Capital's retail rents still falling
RENTS in Dublin continue to fall, but it remains one of the most expensive places in the world for retail businesses. According to a report by the estate agents CB Richard Ellis, retail rents in Dublin are now the 20th most expensive in the world with one square metre costing €3,055 a year.
The property crash is reflected in the fact that rent prices are falling at the fastest rate in the top 20. Since September last year, the annual rent has fallen by €940 per square metre.
Providence boost in Gulf of Mexico
Oil and gas exploration company Providence Resources has re-instated oil production from a well in the US Gulf of Mexico that had suffered hurricane damage in 2008. Daily net production prior to the shut-down had been 250 barrels of oil.
Citigroup didn't disclose failure
US investment bank Citigroup, which employs more than 2,000 people in Ireland, sold a series of mortgage-linked securities without disclosing that another investment it had helped compile and then bet would fail. Six of the seven bonds on the Jackson Investment Portfolio later defaulted, costing investors more than $150m (€119m). Last month Goldman Sachs was sued by the Securities and Exchange Commission (SEC) on the back of a similar deal.
Software firm to recruit 75 staff
The IDA has said that a business software company, SAP/Business Objects, is to begin recruiting 75 additional staff in Dublin immediately. Some of the jobs will be in functions that are new to SAP in Ireland, including the expansion of its telesales eCentre and in technical support functions. The new positions will bring the company's workforce to 1,000 here.
UK tax receipts beat expectations
AN UNEXPECTEDLY large jump in Britain's tax receipts in April pushed public sector borrowing down, but officials suggested one-off factors had played a role as the deficit still chalked up a record for the month. The Office for National Statistics said yesterday that public sector net borrowing came in at £9.96bn (€11.44bn), lower than forecasts of £11bn.