Saturday 24 February 2018

Bruton warns on No vote implications

ECONOMY: SENIOR US executives are considering investment in Ireland but fear the possible fallout if the fiscal compact treaty referendum is rejected by voters, Jobs Minister Richard Bruton said in Chicago yesterday.

Mr Bruton, finishing a five-day trade mission to the US, said there was a "strong pipeline" of investments being considered, but he claimed they could be undermined by concerns about a No vote. He said executives he met this week were "seriously concerned" about any developments, which could "undermine the stability of the Irish economy or the country's relationship with Europe".

US fears as growth in payrolls slows

ECONOMY

AMERICAN employers took on fewer workers than forecast in April and the jobless rate unexpectedly fell, adding to concerns that US economic expansion is cooling off. Payrolls climbed to 115,000, the smallest gain in six months after a revised 154,000 gain in March that was larger than initially estimated. The jobless rate fell to a three-year low of 8.1pc. The anomaly was the result of increasing numbers of Americans taking temporary jobs which remove them from the unemployment register but don't count as full positions in statistics.

Providence boosted by interest savings

EXPLORATION

Deft balance sheet work has seen Providence Resources benefiting from $1m in interest savings thanks to the firm's offer to buy back outstanding convertible bonds which were issued by the group in 2008. Last month Providence announced an early buy-back offer to its bondholders which was valid until May 2. Over half of the bondholders accepted an early repayment. The outstanding principal has now been reduced to €11.16m from €29.7m, cutting the interest bill by €760,000 or $1m. The remaining bonds will be redeemed on July 29.

IBEC welcomes grid consultation

ENERGY

IBEC, the group that represents Irish business, has welcomed the launch of a public consultation on the 'Grid West' electricity network project. Delays to critical electricity network projects are costing consumers €30m a year in constraint costs.

Irish Independent

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