IDA's capital plan
IDA Ireland will try to deepen relationships with global venture capital companies during engagements in Ireland as part of this week's UK & Ireland Tech Tour, which brings together leading VCs and emerging technology firms. IDA is among those sponsoring the tour, which involves 27 privately-held companies being introduced to key investors.
The event is in Dublin, where Taoiseach Enda Kenny will speak at a dinner held by the organisation. The trend of emerging, high-growth firms from outside Ireland setting up operations here is accelerating.
NTMA'S BILL SALE
The National Treasury Management Agency (NTMA) said yesterday that it will sell €500m worth of three-month treasury bills tomorrow.
Treasury bills are a form of borrowing by countries that must be repaid quickly.
The NTMA is resuming regular auctions as the country prepares to exit the bailout later this year.
In July and June, the NTMA auctioned €500m worth of three-month bills in each month with a yield of 0.2pc. The the NTMA has raised €10.5bn so far this year including a €5bn 10-year bond in March, the first proper bond issue since January 2010.
MICROSOFT IN BUYBACK
Microsoft has announced a $40bn (€30bn) stock buyback and increased its dividend 22pc, seeking to reward shareholders as it undergoes a change in strategy and leadership. The programme replaces another $40bn buyback plan that was due to lapse at the end of this month. Microsoft's quarterly dividend will rise to 28 cents a share.
The move is a step in the right direction for investors, though the open-ended schedule raises questions, said Matthew Hedberg, an analyst with RBC Capital Markets in Minneapolis.
IMF URGES CAUTION
Countries should observe "speed limits" and avoid narrowing fiscal deficits too quickly, even when they face pressure from investors justifying a large debt reduction, IMF staff warned. "Countries in a weak fiscal position have undertaken large and front-loaded adjustments," a report by IMF economists said.
"In many countries, fiscal imbalances are of such magnitude that addressing them in the near-term would require adjustment on a scale that would dramatically impact economic activity and have devastating consequences for the provision of government services," the staff said in a report.