Today in the press

COSTCO TAKES ANOTHER IRISH LOOK - The Irish Times says US retail giant Costco is still considering entering the Irish market, quoting one of its executives.

John Eagan, vice-president and general manager, Costco Wholesale, told the paper that colleague Jim Murphy, who is in charge of the US brand's international development, has been looking at the Irish market.

'We looked at it a few years ago, but I don't think we could get the permits then. As recently as within the last year, we have been back,' said Mr Eagan, who was in Ireland to address a Bord Bia conference on the future of food markets yesterday.

Costco, which had sales of $63 billion (€40.8 billion) in its last financial year, is one of the world's biggest retailers and has a presence in over 20 countries.

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REGENCY WRITEDOWN HITS FURLONG PROFITS - The Irish Independent says businessman Noel Furlong saw profits at his Furlong Investments dive more than 40% last year after the group wrote down NI-based Regency Spinning ahead of its November closure.

The paper quotes accounts as showing that the Kildare man's carpet empire returned pre-tax profits of about €1.9m for the year ended June 2007, down about €1.4m on the previous year.

The Indo says the fall came after a 41.43m 'extraordinary charge' linked to a revaluation of Regency, which went into administration in November with the loss of 110 jobs.

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US BEING WEANED OFF FOREIGN OIL? - The Financial Times reports that the US is starting to break its 'addiction' to foreign oil as high prices, more efficient cars, and the use of ethanol significantly cut the share of its oil imports for the first time since 1977.

The FT quotes the head of the Department of Energy's statistical arm as saying that the country's foreign oil dependency is expected to fall from 60% to 50% in 2015, before rising again slightly to 54% in 2030.

The paper says the net imports of the world's biggest consumer are expected to fall between now and 2030, ending what has been an almost relentless 30-year climb in the use of foreign oil and a fall in domestic production.

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IRAQ'S RESERVES 'BIGGER THAN SAUDI' - The Times says Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia's and be the largest in the world.

The Iraqi Deputy Prime Minister told the paper that new exploration showed that his country has the world's largest proven oil reserves, with as much as 350 billion barrels.

The figure is triple the country's present proven reserves and exceeds that of Saudi Arabia's estimated 264 billion barrels of oil.

Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by 'reputable, international oil companies'. He said this was 'a serious figure from credible sources'.