A round-up of today's other business news stories in brief

Unnamed investor for 'Buy&Sell'

An unnamed investor is set to rescue small ads magazine Buy Sell as the company’s period of High Court protection ends.

Examiner Tom Kavanagh of Kavanagh Fennell said yesterday that a buyer has been found for the classified magazine, owned by Boundary Capital, but said that the investor could not be named until a deal is put in place.

The company has been in examinership since June. The High Court will tomorrow hear an application from Mr Kavanagh to end the protection period that began when it was placed in examinership.

It is expected that a business and asset sale can be completed from liquidation or receivership proceedings.

Providence debt refinanced

Exploration group Providence Resources has refinanced existing debt with a new $100 million (€68.8 million) facility from BNP Paribas.

Under the deal's terms, Providence can immediately draw down $65 million to pay off $56 million owed to Macquarie. Providence originally agreed a $250 million facility with Macquarie, but only drew $56 million.

The new finance will be used to fund Providence's natural gas storage plans for the Kinsale field.

BNP set to pay back state cash

BNP Paribas, France's biggest bank by market capitalisation, yesterday joined a recent European rush to pay back the government for its financial support during the credit crisis.
The bank launched a capital increase for €4.3 billion and said it was reimbursing the French state early on its capital advance made during the financial crisis. – (Reuters)

$2m loss reported by Petroceltic

Petroceltic International yesterday reported a loss of $2.12 million (€1.45 million), or 20 cents a share, for the first half of the year.

Revenue at the Dublin-based oil and gas firm fell 61 per cent to $125,000. The firm, whose shares have risen fivefold this year, saw a loss of $1.94 million a year earlier. The results come as it reported a “significant” discovery in Algeria.

Shannon company wins BA contract

Shannon Aerospace yesterday announced it had secured a maintenance deal with British Airways (BA) related to a new service. The contract is for extended-range twin-engine operational performance standard checks on 11 BA A318 aircraft per week.

The maintenance relates to the launch this week of a new transatlantic business class-only service by BA from London City Airport to New York, via Shannon.

Pan Andean posts profits of £1m

Irish exploration company Pan Andean yesterday announced operating profits to March 2009 of £1 million.

The company had operating profits of £933,000 in 2008.

Vodaphone to sell Apple iPhone here

Vodafone will sell the Apple iPhone in Ireland and Britain from 2010. The world’s largest mobile operator, by revenue, will join Telefónica’s O2 in selling the phone in Ireland from early next year.

In Britain, Orange said it would start selling the phone before the end of this year, breaking O2’s exclusive two-year hold on the phone.

This will raise hopes that a price war between operators will push the price down for consumers.– (Reuters)