Today's other finance news in brief.

Acquisition of energy firm approved

The Competition Authority has approved the proposed acquisition of Applied Energy Holdings by Northern Ireland-based company Glen Electric.

Both companies are involved in the sale of electric space heating and shower products, and the authority's investigation examined the effect the acquisition could have on competition in the space heating products market.

It ruled that the acquisition would "not substantially lessen competition" in the State.

Reverie becomes unlimited company

Meat processor Larry Goodman has re-registered his firm Reverie, which manages the Setanta Centre on Nassau Street, Dublin, as an unlimited company. This means Mr Goodman will no longer reveal financial information on the firm because, as an unlimited company, it will not be required to file accounts.

Reverie applied to re-register on September 18th. According to its most recent available accounts, it earned rent of €5.7 million from the building in 2005, up from €4.2 million in 2004. The centre was valued at €109 million in 2005.

Call to cut growth in public expenditure

Chambers Ireland has urged the Government to cut the rate of growth in public sector expenditure and deliver infrastructure in its next budget.

In the body's pre-budget submission, it said the key issue facing the Government would be cutting growth in public sector expenditure from 14 per cent last year to about 5 per cent this year.

Celtic rejects takeover offer

London-listed miner Celtic Resources yesterday rejected a 220p a share takeover offer from Russian miner and steelmaker Severstal as it considered it too low. Severstal had no immediate comment.

The offer price was below Monday's closing price of 228.5p, and valued the company at £123 million (€175.6 million). Severstal has a 26.6 per cent stake in Celtic. - (Reuters)

Providence turnover falls

Lower oil prices and a weak dollar slowed turnover at Providence Resources in the six months to the end of June, the company said yesterday.

Providence reported that turnover dropped to €880,000 in the first half from just over €1 million during the same period last year. It had an operating loss of €258,000, compared with €399,000 in the first six months of 2006.

Consultancy's Irish unit does well

Consultants White Young Green yesterday announced strong results for the year to the end of June, including an impressive performance from its Irish operation.

The company increased its revenue in Ireland by 54 per cent to €52.5 million, with the rapid growth being attributed to a series of "significant project wins and acquisitions". Overall, the group's revenue rose by 32 per cent to €330.9million.

Commission split on telecoms reform

A split has erupted in the European Commission over plans to overhaul European telecoms rules, internal EU documents show.

Telecoms commissioner Viviane Reding wants to push ahead with a proposal that could force telecoms to separate their services and networks arms if they do not operate in competitive markets.

But officials working for competition commissioner Neelie Kroes and industry commissioner Günter Verheugen have attacked the proposal. - (Reuters)