Wednesday 21 February 2018

Cable links Irish firms to UK cities

ESB Telecoms Ltd (ESBT), in partnership with Geo Networks Ltd, have completed a new optical fibre cable which directly links Irish businesses with major UK cities for the first time. The cable connects ESBT's existing 1,300km fibre network in Ireland with Geo's extensive UK fibre network, and forms a link in Geo's new East-West Ring, the newest diverse optical ring between Ireland and the UK.

Intel eyes plan to sell $6bn of bonds

Intel is planning to sell $6bn of bonds in four parts to repurchase stock that's trading at about the lowest level in 16 months.

The world's largest semiconductor maker, whose attempt with Microsoft to combat Apple's iPad in the $63.2bn tablet market is getting off to a slow start, may issue $3bn of five-year securities to yield 75 basis points more than similar-maturity Treasuries, $1.5bn of 10-year bonds at a relative yield of 115 basis points, $750m of 20-year securities at 130 basis points, and $750m of 30-year debt at 150, according to a person familiar with the offering.

Jobless figure in Spain hits 5 million

The number of people officially registered as unemployed in Spain has edged up towards 5 million. The country's recession shows few signs of abating and its struggling banks await crucial bailout cash.

Spain's Labour Ministry said that unemployment rose a monthly 74,296 in November, or 1.5pc, to a record 4.9 million. The country's unemployment rate is released separately and quarterly.

It stood at 25pc at the end of the third quarter, with the youth unemployment rate standing well above 50pc. The figures come a day after finance ministers from Spain's euro partners approved the release of €39.5bn in bailout aid for Spanish banks worst hit by the property market collapse of 2008.

Buffet firm claims $1bn in damages

Warren Buffett's Berkshire Hathaway is claiming as much as $1bn in damages from Swiss Re, the reinsurer it propped up during the financial crisis with an emergency capital injection.

Swiss Re quietly disclosed in its 104-page earnings report last month that Berkshire was making various allegations that the reinsurer said were "without merit".

The dispute relates to losses Berkshire has endured in its deal to provide what Swiss Re described as retrocession – in effect, reinsurance for reinsurance – to the Zurich-based company's US life and health arm.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business