Today's other business news in brief

Participation in BoI rights offer

Investors who do not hold shares in Bank of Ireland can still participate in the bank’s rights issue by buying shares traded with entitlement to participate in the bank’s rights offer. In this scenario, the right to buy shares comes from the market rather than from the company register. The bank’s stock can be traded with the entitlement to participate until 8am tomorrow.

UTV expects World Cup revenue fillip

Belfast-based multimedia group UTV, which operates the ITV franchise in Northern Ireland, said it expects revenue from its British radio division to grow by 13 per cent in May and June thanks to the impact of the World Cup.

It also predicts that its television division could enjoy stronger revenue growth of 19 per cent over the same period, reversing the declines in advertising revenue of the last two years.

UTV’s interim management statement reported an overall revenue increase of 5 per cent compared to last year.

But when foreign exchange transactions and the acquisition of Sport magazine, which was purchased last June, were factored in, the like-for-like increase shrank to just 2 per cent.

AIB seeks €70,000 from restaurateur

AIB has registered a judgment of €70,000 against restaurateur Marcus Sweeney who ran Il Pomo D’Oro on South William Street in Dublin.

The judgment was registered against Mr Sweeney, of The Slade, Tassagard Green, Saggart, Co Dublin, on May 6th. Bank of Scotland (Ireland) appointed a receiver to the restaurant in November 2007.

UK inflation hits 17-month high

Britain’s inflation rate jumped more than expected in April to hit a 17-month high, driven by big rises in tax on alcohol and tobacco, as well as women’s clothing and food prices, official data showed.

Consumer prices rose by an annual 3.7 per cent last month compared to 3.4 per cent in March, above economists’ expectations of an increase to 3.5 per cent.

The Bank of England will now have to write to Conservative chancellor George Osborne explaining why inflation is still more than 1 percentage point above the 2 per cent target. Nonetheless, most economists and the central bank expect higher inflation to be transitory, as one-off effects are gradually outweighed by weak growth and high unemployment.

Wicklow Grand Hotel to stay open

The Grand Hotel in Wicklow is to remain open following the approval of its examinership scheme in the High Court yesterday by Judge Mary Finlay-Geoghegan.

Creditors approved the proposed terms of the examinership scheme at a meeting in Wicklow last week.

As a result, all 50 jobs are to be saved at the historic hotel in the centre of the town.

The hotel will operate under new management, with Veronica Timlin, formerly of the Gresham Hotel and the Ormonde Hotel, assuming the position of general manager.

AIB secures €8m summary judgments

Allied Irish Banks has secured €8 million summary judgment orders against two businessmen under personal guarantees provided by them over unpaid loans of some €18 million to a property company.

Mr Justice Peter Kelly granted the orders yesterday against Donagh Barry, Cowper Road, Rathmines, Dublin, and Michael McCarthy, Shrewsbury Downs, Ballinlough, Co Cork.

Dermot Cahill, for AIB, sought the orders under guarantees provided in August 2007 by both men, up to a maximum €8 million, over loans provided to Central Plaza Properties Ltd with registered offices at Cork Road, Midleton, Co Cork.

Examiner’s view of Irish Car Rental

Accounting inadequacies in the Irish Car Rental group came to light prior to his appointment, the interim examiner Michael McAteer said in an affidavit submitted to the High Court.

He said that in an earlier affidavit he had referred to accounting inadequacies and concerns arising from an internal board investigation.

These had been identified by non-executive directors of Irish Car Rental Holdings Ltd, parent of Irish Car Rentals, and were corrected prior to his appointment.

To date two executive directors had furnished their resignations, he said. In order to facilitate new investment, all of the directors of the parent company had agreed to resign to allow the proposed investor appoint nominees to the board.