Today's other stories in brief
C&C shares sparkle with 10% surge
Shares in drinks group C&C surged more than 10 per cent yesterday closing at their highest level since July 30th, the day before the company said its first-half profits could be 35 per cent down on the same period in 2006.
Dealers were unable to pinpoint a definite reason for the surge, though the stock has been trading in the doldrums since the company said the poor summer weather was hurting sales of its trademark cider in the UK and Ireland.
It has also been the subject of significant speculation regarding takeover bids from other drinks groups, including Scottish & Newcastle and SAB Miller.
A spokesman for C&C, which is due to release its interim results on October 10th, said the company doesn't comment on share price movements.
The stock yesterday closed up 64 cent, at €6.72 with as many as 3.5 million shares changing hands, slightly below the normal daily trading average. Roller-coaster week ends on upbeat note: page 20
Russia's $1,000bn for infrastructure
Russia plans to invest $1,000 billion (€710 billion) to modernise its dilapidated infrastructure over the next 10 years, taking its oil-fuelled economic recovery into a new phase.
President Vladimir Putin said private investors, including foreign ones, would have a significant role in what could be one of the biggest infrastructure and industrial construction programmes outside China.
His comments yesterday at an investment forum in Sochi, southern Russia, signalled a shift from consolidating power and hoarding the huge energy revenues flowing into the country to more actively investing in development.
But Alexei Kudrin, acting finance minister, said the state would contribute only about 20 per cent of total investment. "We expect that private investors will play an increasingly noticeable and leading role in the large-scale modernisation of the economy," Mr Putin said.
Mr Kudrin said Russia's total investment in fixed assets was set to double from $168 billion in 2006 to $370 billion by 2010 - compared with $40 billion in 2000.
Sergei Ivanov, acting first deputy prime minister, said state investment would be 3.8 per cent of gross domestic product in the next two years, rising to 4.5 per cent by 2015. - (Financial Times service)
Petrel eyes Iraq opportunities
David Horgan, managing director of Petrel Resources, yesterday described the opportunities for oil and gas production in Iraq as "immense", as the company reported a widening of its first-half loss to €330,000.
Dublin-based Petrel is currently waiting for the Iraqi government to approve a new hydrocarbon law which will allow it to start production.
Mr Horgan said he expects the law to be passed "in the near future."
Share options for four directors
Fruit group Total Produce yesterday announced the allocation of 910,000 share options of 65 cent to four of its directors.
In a statement to the stock exchange, the company said it had awarded 275,000 options each to its chairman Carl McCann and chief executive Rory Byrne, with a further 200,000 going to its finance director John Gernon.
Frank Davis, the company secretary, received 160,000 options.
Providence gets licensing extension
Providence Resources has been granted an extension to its 05/3 licensing option in the St George's Channel, offshore Ireland, by the Minister of Communications, Energy and Natural Resources.
The licensing option will now run until the end of March 2008.
