Business World

Saturday 21 October 2017

Hagan appointed to Allied Irish Banks

ALLIED Irish Banks has appointed Peter Hagan as non-executive director.

Mr Hagan is a consultant, supporting major international banks in the areas of litigation defence and regulatory change. He remains a director of the US subsidiary companies of Irish Bank Resolution Corporation (IBRC) pending the appointment of a replacement. He previously held positions including chief credit officer of Merrill Lynch's Capital Markets and International businesses, chairman and CEO of Merrill Lynch's US banks and vice-chairman of the Aozora Bank, a large Japanese commercial bank.

Drop in claims for jobless benefit in US

ECONOMY

THE number of Americans filing new claims for jobless benefits fell last week to near a four-year low but an unusual pattern for summer factory shutdowns kept hopes in check that the weak labour market was improving. Other data yesterday showed new orders for long-lasting US manufactured goods rose in June although a gauge of planned business spending plans dropped, pointing to a slowdown in factory activity.

Providence reveals scale of Irish oil field

exploration

PROVIDENCE Resources head Tony O'Reilly Jr said it would cost billions of dollars to develop the oil explorer's prospect off the southern coast of Ireland. "The numbers are still being crunched but it will be several billion dollars, this is a very large field," Mr O'Reilly said. "Here is an opportunity to really leverage in all the capabilities that have existed in the North Sea and bring them to Ireland." Providence said yesterday that its Barryroe oil field may have between one billion and 1.6 billion barrels of oil.

Saloro submits mining documents

MINes

ORMONDE Mining said its Spanish subsidiary, Saloro, has submitted to the relevant mining authorities the final-stage documentation supporting its application for a Mining Concession at the Barruecopardo Tungsten Mine in Salamanca, western Spain. Company MD Kerr Anderson said: "The submission is a major milestone for the company as it takes the project closer to tungsten production."

Irish Independent

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