Tuesday 26 September 2017

Praise for bond sale

RATINGS agency Moody's has praised Bank of Ireland's January bond sale, noting that a series of recent deals have diversified its investor base. The €750m five-year unsecured bond followed a series of successful deals in the capital markets for Bank of Ireland, Moody's said.

"The cumulative series of transactions demonstrates a meaningful broadening of the bank's investor base," said Moody's banking analyst Michael Eberhardt. However, Mr Eberhardt also noted that the extent to which this investor support will continue is uncertain. "At the bank level, continuation of this trend will depend upon the results of the banks' European stress test, to be released by the European Central Bank in 2014," he said.

IRISH YOUTH JOBS PLAN

A PLAN aimed at improving employment prospects for young people has been published by the Department of Social Protection.

The 40-page document gives an overview of all the various incentives and schemes in place that firms can use to offer employment and traineeships to under 25s who are unemployed.

GOOD RESULTS FOR PFIZER

PFIZER has reported better-than-expected fourth-quarter results, helped by higher sales of drugs for cancer, nerve pain and arthritis. The biggest US drugmaker, which has extensive operations in Ireland, said it earned $2.57bn (€1.88bn) in its fourth fiscal quarter.

JP Morgan analyst Chris Schott said quarterly results were "solid" and driven by unexpectedly strong sales and lower than expected expenses. Schott said investors remain focused mainly on the company's experimental drugs, including a ground-breaking breast cancer treatment called Palbociclib.

FRENCH JOBLESS RATE

FRANCE'S labour minister has rejected pressure from the opposition to resign over the government's failure to get unemployment falling last year as promised.

In a setback for President Francois Hollande, data showing a rise in jobless claims to record levels in December crushed his promise of reversing a rise in unemployment by the end of 2013.

LAY-OFFS AT BARCLAYS

BARCLAYS, Britain's second-largest bank by assets, plans to cut hundreds of jobs at its investment bank. The cuts will include directors and managing directors.

The London-based company employed about 24,000 people in its investment bank at the end of 2012.

Irish Independent

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