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BP says oil spill will cost it $200m


THE cost of clearing up BP's oil spill in the Gulf of Mexico could top $200m -- excluding the possible cost of any legal action resulting from last week's fatal explosion. The figure emerged as BP declared a 135pc surge in first-quarter profits to $5.6bn from $2.39bn a year ago.

US patent probe threatens iPhone


The sale of Apple's iPhone and iPad in the United States is under threat after a trade regulator began an investigation into the company for allegedly infringing a multi-touch technology patent. The US International Trade Commission, which can ban the import and sale of products, is responding to a request from Taiwanese touchscreen maker Elan Microelectronics. It patented a technology that detects the simultaneous presence of two or more fingers on a touchscreen or touchpad.

Developer farmer must pay AIB €6m


ALLIED Irish Banks (AIB) has obtained summary judgment for €6m against a farmer and property developer over unpaid loans. Derek Connolly, Kilpark House, Aghadrumdoney, Scotshouse, Co Monaghan, is disputing the bank's claim he owes it an additional €1.6m. Mr Justice Peter Kelly fixed that matter for hearing at the Commercial Court next month. The bank sought summary judgment for €7.6m against Mr Connolly on foot of loans to himself and arising from guarantees over monies advanced to his companies Declan Connolly Property Development Ltd and Declan Connolly Retail Sales Ltd.

NIB has final call on McFadden debt


FINANCIER Niall McFadden will not get a court deferral of a €6.3m judgment order unless a bank agrees not to start bankruptcy proceedings against him pending an appeal against that order, a judge said yesterday. National Irish Bank (NIB) must also undertake to compensate him for any losses should he win his Supreme Court appeal.

Icon grows profits by 6pc to $22.2m


Icon, the country's largest provider of clinical research for drugmakers, said first-quarter sales were almost unchanged at $219m compared with last year. Profit after tax rose 6pc to $22.2m.

Irish Independent