Business

Irish oil and gas company, Clontarf Energy has written off its legacy projects in Iran and the Gulf of Mexico so it can focus on developing its assets in Ghana, Peru and Bolivia. In its statement this morning detailing financial results for 2010, the company said the gold venture in Iran had “proven problematic”, while royalties from the Gulf of Mexico have stopped because of the current low gas price and issue with local partners. The firm will now focus its business plan on its 60pc interest in the Tano 2A oil exploration in Ghana. In Peru, the official signing of licences on the onshore blocks 183 and 188 will…

Bank of Ireland will be the only bank in Ireland left on the main Irish market from next month as it looks increasingly likely that the State will take yet another financial institute into its control. Calling an emergency general meeting, Irish Life & Permanent said it had no alternative but to take cash from the Government in exchange for a 99pc stake. The bank needs to raise €3.8bn in capital to meet Central Bank requirements. Shareholders will vote on proposals to issue the Minister for Finance up to €3.4bn in ordinary shares and €400m in contingent capital notes. Once the proposals are passed at the July 20 EGM, the…

Some 300 business leaders gathered in Dublin’s Croke Park on Friday to listen to experts discuss the opportunities for Irish business at the Asia Pacific Ireland Business Forum (APIBF). The conference, a joint APIBF/GAA collaboration, looked at “New Asian Realities” for Irish Business, with a particular focus on technology, financial services, pharmaceuticals, life sciences, education services, food and tourism. The keynote was delivered by An Tánaiste and Minister for Foreign Affairs Eamon Gilmore TD, while Asia expert Dr Tom Hardiman, chairman of the Chester Beatty Library, was honoured with the the establishment of the Dr T.P. Hardiman EU-Asia Bursary Award. Irish business leaders who have already cracked the Asian market…

Men and women in the 36–55 age bracket are the most active in trying to get back into the workforce, according to Begin Again, a career advancement programme developed by the Irish Centre for Business Excellence (ICBE). Men account for almost two thirds (64pc) of participants amongst the 36–55 age bracket taking part in the programme, whilst women account for 60pc of participants in the second highest age bracket, 25–35 years. There is a very low level of interest (4pc) amongst people in their late teens and early 20s (18–24 age group). “It isn’t surprising that the 36–55 age bracket is the most active, as for the most part these…

Tullow Oil has successfully encountered oil at three wells offshore Ghana and onshore Uganda. Angus McCoss, exploration director at the Dublin and London-listed company, said some light oil was found at the Banda-1 well offshore Ghana. He said the find was “an encouraging first step” but conceded that the reservoir is poor quality. In Uganda, two wells have encountered oil in line with pre-drill expectations. These wells have successfully calibrated large seismic and gravity data anomalies, which have now been proven as oil accumulations, the company said in an announcement to the stock exchange. “The Jobi-East-1 and Mpyo-3 well results mark an excellent start to this next phase of our…

International property firm Kennedy Wilson has bought Bank of Ireland Real Estate Investment Management – its first acquisition in Europe. The real estate company said the business, which manages commercial real estate on behalf of Bank of Ireland clients, will add €1.6bn in assets to its portfolio. Kennedy Wilson already has US$7.4bn in investment assets throughout the United States and Japan. The deal will lead to the establishment of Kennedy Wilson Europe, which will operate out of Dublin and London. “Building on our success and reputation in the management of real estate investments in the United States and Japan, Kennedy Wilson has identified opportunities for growth throughout Europe including an…

As another ash cloud from an Icelandic volcano appears across European skies, Scotland has been forced to close its airspace and many flights to and from the country’s airports have been cancelled. Irish carriers Ryanair and Aer Lingus have had to cancel multiple inbound and outbound flights at Shannon, Dublin and Cork airports until 1pm today. Irish airspace remains open but passengers are advised to check their airlines’ websites before travelling to the airport. Ryanair has continued its protests against the closure of airspace because of volcanic ash. Last year, the no-frills airline claimed the six day closure of European airspace, which resulted in the cancellation of thousands of flights,…

General Electric (GE), the world’s second largest company with annual revenues of US$150bn, has acquired an Irish smart grid software firm FMC-Tech for an undisclosed sum. FMC-Tech was one of the dozen investments resulting from GE’s 2010 ecomagination Challenge: Powering the Grid. The company, which is headquartered in Shannon, Co Clare, has developed an intelligent network monitoring system for the utilities network. A year ago GE’s CEO Jeff Immelt announced GE’s Ecomagination Challenge: Powering the Grid , a US$200m open innovation challenge to find and fund the best ideas for bringing the power grid into the 21st Century. Co-funded by four venture capital firms, the challenge aims to leverage GE’s scale, technical expertise and client relationships…

A jobs boost is expected to be announced in Roscommon today by the Minister for Enterprise, Jobs and Innovation Richard Bruton. The Minister will announce the creation of about 100 jobs by a US company, the IDA Ireland chief Barry O’Leary indicated this morning. The report today follows speculation that 10 multinational companies are expected to make significant investment announcements by the end of next month. During the first four-and-a-half months of the year, more than 25 multinationals have announced that they are either opening or expanding in Ireland.

After weekend reports that the supermarket chain may be up for sale, the Superquinn Group of Trade Unions has requested a meeting with senior management to discuss the job security of their 2,500 members. Mandate Trade Union, SIPTU and the Bakers’ Union said they have written to management seeking an urgent meeting on the future ownership of the company. Media reports at the weekend suggested the company, which has 23 stores nationwide, was seeking a buyer. The claims were denied by Superquinn despite Musgraves making a recent approach to take over the group. According to the reports, however, Superquinn’s board is opposed to an immediate sell-off of the company. Gerry…