A round-up of today's other stories in brief
Kingspan's Mulvihill sells 100,000 shares
Kingspan's group finance director Dermot Mulvihill has sold 100,000 shares in the company, netting slightly more than €1 million. The shares were sold yesterday at €10.93 per share, after the share price reached a record high on Monday on the back of positive first-half figures. Mr Mulvihill retains 900,830 shares, equal to 0.54 per cent of total shares at issue.
Non-executive director Kevin O'Connell sold 50,000 shares on Monday at €11.09 per share. Recently appointed non-executive director and former European Commissioner David Byrne purchased 200 shares at €11 per share.
US service growth accelerates
Growth in the US service sector accelerated in August, according to an industry report yesterday, showing that the huge chunk of the US economy it accounts for was expanding prior to Hurricane Katrina.
The Institute for Supply Management non-manufacturing index rose to 65.0 in August from July's 60.5. The service sector reading rose for the second time in three months and beat analysts' forecast for a slight easing to 59.5. A figure above 50 indicates growth. - (Reuters)
Circle Oil wins Oman concession
Irish company Circle Oil has won a concession to carry out geophysical and seismic studies in a 90,760 sq km block off the cost of Oman.
It is expected to invest $18 million (€14.43 million) on the project. Circle already has an interest in another offshore Oman block.
July consumer spending subdued
Euro-zone consumer spending remained subdued in July, data showed yesterday, signalling the expected economic recovery of the second half of 2005 would be modest despite a more upbeat mood among businesses.
The European Union's statistics office said retail sales in the 12 countries using the euro fell 0.5 per cent in July from June against expectations of only a 0.3 per cent decline. Compared with July 2004, retail sales were flat, while market consensus was for a 0.9 per cent rise. - (Reuters)
AXA reports strong growth
French insurer AXA reported strong growth in first-half profits yesterday and said it was on track for double-digit 2005 earnings growth despite Hurricane Katrina, which has cast a pall over the industry.
AXA's underlying profit rose 26 per cent in the first six months of the year to €1.761 billion, helped by strong sales of savings products in the United States and France. The figure was ahead of market expectations.
AXA said it remained on track for higher earnings despite Katrina, which could be the costliest disaster ever for insurers. - (Reuters)
O'Quigley joins Petroceltic
Listed exploration company Petroceltic has appointed Philip O'Quigley as chief finance officer. Mr O'Quigley has worked for the last four year as finance officer of Energy Finance Ltd, which is involved in the production of methane gas from coal mines in Europe and the US.
Dr Eloi Dolivo joins as exploration manager, Algeria. He is a geologist and has worked for Shell and Lundin. Phil Thompson, a former project manager with ExxonMobil and Oryx Energy, joins as senior geophysicist, Algeria.
Petroceltic owns 75 per cent of the Isarene prospect in Algeria. It has estimated discovered reserves of 380 million cubic feet of gas and 28 million barrels of oil.
