Other business news in brief

First phase of Warrenpoint scheme opens

The first phase of a new £22 million investment for Warrenpoint Harbour in Co Down has opened for business. The harbour’s new £5 million linkspan bridge will be used for roll-on-roll-off ferry services.

Peter Conway, chief executive of Warrenpoint Harbour Authority, said the berth can now handle the majority of ferries operating on the Irish Sea. “This investment will play its part in enabling the port to continue to drive the local economy. Conservative estimates indicate that direct employment within the harbour currently introduces over £3 million of purchasing power into the local economy annually, with indirect employment adding a further £10 million,” Mr Conway added.

Sharp rise for pensions in April

Irish pension returns jumped sharply in April after months in the doldrums, according to figures released yesterday.

Consultants Hewitt said yesterday that its managed fund index had jumped 8.7 per cent last month. Coming on top of a smaller gain in March, Hewitt investment consultant Brian Delaney said Irish pension funds had moved into positive territory for the first time this year.

The gains came as the Irish stock market outperformed its international rivals for the first time in many months. It rallied 19.6 per cent in April, more than six percentage points ahead of other markets in Europe, the US and Asia.

Improving Irish competitiveness

Improving competitiveness and retaining foreign direct investors will be critical to a recovery in the Irish economy, the head of the American Chamber of Commerce in Ireland has said.

Addressing representatives of 100 multinational companies with operations in Ireland at the US ambassador’s residence, Paul Duffy called for the elimination of the pay differential between the public and private sectors “which cannot be sustained”.

“We have to adopt a single issue agenda of saving jobs,” Dr Duffy said, warning that upskilling and retraining programmes must be available.

CRH best for investor relations

CRH was again named the best company overall in Ireland for investor relations. The building materials giant’s chief executive also landed the award for best investor relation by a CEO/CFO in the annual IR Magazine awards.

Ryanair was recognised for its attention to investor meetings and roadshows while Paddy Power was deemed the company that had adapted most successfully for the needs of investor relations in a downturn.

Chevron profits down 64%

Chevron Corp reported a 64 per cent decline in quarterly profit yesterday, lagging Wall Street forecasts, as a sharp drop in energy prices stung the second-largest US oil company.

Net profit fell to $1.84 billion, or 92 cents per share, from $5.17 billion, or $2.48 per share, a year earlier. Revenue plunged 46 per cent to $35 billion.