| 6.2°C Dublin

Bruton in US for talks on MBNA

JOBS Minister Richard Bruton will meet senior executives at Bank of America's world headquarters in Charlotte, North Carolina, today to discuss the fate of MBNA, the bank's credit card business, in Carrick-on-Shannon, Co Leitrim.

Although arrangements have not yet been finalised, Mr Bruton is likely to meet Bank of America's Irish-American president and CEO Brian Moynihan.

The bank is seeking buyers for its UK and Ireland credit card business and there are fears for the 750 staff who work in Carrick-on-Shannon.

Moody's said the cut of its main rating for Bank of America Corporation's holding company, to Baa1 from A2, did not suggest that the bank's credit quality was weakening.

State Street to take on brokerage Pulse


US financial services institution State Street, which employs more than 2,000 people here, will acquire Boston-based brokerage Pulse Trading. The deal includes its institutional equity business.

Aviation Authority sets target for 2020


Irish Aviation Authority boss Eamonn Brennan says the agency wants to reduce the environmental impact of aviation by 10pc, cut flight times and handle three times more traffic by 2020. The IAA is involved in a redesign of Shannon-controlled airspace.

Obama urges unity on growth boosting


BARACK Obama said yesterday that Japan and the US need to continue to promote economic growth. During a meeting with Japan's new prime minister, Yoshihiko Noda, the US president said: "We have to continue to promote growth that can put our people to work."

US oil production up on new technology


AMERICAN oil production jumped last week to the highest level in eight years as drillers took advantage of gas technology to pump from previously impenetrable sites. Domestic oil output surged 13pc to 5.75 million barrels a day in the week ended September 16, the highest level since August 2003, according to an Energy Department report released yesterday.

The figure includes output of lease condensate, a natural gas liquid.\[Claire Ryan\]FUNDS

EUROPEAN money-market funds are cutting holdings of Spanish and Italian assets and shortening the maturities of those that remain as the sovereign debt crisis deepens, Fitch Ratings said yesterday in a report today. The funds continue to hold the debt of the strongest sovereigns and financial institutions of France, Germany and the U.K., according to the report.

European money-market funds have assets under management of €1.1 trillion ($1.5 trillion), after a 6pc decline in the first six months of the year as savers made "substantial withdrawals in June," according to Fitch. Assets probably were flat in the third quarter, the ratings company said.

Indo Business