Bruton announces €20m funding plan
Minister for Jobs, Enterprise and Innovation Richard Bruton has announced that €20m in seed capital is available to support Irish companies. The fund is aimed at innovative companies focused on "go-fast-to-market" strategies, according to a statement. The fund is available for co-investment and expressions of interest are being sought from fund managers. Advertisements will appear in national newspapers this week seeking co-investors for this funding.
Provident Financial profits up 17pc in H1
BRITISH moneylender Provident Financial, which has significant operations in Ireland, reported a 17pc hike in half-year profits yesterday as demand for credit cards from customers turned away by high street banks continued apace. The Bradford-based business said its Vanquis banking arm -- which also recently started taking savings deposits -- was the star performer behind the rise, with profits at the division up by 67pc to £29.4m (€37.53m) in the first six months of the year.
Irish risk still ranked '7' after S&P review
A REVIEW of the banking system by ratings agency Standard & Poor's has left Ireland's ranking unchanged. The Bank Industry Country Risk Assessment rates Ireland's economic risk as 7, in a similar bracket to Hungary, Portugal and Iceland. The ratings agency says that Ireland's banks benefit from a flexible open economy with favourable foreign direct investment flows.
New house sales fall after two years
AmeriCANS bought fewer new homes in June after sales jumped to a two-year high in May. The decline suggests a weaker job market and slower growth could make the housing recovery uneven. The US Commerce Department said yesterday that sales of new homes fell 8.4pc last month from May to a seasonally adjusted annual rate of 350,000. That is the biggest drop since February 2011. Sales in the northeast plunged 60pc in June to the lowest level since November.