Business World

Saturday 21 October 2017

Exploration firm extends $30m loan

Limerick-based explorer Circle Oil extended a $30m (€23.8m) financing arrangement for three years. The loan with a subsidiary of Kuwait-based PetroLink Holding Company was due to mature in two months' time. The loan is convertible into ordinary shares. Circle added that PetroLink will also get options of 5pc of the current issued share capital at any time over the next three years.

Outsider at helm of ailing Thomas Cook

TRAVEL

DEBT-laden tour operator Thomas Cook named travel industry outsider Harriet Green from British electrical components distributor Premier Farnell as chief executive. Green will succeed Sam Weihagen at the end of July. Her challenge is to rebuild a 171-year-old firm which has been searching for a new boss since last August after dire trading that has led to three profit warnings in the past 18 months and a 2010/11 loss of £398m (€497m).

Swatch sales slow down in Europe

WATCHES

SHARES in Swatch Group fell as new figures show Swiss watch exports increased at the slowest pace in more than two years last month. Swatch, the biggest maker of Swiss timepieces, dropped as much as 2.9pc in Zurich trading. Swiss watchmakers are depending more on growth in China to offset slowing European consumption. Exports to China climbed 27pc in April, while exports to Ireland crashed 71pc.

Danes to defend currency's euro link

INTEREST RATES

DENMARK'S central bank is willing to cut interest rates until they become negative to defend the nation's currency peg to the euro, its director of communications Karsten Biltoft said. The bank lowered its benchmark rate yesterday to 0.6pc from 0.7pc.

Diamonds no longer a girl's best friend

JEWELLERY

TIFFANY & Co declined the most in four months after cutting its full-year profit and sales forecasts as weaker-than-expected results in the US signal that luxury shoppers may be shifting spending away from jewellery. Shares in the world's second-largest luxury jewellery retailer, fell as much as 9.6pc in New York.

Irish Independent

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