In short

A roundup of today's other business news in brief

Bank eyes carbon credits market

Bank of Ireland is attempting to lure private investors into the EU’s carbon credits trading market through a new product launched this week.

The bank has launched a structured deposit account linked to the market in EU carbon credits. Analysts believe that the price of these instruments will grow over the next three years on the back of a European economic recovery and new greenhouse gas emission rules that will boost demand for credits. The bank will guarantee 90 per cent of the investment, and is offering returns of up to a cap of 40 per cent over two years, 11 months and seven days.

Engineering firm to create 90 jobs

Engineering services firm Sierra Support Services has said it will create up to 90 jobs after it secured a €60 million contract with Bord Gáis Energy.

The company said the three-year deal would see it become the sole services provider for the installation, maintenance and testing of domestic boilers for the energy company, creating a new division that would initially employ 20 new full-time staff, and transfer a number of sub-contracted staff.

Sierra said it would also create a further 70 building services jobs over the next 12 months. The contract could be extended for two years.

UAL and United Airlines ‘ in merger talks’

The UAL Corporation, the parent of United Airlines, was reported by the New York Times last night to be in merger talks with US Airways. Such a merger, if it came about, would create one of the worlds largest airlines. US Airways rose 13 per cent in late trading on foot of the report.

Those briefing the paper said the two airlines were deep in their merger discussions, though a transaction was not expected to be announced for at least several weeks. They cautioned that the talks may still collapse and that one potential hurdle could be union opposition.

GM says a profit is possible this year

General Motors (GM) posted a net loss of $4.3 billion for 2009, but said it was possible to make a profit this year and that it was laying the foundation to return to public ownership.

GM’s net loss covers the period from its emergence from bankruptcy in July until the end of the year, in the automaker’s first full account of its new balance sheet as a restructured company.

Meanwhile, Daimler and the Renault-Nissan car alliance have agreed on a partnership to share development costs, engines and small-car technologies to take on Volkswagen and Toyota.

– (Reuters/ Bloomberg)