Business World

Sunday 11 December 2016

Tullow adds extra $350m debt facility

OIL

Published 16/10/2010 | 05:00

Tullow Oil has more than doubled the size of its revolving credit facility -- the corporate equivalent of an overdraft -- to $600m (€426m).

  • Go To

A new $350m debt facility has been added to $250m arranged at the start of the year. The revolving credit facilities are in addition to a further $2.5bn of debt owed by the company. The new loan is being provided by a group of 10 mostly UK-based banks.

'Follow UK pension tax relief restrictions'

Pensions

MOVES in the UK restricting the amount of money that can be put into a pension to get tax relief -- to £50,000 (€57,000) a year -- should be replicated here, believes pensions' expert Tom Klinch, managing director of Dublin-based financial advisory company KSi Clinch. Tax relief on pensions will be limited to combined contributions of both the employee and the employer of £50,000 a year, down sharply from the current ceiling, which is five times that.

Tax proposes loans shake up for firms

Funding

The Irish Taxation Institute (ITI) says individuals and pensions should be encouraged to lend to cash-strapped Irish companies, to replace vanished bank liquidity. In its pre-budget submission the ITI said it believed job creation and domestic businesses could be supported by tapping into the massive pool of Irish savings. The Institute wants tax relief for individuals lending money to qualified companies over three to five years.

3,000 UK ash cloud claims still unpaid

Aviation

MORE than 3,000 British passengers have still not received compensation six months after a volcanic ash cloud shut down European airspace and caused travel chaos. The Air Transport Users Council said it was disappointed that it had received so many complaints. The council said that many carriers were denying apparently legitimate claims.

US federal deficit reaches $1.3trillion

Deficits

The Obama administration yesterday said the federal deficit hit a near-record $1.3trillion (€0.92tn) for the just-completed budget year. That means the US government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up. The eye-popping deficit numbers provide Republican critics with fresh ammunition less than three weeks ahead of the mid-term congressional elections.

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business