US construction and engineering firm Halliburton said yesterday it had received government orders totalling just over $50 million (€46 million) to contain fires and repair infrastructure in Iraq's oil fields - well short of the billions of dollars for which it had been said to be in line.

Critics complained that Halliburton, which was run by US vice-president Dick Cheney from 1995 to 2000, and other politically connected US companies have received an inside track on lucrative contracts.

Mr Henry Waxman, the ranking Democrat on the House government reform committee, last week asked Congress's independent auditing body to review the bidding process to determine whether Halliburton had received special treatment.

Mr Waxman revealed that the oil-well control contract awarded to Halliburton's Kellogg Brown & Root subsidiary last month was worth as much as $7 billion over two years.

But the company yesterday said the $7 billion figure related to a "worst-case scenario" in which hundreds of Iraq's oil wells were torched by Saddam Hussein. - (Financial Times Service)

Elan ends venture with Ribozyme

Elan has terminated yet another joint venture, concluding its oncology collaboration with Ribozyme Pharmaceuticals.

Under the terms of the agreement, Elan will transfer its 19.9 per cent interest in the joint venture to Ribozyme in exchange for a portion of any future licence fee, development revenues and royalties on commercial sale of Herzyme, which is being developed for the treatment of breast cancer.

Jurys McCann receives €365,000

Jurys chief executive Mr Pat McCann was paid €365,000 for the eight months ended December 31st, 2002.

This consisted of a basic salary of €209,000, a performance-related bonus of €65,000, pension of €84,000 and other benefits worth €7,000.

Finance director Mr Paul McQuillan received a total package of €220,000, while marketing and sales director Mr Niall Geoghegan was paid €207,000.

Jurys reported for the eight-month period because it is changing its financial year-end from April 30th to December 31st.

Dawnay increases stake in REO

British investment firm Dawnay Day has raised its stake in Real Estate Opportunities (REO) to 29.71 per cent, just short of the 29.9 per cent level at which it would have to make a bid for the company.

Dawnay, which blocked a motion to reorganise REO last November, has been adding to its REO stake in recent months. It is not clear what Dawnay's intentions are and the firm could not be reached for comment last night.

Glanbia director's pay falls 22%

Glanbia managing director Mr John Moloney saw his total pay package slip by 22 per cent last year from €595,000 to €466,000.

However, his basic salary and fees increased from €218,000 to €244,000 and the cut was mainly due to a drop in the amount he received under the company's short-term incentive plan. This fell from €178,000 in 2001 to €28,000 last year.

Mr Moloney was also granted share options over 290,000 shares, exercisable at a price of €1.55.

Deputy managing director Mr Billy Murphy saw his remuneration package fall from €477,000 to €393,000, The amount he received under the short-term incentive plan fell from €107,000 to €17,000. But he too was rewarded with share options.

Finance director Mr Geoff Meagher received €381,000, down from €478,000 in 2001, but was awarded options over 205,000 shares.