World

Friday 1 August 2014

Exports slip again

Published 14/06/2014|02:30

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THE patent cliff continues to be a drag on Ireland's vital export sector, official figures show. The value of exports was down 5pc in April compared with the same month last year.

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The Central Statistics Office said preliminary figures show that seasonally adjusted exports decreased slightly by €45m, or 1pc, from March. There was an 18pc drop in the exports of medical and pharmaceutical products, and a 9pc fall in organic chemicals. The trade surplus rose to €2.9bn.

TULLOW OIL FUNDING

Tullow Oil has refinanced its NOK2bn ($330m) Norwegian exploration loan facility and increased it to NOK3bn ($495m). It has been extended out until 2017.

The facility, which funds exploration on the Norwegian continental shelf, replaces one arranged for Spring Energy before its acquisition by Tullow. Nordic lenders DNB and SEB acted as bookrunners and coordinating banks for this facility.

AER LINGUS

In an article published yesterday we reported that Aer Lingus had seen record passenger traffic in May with 122,000 customers flying on the airline.

In fact this figure refers only to the number of passengers travelling with Aer Lingus Regional, the commuter and regional carrier operated by Stobart Air under the Aer Lingus brand. We are happy to clarify that the overall Aer Lingus Group carried just over one million passengers in May 2014, a rise of 2.4pc.

SLOT MACHINE DEAL

Lottery operator GTECH and billionaire Ron Perelman's MacAndrews & Forbes Holdings are competing to buy Las Vegas slot machine maker International Game Technology, sources said.

Shares of IGT jumped nearly 11pc to $15.84, giving it a market value of $4bn. Private equity firm Apollo Global Management, a co-owner of Caesars Enter-tainment, is also pursuing a bid, as is Carlyle Group.

ALSTOM TURBINE BID

Germany's Siemens and Japan's Mitsubishi Heavy Industries are putting the finishing touches on a joint offer for Alstom's turbine businesses that includes a cash element of roughly €9bn, sources close to the bidders said.

Under the complex offer, Siemens would acquire the gas turbines business of Alstom while Mitsubishi would inject cash and industrial assets into a joint venture in steam turbines.

Irish Independent

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