Wednesday 26 July 2017

North's economy hits new slump

ECONOMY

The private-sector economy in Northern Ireland is now shrinking at its fastest rate in five months, according to new research. The Ulster Bank Northern Ireland Purchasing Managers Index (PMI) showed that output has now slumped to 43.9, down from 45.1 last month while new business shrank again to 38.5 down from 41.6. The PMI measures the level of growth in the economy. A figure above 50 indicates growth, less than 50 indicates contraction.

Oil firms threaten defamation action

EXPLORATION

TWO listed oil explorers are threatening to take legal action against users of stock market chatrooms, whom they accuse of spreading malicious falsehoods in an attempt to drag down share prices. Nighthawk Energy and Nostra Terra Oil & Gas say that they have identified alleged defamers or market abusers and may take them to court.

Aer Arann signs deal for simulator

AIRLINES

Aer Arann yesterday said it will be the anchor client of a new ATR 72/42 aircraft simulator recently delivered to Simtech in Dublin. The €7m simulator is the first of its type in either Ireland and the UK and will be used to train Aer Arann's 100 flight crew. The airline has signed up to use 1,500 hours a year on the device.

Top job in Indian giant up for grabs

AUTO INDUSTRY

The most influential job in corporate India and arguably in British manufacturing is up for grabs after Tata said that it was searching for a new chairman. Noel Tata (53) is the early favourite to take over from his half-brother Ratan as head of the sprawling conglomerate, whose British interests include Jaguar Land Rover and Tetley Tea. Others tipped as candidates include Arun Sarin, the former chairman of Vodafone, and Nusli Wadia, chairman of the Indian textiles giant Bombay Dyeing.

Technology firm takes on 50 staff

FINANCIAL SERVICES

A Newry-based financial technology company has taken on 50 new staff, bringing the total employed by the firm to 450. The new employees at First Derivatives, which provides software and consulting services to the financial services industry, are university graduates from both sides of the Border.

Irish Independent

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