Thursday 25 December 2014

New wind-energy project rolled out

Published 18/10/2012 | 05:00

Irish Life Investment Managers' infrastructure fund and Viridian's renewable energy unit Energia opened the farms on Crighshane and Church Hill.

IRISH Life Investment Managers and Northern Ireland-based Viridian have opened two new wind farms in Tyrone as the companies strive to become the island's largest producer of wind energy.

Irish Life Investment Managers' infrastructure fund and Viridian's renewable energy unit Energia opened the farms on Crighshane and Church Hill. The two wind-mill farms cost €74m and can generate 50.6 megawatts, which is enough to power around 30,000 homes.

Property-tax plan gets thumbs up

THE Smart Taxes group, which is made up of An Taisce, DIT's School of Real Estate and the School of Philosophy and Economic Science, has welcomed plans that local authorities will be funded through the new property tax.

Smart Taxes also called on the Government to introduce a site value tax rather than a property tax on the basis that a site value tax is a fairer means of determining the benefit to a household of the services provided by local government.

Slim Q3 profits at Bank of America

Bank of America reported a slim third-quarter profit as a legal settlement and other previously disclosed charges dented its bottom line.

The second-biggest US bank posted net earnings of $340m (€260m) compared with $6.2bn in the same period a year earlier. Earlier this year, Bank of America sold its credit card business based in Carrick-on-Shannon, Co Leitrim, to investment fund Apollo Global Management.

Germans cut 2013 growth forecast

The German government has cut its official 2013 economic growth forecast from its previous prediction of 1.6pc to 1pc. But the Economy Ministry increased this year's forecast for the country's economy -- Europe's largest -- from the 0.7pc it predicted in April to 0.8pc.

The revised outlook puts the government in line with a forecast last week from a group of leading German economic think tanks. Germany has seen two consecutive years of robust economic growth but it has lost momentum this year.

Cyprus to finalise talks on aid deal

Cyprus's finance minister has said that he expects final negotiations to start with lenders on financial aid possibly by next week. Vassos Shiarly told reporters that a figure had not been set for Cyprus's financial needs. This is because of a difference of opinion between the government and lenders.

There is widespread speculation that the country's bailout will exceed €10bn, or 60pc of its GDP.

Bank of England rules out stimulus

Minutes of the Bank of England's rate-setting meeting show there was unanimous agreement this month not to expand its stimulus programme. But differences emerged on what to do in the months ahead.

The minutes said the nine members of the bank's Monetary Policy Committee agreed that "there was little to be gained at this meeting in changing the current programme".

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