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Permanent TSB loans

Permanent TSB has sold a €215m tranche of loans secured against buy-to-let properties in the UK.

The bank would not reveal the buyer's identity or the financial details of the transaction, but said the price was 40pc higher than offers submitted in June 2012, when the tranche was previously for sale.

China reforms coming

China will work harder on its financial reforms by allowing more companies to enter the industry and ensuring fair competition, Premier Li Keqiang said yesterday.

It plans to build an insurance system for all bank deposits to protect savers, Mr Li said in comments published on the Chinese government's website.

The move is seen as a precursor for other financial reforms, and senior officials have said repeatedly that the system would be created "as soon as possible". (Reuters)

BlackBerry posts loss

Phone maker BlackBerry reported a loss of $207m (€163m) for the second quarter yesterday, a smaller figure than expected.

The company is shifting its focus toward software and services as part of a turnaround.

"We are focusing on revenue growth with judicious investments to further our leadership position in enterprise mobility and security," chief executive John Chen said. (Reuters)

Russia in trouble

Russia's €1.6 trillion economy is in danger of entering recession as oil prices hit their lowest for two years.

Russia needs its main export crude blend - Urals crude oil - to trade at $100 a barrel or higher to escape recession, according to 58pc of respondents in a Bloomberg survey of 19 economists.

Urals crude oil is currently trading at $93 a barrel, down from $110 a barrel in June.

First Derivatives award

Financial technology and consulting company First Derivatives has won Market Surveillance System of the Year at the Futures and Options World Asia awards, for its Delta Surveillance product.

The Newry-based firm's product supervises transactions across a range of markets and is able to produce some reports in less than a minute.

The product is used by the Australian Securities and Investment Commission and the Singapore stock exchange.

Irish Independent