Monday 29 May 2017

KBC increases Irish arm's capital

BANKS

BELGIAN banking giant KBC has insisted it's not preparing to put more money into its Irish offshoot, despite increasing KBC Ireland's authorised share capital by €500,000.

The higher authorised share capital is revealed by documents filed with the Companies Office, which show KBC Ireland can now issue 400,000 more shares at €1.25 each.

Ryanair planning routes to Georgia

AVIATION

Ryanair may start flying to Georgia next summer, Minister of Economy and Sustainable Development Vera Kobalia said. The airline is willing to introduce services to the former Soviet republic after Georgia completes building several new airports, Ms Kobalia said in televised comments broadcast yesterday. Ryanair may sell tickets for as little as €1, with standard prices reaching about €50, she said.

Rio Tinto to invest $1bn in Australia

MINING

Mining giant Rio Tinto will spend $1bn (€789m) on a new iron ore mine in Australia, despite the political uncertainty over the country's proposed mining tax. In May, Tom Albanese, Rio's chief executive, put all his company's investment in Australia under review after a super tax was proposed by the Labour government. Mr Albanese subsequently declared Australia his "number one sovereign risk issue".

IMF to extend its credit programme

CREDIT

The International Monetary Fund, which has shored up economies from Romania to Greece over the past 18 months, approved changes to its credit line programme to encourage countries to turn to the fund before crises develop. Its flexible credit line programme, reserved for countries that pre-qualify based on sound fundamentals, will be extended for up to two years and have no set limits.

Drought damages corn crops in US

FUTURES

Corn futures rose to a 14-month high as dry weather damages crops in the US, the biggest producer and exporter. Parts of Indiana got less than 5pc of normal moisture this month, and large areas of Illinois, Ohio, Missouri, Michigan and Kentucky had less than 25pc of the usual rain, said meteorologist Allen Motew.

Irish Independent

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