EIRCOM TO OPEN ITS BOOKS - The potential takeover of Eircom has moved a step closer this morning. The company has told the stock exchange it has agreed to open its books to the Babcock & Brown. the Australian investment fund which wants to buy the phone company. Babcock & Brown is co-operating with the Employee Share Ownership Trust on a bid. A deal would be worth €2.3 billion. It would be the fourth time the company would have changed hands in six years. These days most of the shareholders in Eircom are financial institutions.
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ENERGY TOP COSTS WORRY FOR BUSINESS - Employers' group IBEC has released a survey about costs for businesses. The survey found Irish business is becoming increasingly uncompetitive as costs rise much faster than inflation.
IBEC director Brendan Butler said the survey covered 11 non-pay costs at 230 companies. He said energy was the biggest issue for companies, with costs increasing by 17% last year, way ahead of inflation.
Mr Butler said oil prices were a particular problem for manufacturing companies, and 6,000 jobs had been lost in this sector in the first three months of 2006. He called for a substantial increase in support for renewable energy and lessen our dependence on imported energy.
Mr Butler said pay rates had been rising at a much higher rate than in other countries. He rejected suggestions that IBEC was trying to talk things down during negotiations on a new pay deal.
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MARKETS - This morning the euro is worth $1.23 and 69p sterling.
