Circle shares surge on well completion
Shares in Limerick-based Circle Oil rose more than 5pc in London yesterday after the company said it had completed a water injection well in Egypt. The well will support production at the Geyad field in Egypt, the company said. "I am pleased to report another successful result as the partnership's plans in NW Gemsa continue on schedule," said chief executive professor Chris Green. Circle closed up 5.56pc at 23.75p.
Report on drinks industry welcomed
THE acting director of the Alcohol Beverage Federation of Ireland, Kathryn D'Arcy, has welcomed the publication of the 2010 report of the Alcohol Marketing Communications Monitoring Body assessing the drinks industry's compliance with regulations on alcohol advertising and sponsorship.
Bank of America to sell mortgage unit
BANK of America, which is exiting its MBNA credit card business and putting up to 1,000 Irish jobs at risk, plans to sell or shut its correspondent-mortgage unit as the company seeks to stanch losses on home loans. "We intend to sell the correspondent-mortgage lending division or, if a suitable deal is not identified, we will consider other options," including winding down the business,
Fiat may move Jeep production to US
FIAT may shift planned production of Jeep and Alfa Romeo brand sport-utility vehicles from its oldest plant in Turin to North America and build a small city car at the factory instead, a source said. Fiat may assemble a yet-to-be built subcompact car at the Mirafiori plant after the strengthening euro against the dollar made the possibility of building SUVs mainly destined for the US a less competitive option in Europe.
Balmoral income remains stagnant
BALMORAL International Land said net operating income remained flat at €1.6m during the first half of the year. Company chairman Carl McCann said: "Despite some signs of a recovery in activity in some market segments and geographies toward the end of 2010, the first six months of 2011 continued to be challenging for the property sector." He added: "Further declines in values were recorded in Ireland, though these were partially offset by some improvements in the UK and a generally unchanged position on the continent."