Business World

Monday 15 October 2018

Fexco expands into South Pacific

FINANCIAL SERVICES

FEXCO, the Kerry-based financial services company, is expanding into the South Pacific after buying a majority stake in a New Zealand-based company.

Fexco is now the main shareholder in New Zealand-based Federal Pacific Group which has 150 employees and offers foreign exchange services in New Zealand, Fiji, Tonga, Samoa, East Timor and five other island nations. The stake was bought from the Hutchinson family for an undisclosed amount understood to be less than €10m. The company is also an agent for Western Union Money Transfer in these countries.

'Rip-off' operators face crackdown

TELECOMS

Tougher legislation is to be imposed on premium rate telephone service providers who rip off consumers, Communications Minister Eamon Ryan has told the Dail.

He said the legislation would be published shortly. He also said the regulation of premium phone services would be moved from RegTel to ComReg, with significantly large fines for those phone services that flout the law.

Crude demand

pumps up prices

OIL

Oil prices rose yesterday after a sharp drop in US crude reserves and unrest in crude exporters Iran and Nigeria. US crude advanced 20 cents to $71.23 a barrel, while Brent North Sea crude was up 16 cents at $71.

Analysts said a sharp decline in US crude inventories showed that energy demand was partly improving in the US, the world's biggest energy consumer.

Dragon Oil signs

jack-up rig deal

DRILLING

Dragon Oil Plc has signed a contract with BKE Shelf Ltd to hire a jack-up rig for six months, starting in November, to drill two wells.

Goodbody said that the objective is to drill two wells in the Caspian Sea during the contract and said the announcement serves to underpin average gross production growth expectations of 15pc over the next three years.

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