board in 2006.
NIB names Callan for wealth post
National Irish Bank (NIB) has appointed Garvan Callan as head of wealth management. Mr Callan was previously director of wealth management at Ulster Bank. He has worked in the financial services sector since 1990.
IN&M buys back 500,000 shares
Independent News & Media (IN&M) has spent at least €1.66 million buying back a further 500,000 of its own shares. The units will be held in treasury.
HSBC to hold talks on bank deal
HSBC said yesterday it would hold a "full and open" dialogue with South Korea's financial regulators in the next few months as the world's fourth-largest bank seeks permission for its $6.3 billion (€4.6 billion) deal to buy a controlling stake in Korea Exchange Bank. - ( Financial Times service )
