Friday 20 April 2018

Petroceltic hails Italian oil decree

EXPLORATION

PETROCELTIC has welcomed a decree by the Italian government extending restrictions on oil and gas drilling to some 12 miles offshore and increasing tax on royalties to 3pc. The decree is effective immediately, but requires ratification by the Italian parliament within 60 days, and may be amended during this period. Crucially, it will not be retrospective in nature. Company chief executive Brian O'Cathain said: "We are pleased that the decree clarifies the regulations covering offshore oil and gas activities in Italy in general and in particular Petroceltic's offshore interests. "

DCC buys Swedish healthcare brand

ACQUISITION

DCC's healthcare division has agreed a deal to buy Sweden's Midsona Manufacturing for €7.25m. The firm -- which has 86 employees -- provides product development, registration, manufacturing and packing services to a range of consumer healthcare and health and beauty brand owners. The company will be renamed Vitamex Manufacturing and will become part of DCC Health & Beauty Solutions.

US spending falls despite income rise

ECONOMY

US consumers spent $4.7bn (€3.7bn) less in May than the previous month, even as incomes rose 0.2pc for a second month, the commerce department said. The figures confirmed the economy's sluggish turn in the second quarter. In data that showed Americans are still extremely cautious about spending, disposable personal income grew 0.2pc. But wages and salaries, the largest component of incomes, were unchanged in the month.

Foods forwarded in ports hit record

TRADE

THE amount of goods handled in Irish ports last year was flat at 45.1 million tonnes. The figures from the Central Statistics Office showed that goods received fell by 2.8pc compared to 2012, while foods forwarded rose by 6.1pc. The CSO noted that foods forwarded, at over 15 million tonnes, are the highest on record. The number of vessels arriving at Irish ports last year fell by 9.4pc to 12,059 from 13,311. The Dublin-Holyhead route was the most important route as it accounted for over 8pc of all goods received and 12.2pc of all tonnes forwarded.

Irish Independent

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