A round-up of today's other business news, in brief ...
ABN Amro to cut up to 5,000 jobs
Dutch state-controlled bank ABN Amro plans to cut 4,000 to 5,000 jobs and up to €1.3 billion in costs over the course of its integration with Fortis Bank Nederland, a spokesman said yesterday.
The spokesman said some 5,500 to 6,500 jobs would actually be cut, but the group would also create 1,500 new jobs as well. It was not immediately clear what percentage of the new group the job cuts would represent. – (Reuters)
Work of credit group outlined
Minister for Enterprise, Trade and Employment Mary Coughlan yesterday outlined the terms of reference for the Credit Supply Clearing Group which will include representatives of the banking and business sectors, as well as State agencies such as IDA Ireland.
She said the group will “be charged with identifying specific patterns of events or cases where the flow of credit to viable projects appears to be blocked, and to identify credit-supply solutions”.
Circle Oil reports new discovery
Circle Oil, the Irish oil- exploration company, has reported a new discovery at the Geyad-1X exploration well in the onshore northwest Gemsa concession in Egypt.
The well tested 40-degree API oil and gas at a sustained average combined rate of 2,809 barrels of oil and 3.04 million standard cubic feet a day.
A technical evaluation of the results is under way to assess the find and to permit development planning.
Air France-KLM scraps dividend
Air France-KLM posted a narrower-than-expected fourth-quarter loss after capping staff costs, but scrapped its dividend as it waits for signs of a recovery in passenger and freight demand.
Europe’s largest airline by revenue reported a fourth-quarter operating loss of €574 million bringing the Franco-Dutch airline’s operating loss before interest, tax and exceptional items for the year to March 31st to €129 million. – (Reuters)
Oil touches $60 a barrel
Oil prices rose yesterday, touching a six-month high over $60 a barrel as a flurry of US refinery problems stoked supply fears leading into peak summer driving season. US crude settled 62cents higher at $59.65 a barrel, after earlier reaching $60.48 a barrel, the highest level since November 11th.
London Brent rose 45 cents to settle at $58.92 a barrel. The gains came after a fire struck a gasoline-making unit in Corpus Christi, Texas. – (Reuters)
