EU debt crisis fears pull down oil prices
THE volatility of oil options increased yesterday as the underlying futures fell near a two-week low in New York on speculation the European debt crisis will cut demand and after OPEC's secretary general indicated consumption was rising less than expected. Oil for October delivery fell $2.87, or 3.3pc, to $85.09 a barrel on the New York Mercantile Exchange. Futures have fallen 7pc this year. November futures retreated $2.80, or 3.2pc, to $85.38 a barrel.
Kernal leads €1.6m Neosurgical funding
GALWAY start-up Neosurgical has raised €1.6m in fresh investment from venture capital funds led by Cork based Kernal Capital. Medical technology start-up Neosurgical has close links with NUI Galway and develops products used in laparoscopic abdominal surgery. The funds raised include a €500k investment from the Kernal managed Bank of Ireland MedTech Accelerator Fund, and investments from Enterprise Ireland and private investors.
UBS directors to discuss $2.3bn loss
UBS's directors will meet in Singapore later this week following the Swiss lender's disclosure of a $2.3bn (€1.68bn) loss from unauthorised trading. The board will review the loss and possible management changes. The regular meeting was scheduled before the loss emerged, and coincides with the Singapore Formula One Grand Prix, where the firm will be entertaining clients. Carsten Kengeter, UBS AG's head of investment banking, told employees the lender was "doing everything" to address shortcomings in its risk controls.
Prada profit climbs 74pc on Asian surge
Prada, the Italian luxury goods maker that had Hong Kong's biggest initial public offering this year, said first-half profit climbed 74pc as it opened more stores and demand in Asia surged. Net income rose to €179.5m in the six months through July, from €103m a year ago, the company said in a Hong Kong stock exchange filing. That compares with the company's forecast of not less than €150.7m in its fiscal first half. Prada opened 26 stores in the first half, with sales in the Asia-Pacific region, excluding Japan, growing by 35pc.