In brief: Bank of America posts $2.39bn loss
RESULTS: BANK of America, which employs some 1,700 people in Ireland, yesterday posted an unexpectedly sharp decline in first-quarter profit, plagued by losses in the mortgage business, as it named a new chief financial officer.
The largest US bank lost more than $2.39bn (€1.65bn) in its home loan business as revenue fell and expenses rose. A settlement with a bond insurer over mortgage bonds gone bad cost it $1.6bn.
Circle's Morocco drilling successful
OIL & GAS
Limerick-headquartered oil and gas group Circle Oil has announced the successful drilling and testing of an exploration well in Morocco. It also confirmed a gas discovery at its main Intra Hoot target. The AIM-listed company said its KSR-11 well in Morocco's Rharb basin had been completed and would be available for future production. "We tested this well at a small restricted choke size and it still achieved a good flow rate with very quick pressure build-up," chief executive Professor Chris Green said.
H&M's March sales down 5pc on 2010
Swedish fashion giant H&M said like-for-like sales fell by 5pc in March from the same month a year earlier. The firm said that the strong sales in March 2010 had been boosted by good Easter sales. H&M said total sales, including new stores, rose 2pc. Last month the fashion chain said its first quarter profits had fallen by 30pc, blaming higher cotton prices and the value of the Swedish krona. During December to February, H&M said profits dropped to 2.62bn kronor (€292m) from 3.54bn kronor in the same period a year ago.
Runway Personnel acquired by CPL
RUNWAY Personnel has been acquired by CPL Resources. The Group provides a range of services to the healthcare sector in Ireland via its Runway Medical and Runway HomeCare brands. Commenting on the announcement, Edwin Kelly, Director of Operations with Runway Personnel said: "Joining CPL Resources is a fantastic opportunity for the Runway Personnel Group to fulfil its potential as a guaranteed Irish provider of quality healthcare services. We intend to use this opportunity to bring the Runway care model further."