In brief: Petroceltic seeks new opportunities
IRISH energy company Petroceltic is on the lookout for new deals, including potential acquisitions in the Middle East and North Africa. The exploration and development company announced its annual results at its AGM in Dublin yesterday. CEO Brian O'Cathain told shareholders that the company planned to "definitely" secure at least one new project in 2011/2012. The company will also consider opportunities in West Africa. Petroceltic raised $178m in 2010 and 2011 for exploration and development activities.
Grand Hotel makes profit of €1.5m
THE Grand Hotel in Wicklow made a profit of €1.5m in the year to the end of May 2010, after the company emerged from examinership, according to accounts. A scheme of arrangement with creditors was approved by the High Court in May 2010. The examinership process allowed the company to write off a debt of €1.4m to a related company. Bank debts of €4.8m remain in place following the examinership, but the terms of the debt were changed and repayments of capital were suspended until June of 2011.
US stocks fall amid global concerns
US stocks fell, extending the longest weekly Dow slump in more than eight years, amid concern that the global economy is slowing. Caterpillar and GE dropped at least 1.7pc, pacing losses among companies that are most-tied to economic growth. The KBW Bank Index declined 0.4pc after the Federal Reserve said it would expand a capital-planning programme to the 35 largest US banks. Travelers slumped 2.8pc after reducing share buybacks because catastrophe costs will likely wipe out second-quarter operating profit. Exxon Mobil fell 1.3pc.
Corn price surges after poor weather
CORN surged to a record, approaching $8 a bushel, on signs that global inventories will drop as adverse weather slashes acreage in the US, the world's top producer, and demand rises for livestock feed and ethanol. Worldwide stockpiles will be 111.89 metric million tons before the 2012 harvest in the Northern Hemisphere, the US Department of Agriculture said yesterday. That was down from 129.14 million forecast in May. US supplies before the 2012 harvest were estimated at the lowest since 1996.