Saturday 20 January 2018

Noonan tells firms: look to IFC for funds

Michael Noonan. Photo: Getty Images
Michael Noonan. Photo: Getty Images

Cash-strapped companies looking to do business in emerging markets should contact the International Finance Corporation (IFC), one of the financing arms of the World Bank, Finance Minister Michael Noonan said yesterday. Mr Noonan, who is to attend an information day being held by the IFC in Dublin tomorrow, said the IFC provided financing worth billions of euro annually for Irish companies to export and partner in projects in the developing world.

Qantas trading at 61pc discount

AIRLINES

Qantas Airways, which fell to an all-time low this month after forecasting its first annual loss in at least 17 years, traded at a record 61pc discount to its $5.6bn (€4.4bn) in so-called net tangible assets, according to Bloomberg. By that measure, Qantas is undervalued by as much as $3bn.

Record spend on mineral exploration

ENERGY

Mineral exploration spending in Australia, the world's biggest iron ore exporter, reached a record in March and has risen 35pc since a new policy to tax carbon was unveiled last year, the government said. Spending rose 12pc to a record A$1.086bn (€866m) in the March quarter.

Influential stocks journalist dies

INVESTING

Dan Dorfman, a journalist whose stock reports were once so market-moving that US exchanges imposed regulations to limit the resulting price swings, has died at the age of 80. Mr Dorfman began swaying share prices regularly at the 'Wall Street Journal', where he wrote the 'Heard on the Street' column for six years.

Chinese economy to bottom out

CHINA

China's economy will bottom out this quarter and rebound in the following three months as government measures to stabilise a slowdown take effect, according to an academic adviser to the central bank. "The second quarter should be the lowest point this year," Chen Yulu said in Beijing yesterday.

Irish Independent

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