More news in brief

BP, Europe's second-biggest oil company, has raised its quarterly dividend by 31 per cent to reflect its "increasingly robust view of the future", despite fourth- quarter profits well below analysts' expectations.

The company said it added to its reserves more than 100 per cent of the oil and gas it produced last year, when its rivals had either reported poor performance or said nothing about their reserves replacement.

It also gave more details of the restructuring plan announced by Tony Hayward, who took over as chief executive last May, with 5,000 jobs expected to go by the middle of next year and a planned 15-20 per cent reduction in overheads.

When "non-operating" charges of $1.03 billion (€703 million), related to the sale of 700 US stores and other restructuring costs, are excluded, the fourth- quarter profit was $4 billion. - (Financial Times service)

Carpetright reports 4% decline in sales

Carpetright, the UK's largest carpet retailer, reported a deterioration in third-quarter sales because of mounting pressure on incomes. It also announced that finance director Ian Kenyon had resigned.

Carpetright shares fell as much as 8.2 per cent in London trading after saying sales fell 4 per cent at UK and Irish stores open at least a year in the 13 weeks to January 26th. - (Bloomberg)

Providence begins drilling at well

Providence Resources has confirmed that drilling has begun on the AJE4 well, located offshore Nigeria.

The operation, which will give the company the chance to assess the well's reserve potential, is expected to last nine weeks.

Moy Park appoints chief executive

Poultry company Moy Park has appointed Nigel Dunlop as its new chief executive and managing director. Former managing director Dr Trefor Campbell will take over as chairman.

Mr Dunlop previously worked with Gallaher Tobacco as executive director. The company was acquired by Japan Tobacco in April 2007.

First patient takes new AGI drug

Pharmaceutical firm AGI Therapeutics has announced that the first patient has begun taking its new anti-diarrhoeal treatment aimed at chemotherapy patients.

The drug, which is entering its phase II study, is delivered via a transdermal patch. There are already drugs for chemotherapy- induced diarrhoea, but the AGI-004 method requires only a single daily dose through the patch, instead of multiple oral doses.

Origin completes Masstock purchase

Dublin-based agribusiness group Origin Enterprises has completed its acquisition of UK agricultural firm Masstock.

Origin said in January it was buying the firm for £26.3 million (€35.3 million), with another £10 million payable subject to meeting certain profit targets by 2012. Masstock was set up in the 1970s in the North and has operations in the UK and Poland.

Decline in building 'relatively minor'

An expected 7 per cent fall in the level of construction during 2008 is a relatively minor one in terms of overall volume, construction cost management firm Davis Langdon PKS said yesterday.

Managing director Norman Craig said the Irish construction industry would build €36 billion worth of buildings this year, compared to €24 billion five years ago. "By any standards this is an achievement."