A round-up of today's other stories in brief.
Stocks in US soar on hint of Fed rate cut
US stocks surged yesterday after Federal Reserve vice-chairman Don Kohn dropped what investors saw as a clear hint that the US central bank was ready to cut interest rates again next month unless market conditions improved.
Mr Kohn, the number two official at the central bank, said the Fed would be "flexible and pragmatic" in responding to new risks to growth arising from the relapse in financial markets. His comments helped to power a rally in world markets.
Worldspreads profit doubles
Worldspreads, the bookmaker for wagers on financial markets that sold stock in August, said first- half profit doubled after more customers bet on stock and commodity prices, currency movements and interest rates.
Net income climbed to €240,000 in the six months to the end of September, from €118,000 a year earlier, the Dublin-based company said yesterday. Sales jumped 79 per cent to €4.99 million.
The firm's main business is taking so-called spread bets on financial markets; it also accepts sports wagers. Most customers are British and Irish. The number of so-called active clients doubled to 1,934 in the period in question.
The earnings are the first since the company became publicly traded in August.
Commission fines glass makers €500m
European competition regulators have fined four major makers of flat glass used for windows, doors and mirrors almost €500 million for illegally co-ordinating price rises and business conditions.
The European Commission imposed fines totalling €486.9 million on privately held US firm Guardian; Pilkington, the British unit of Japan's Nippon Sheet Glass; French producer Saint-Gobain; and Belgian-based Glaverbel, recently renamed AGC Flat Glass Europe and is a unit of Japan's Asahi Glass.
Although the cartel lasted little more than a year, the fine was the commission's fifth-largest yet by sector. It amounted to almost half the record €992 million imposed on a 20-year elevator cartel. - (Reuters)
Pure Telecom signs deal with 3
Pure Telecom has entered a partnership with 3 Ireland to add mobile services to its existing offerings of fixed telephony and broadband.
Pure will resell 3's recently launched business products, including mobile broadband.
Damien Gallagher, head of business at 3, said this signalled the way the market was going. "Particularly on the business side, people just want one account manager for DSL, mobile broadband, fixed and mobile communications."
He said ultimately the two companies would integrate their billing systems so that Pure would bill customers for 3 services.
Until last September Pure primarily sold to businesses but it then acquired NewTel for €900,000, which gave it 12,000 residential customers.
Mr Gallagher did not rule out 3 making an acquisition locally.
Elan chief sells 10% of holding
Elan chief executive Kelly Martin has sold shares in the Irish biotech company. Mr Martin sold about 10 per cent of his holding in the company which, along with a US partner, produces multiple sclerosis drug Tysabri.
He realised $433,931 (€292,582) on the transaction. The 19,350 shares were sold at about $22.43 in the US market.
Mr Martin continues to hold 183,150 Elan shares, or 0.04 per cent of the firm.
SEC votes on directors
The US Securities and Exchange Commission (SEC) voted 3-1 yesterday to allow companies to exclude shareholder proposals regarding director nominations from annual proxy statements. - (Bloomberg)
