A round-up of today's other world news in brief...

Lidl seeks to cancel €5.5m contract

Lidl Ireland has brought a legal action arguing it is entitled to cancel a contract for the €5.5 million purchase of a site and premises at Ballyfermot, Dublin.

The proceedings by Lidl Ireland GmbH against Killeen Properties Ltd of Lexus House, Killeen Road, Dublin, were admitted to the Commercial Court yesterday by Mr Justice Peter Kelly.

The case arises from an agreement in September 2005 between Lidl and Killeen under which Lidl agreed to buy a site and premises at Kylemore Road, Ballyfermot, for €5.5 million.

Lidl also claims it agreed on July 9th, 2007 to sell the Ballyfermot premises to John McKillen of Greenfield Park, Donnybrook, Dublin, for some €6.5 million.

A three-way closing between Killeen, Lidl and Mr McKillen was fixed for November 25th last which was cancelled as Mr McKillen could not arrange to inspect the lands prior to that date, Lidl claims. That was cancelled, Lidl alleges, because special conditions attached to the deal were not fulfilled by Killeen.

Oil price rises to two-month high

Crude oil rose to a two-month high in New York on optimism that the recession may end by the close of the year. Oil futures increased after the G20 vowed to clean up toxic assets and Federal Reserve chairman Ben Bernanke said the slowdown may end this year. Prices fell as much as 5.7 per cent earlier yesterday after Opec deferred another production cut for at least 11 weeks. – (Bloomberg)

Siteserv finance chief to step down

Building and general services group Siteserv said yesterday that finance director Colm Nolan is leaving the company to take up the same role at law firm, Matheson Ormsby Prentice.

Chief executive Brian Harvey said: “It has been a pleasure to work with Colm over the past two years. The board would like to thank Colm for all his efforts and wish him every success for the future.”

Bank in legal bid to recover 9.4m loan

A bank has asked the Commercial Court for orders requiring two men to repay loans of some €9.4 million made to their property development company and themselves.

Seán Murphy, High Street, Ballyragget, Co Kilkenny, and Martin Dunne, Kilcollan, Jenkinstown, Co Kilkenny, represented themselves yesterday when the proceedings against them by Bank of Scotland (Ireland) were admitted to the Commercial Court.

Bernard Donleavy, for BOSI, said it was seeking orders for summary judgment against both men for a total of €9.4 million.

BOSI says the sum due arises from guarantees and indemnities given by the defendants over loans dating back six years now amounting to some €8.3 million made to Balcon Developments Ltd, with registered offices at Canal Side, Athy, Co Kildare. The remaining €1.1 million due related to loans made to the defendants themselves.

The bank claims Mr Murphy and Mr Dunne are directors of Balcon and had drawn down loans for developments.

Euro zone inflation rose in February

A jump in gas and electricity costs as well as food spurred a rebound in euro zone annual inflation in February, but economists said price growth would fall again in March and forecast another ECB rate cut in April.

The European Union statistics office, Eurostat, said prices in the 16 countries using the euro rose an expected 0.4 per cent month-on-month for a 1.2 per cent year-on-year gain, up from 1.1 per cent in January – confirming its earlier annual estimate.

Eurostat said the rise in gas prices added 0.21 percentage point to overall year-on-year inflation, more expensive restaurants and cafes another 0.15 percentage point and electricity 0.12 percentage point.