Power said that the failure to reduce prices sooner meant that gas users will continue paying steep costs during the highest usage winter months. He said it will be impossible to predict how oil and gas prices will fluctuate in coming months and that consumers could lose out, despite last week's instruction from the energy regulator that Bord Gais reduce its recently introduced price hike from 34% to 24%. Electricity price rises, due to be introduced in January, will also not be as high as anticipated as oil prices have slid sharply in the past few months.

The gas price reduction is however likely to reduce the headline inflation figure, but the figure will already be under pressure as the government gears up this week for what Power has predicted will be a generous budget.

The move by the energy regulator was welcomed by business groups.

DENIS O'BRIEN must be wondering what's going on in one of his latest fiefdoms, as Fiji faces a coup tomorrow. O'Brien's mobile operator Digicel was granted a licence in principle to operate in Fiji in April.

In a tried and tested method of battling for new customers, the company recently signed a deal to sponsor the island's rugby team. The Pacific Islanders team also sported Digicel logos at the match against Ireland at Lansdowne Road last week.

The coup has been threatened by the military which last week issued a new deadline of tomorrow to resolve differences with the government. The country's police commissioner, an Australian, has said he will not return to Fiji for fear of being arrested, while most of the island's ministers have gone into hiding. At least they'll be able to keep in touch thanks to new mobile entrants. John Mulligan

TIMOTHY CREAN, the president and chief operating officer of US-owned turbine manufacturer Sifco, has received a payment of 320,000 after resigning from the company last week. Both the company and Crean said that the reason for his departure was not the result of any dispute or disagreement between the two parties.

Crean's package equates to roughly 18 months' pay. He will also continue to receive additional entitlements for a year, and will make himself available for consultancy work for which he will be paid 850 a day.

Earlier this year Sifco sold one of its Cork-based component repair business facilities, at Blackrock, to SR Technics. It also has a plant at Carrigtwohill. In April 180 Sifco staff in Cork went on strike over plans to restructure their pensions.

JM

VERIS, the publicly-listed property services group formerly known as Irish Estates, has paid 8m to acquire two property management companies. It said last week that it has bought Glenrye Properties for just under 7m and paid an additional 1m for Premier Property Management.

Glenrye manages Dundrum Town Centre and The Square in Tallaght.

Based in Dundalk, Glenrye was established in 1998 and was 80% owned by Dominick Glennane, the former financial director of Monarch Properties. He faced a grilling earlier this year at the Mahon tribunal, when he said he could not explain where over 200,000 in payments from the company went. He denied Monarch paid bribes to politicians. Directors of Glenrye also include Aidan Grimes, who previously managed the Blanchardstown shopping centre in Dublin. JM

MASON HAYES & CURRAN, the law firm, appointed six new partners to its practice as it formulates plans to expand its offering. It intends to increase its presence in financial services, public affairs, life sciences and maritime practice areas.

The new partners include Martin Kelleher, who will head the company's life sciences group, and Jeanne Kelly, who will work in maritime issues. The other new partners are Melanie Crowley, Helen Noble, William Carmody and Tanya Colbert. Mason Hayes & Curran expects revenues of 27m this financial year. JM

FREESTAR TECHNOLOGY, an Irish electronic payments processor, has paid $1m to acquire a 50% stake in Dublin-based IT consultancy Project Life Cycle Partners. The payment comprises $200,000 in cash and the remainder in Freestar stock.

Project Life Cycle Partners was owned equally by Lance Aeyrst, Neil McGrory and Hugh Neil. The company made a profit of roughly 65,000 last year.

Freestar is traded on the over-thecounter market in the US. In its last quarter it reported a loss of $2.47m and a drop in revenue to $462,000 from $603,000 in the same period last year. JM