Other finance news in brief

Anglo Irish stock on loan falls to 12.47%

THE PROPORTION of Anglo Irish Bank's shares on loan, which indicate the level of short selling bets against a share price, fell again in August, new figures show.

The percentage of Anglo's loaned stock fell to 12.47 per cent last month from 14.27 per cent in July, though the bank still has the highest amount of stock on loan among the four listed Irish banks, according to statistics updated yesterday by the Brussels-based securities settlements firm, Euroclear.

Bank of Ireland was the only bank to show an increase in its stock on loan last month, as it rose marginally to 9.67 per cent from 9.41 per cent a month earlier. AIB's loan stock fell to 2.22 per cent from 4.04 per cent, while Irish Life Permanent dropped to 9.83 per cent from 10.98 per cent.

The figures only reflect the level of short selling, as loaned stock can be used for other purposes, though the data shows the stocks most susceptible to short selling.

Irish Nationwide ratings downgraded

Irish Nationwide's long-term bank deposit and senior debt ratings have been downgraded by international ratings agency, Moody's.

The agency blamed the building society's increased exposure to commercial property and development, which accounts for 80 per cent of its loan book, and the rapid deterioration in land and property values in Ireland and the UK.

Falling property values were "exacerbating the already high loan-to-value ratios on the commercial property and development loan book", said Moody's in a statement.

The downgrade reflects "weakening asset quality" as the Irish and UK economies deteriorate, the ratings agency said.

Louis Copeland clears strike-off list

Dublin-based menswear retailer Louis Copeland Sons was removed from the list of companies due for strike-off earlier this week after filing its accounts and annual return for 2007.

The accounts show the firm's accumulated profits increased to €4.6 million in the year to the end of June 2007 from €4.1 million the previous year.

Instant movie service at Amazon

Amazon has announced a video-on-demand streaming service as internet and consumer electronics companies strive to match the capabilities of US cable and satellite providers.

The internet retailer said advertising-free movies and television shows could be watched instantly within a web browser, or streamed directly to Sony televisions with an internet video link.

Its Amazon Video On Demand is the new name for Amazon Unbox, launched two years ago. Unbox was confined to selling digital downloads of movies and TV shows, but the new service puts the accent on paid-for streaming.

"The ability to watch content instantly without downloading first was among the most requested features of our customers, and now it's live," said Roy Price, director of the service. - (Financial Times service)

Outsider appointed as Unilever chief

Unilever yesterday broke with a near 80-year tradition of appointing insiders to the helm of the multinational by turning to an outsider to succeed Patrick Cescau as chief executive.

Overlooking four credible internal candidates, chairman Michael Treschow decided to hire Paul Polman, a former Procter Gamble and Nestlé man, to take over.

"It is not that our internal candidates were not good," Mr Treschow said. "But from time to time you test the waters, and we had the scope to make sure we would seek out the best."

Mr Treschow said the decision to bring someone in was a one-off rather than a shift in thinking, and insisted Mr Polman (52), would not change Unilever's direction. - (Financial Times service)