Date set for AIB to leave NY exchange
AIB yesterday confirmed that its exit from the New York Stock Exchange will come into effect on August 25. The cancellation came after the Government became a 99.8pc shareholder in the bank, making the cost of the listing too expensive to justify. AIB and the Government have resolved to ensure that the bank remains listed in Dublin, and shares continue to trade on the Enterprise Securities Market here.
Profits rise 18pc at Western Union
Pre-tax profits at the main Irish arm of money transfer giant Western Union last year increased by 18pc to $49.9m (€34.5m), new accounts show. According to accounts just filed by Western Union International Ltd (WUIL) to the Companies Office, they show that revenues dropped by $120m from $2.633bn to $2.513bn to the end of December last. The revenues generated by the Dublin-registered company accounted for 50pc of Western Union's global revenues of $5.2bn last year.
Petroceltic upbeat on strong portfolio
Petroceltic, the exploration company, has delivered an upbeat set of results for the six months to the end of June. The company said its asset portfolio had been strengthened over the last 12 months by its Ain Tsila appraisal programme, an $100m (€69.3m) plus farm-out to Enel and its entry into the Kurdistan Region of Iraq. "Algerian drilling operations will see at least three further well results and four test results completed in the next six months, and our objective is to maintain and exploit the momentum,'' the firm said.
Buffett increases Wells Fargo stake
Warren Buffett's Berkshire Hathaway increased its stake in Wells Fargo, building equity holdings amid a markets decline that the billionaire investor said provided an opportunity for buying stocks "on sale." Mr Buffett's firm added 9.7 million shares of the biggest US home lender in the three months ended June 30, boosting the holding by 2.8pc, Berkshire said yesterday in a filing that listed its US stockholdings. Berkshire accelerated purchases on August 8 as the Standard & Poor's 500 Index plunged 6.7pc, its steepest decline since December 2008.