Friday 26 May 2017

Northern firm sees 98pc fall in revenue

ENGINEERING

CIVIL engineering firm McAteer and Rush suffered a 98pc decline in income in the year to the end of March 2010 in the Republic, according to accounts filed with the CRO.

Revenues in the Republic fell from €26.7m to €500,000. Profits dropped from €4.2m in 2009 to a small loss. The company paid a dividend from retained RoI profits of €5.5m back to its Northern- based parent company, the accounts showed.

Zurich enjoys 20pc rise in new business

INSURANCE

ZURICH's Dublin life insurance hub enjoyed a 20pc rise in new business last year, figures released yesterday revealed. In a statement, Zurich said sales from the Dublin-based European hub "rose strongly" while sales of long-term savings products to the Irish market "achieved a recovery". Full results for Zurich's Irish operations will be released on Monday.

Pathfinder rockets on titanium deal

MINING

SHARES in Pathfinder Minerals rose sharply yesterday after coming to market. The company has two titanium mining licenses on the Indian Ocean coast of Mozambique known as Naburi and Moebase, estimated to contain some 72 million tonnes of titanium dioxide ore, used to make paint, paper, plastic, textiles, rubber and medicine. Irish entrepreneur John McKeon is responsible for the deal and has become chairman.

Tullow hits oil pay at Uganda's Teak

COMMODITIES

TULLOW Oil said yesterday it encountered 73 metres of oil net pay at its Teak well in Uganda. In the lower Turonian-aged reservoirs synonymous with the Jubilee field, 14 metres of gas-condensate and five metres of oil were encountered. Tullow holds 22.9pc of Teak's licence.

Fed's Kevin Warsh quits after five years

ECONOMY

FEDERAL Reserve Governor Kevin Warsh, who was one of chairman Ben Bernanke's closest advisers before becoming the only governor to question the expansion of record monetary stimulus in November, has resigned after five years at the central bank. He was to complete or expand $600bn (€441bn) in Treasury purchases in June.

Irish Independent

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