Airbus, the European aircraft maker, is to create up to 1,000 jobs and boost the planned output of its main family of aircraft by 50 per cent over two years.
The move is a sign of the growing recovery in the civil aviation market after the deep recession of the past three years.
Airbus delivered more aircraft than Boeing of the US for the first time in its history last year and chief executive Mr Noel Forgeard forecast rising profitability during the next three years, with the Airbus operating profit margin set to rise from 7.1 per cent last year to 10 per cent. - (Financial Times Service)
Gold-sampling success in Spain
Dublin- and London-listed Irish explorer Ormonde Mining yesterday reported good results from a rock-sampling programme carried out at its gold prospect in Tracia in north west Spain.
The company said it had obtained results of between 40.9 and 75.6 grammes per tonne from some samples, while 10 per cent of all samples had values of more than 10 grammes per tonne.
Ormonde's statement added that many of the highest values occurred in samples taken from outcrops which will form the basis of drilling targets.
The Irish company's Swedish joint-venture partner, International Gold Exploration (IGE) AB, is funding the exploration activities at Tracia.
Burren Energy oil production leaps
Burren Energy said yesterday that it had made an excellent start to 2004 and expected to achieve production rates of 17,500 barrels of oil per day by the end of the year.
The London-listed oil and gas explorer, which plans to release interim results on September 20th, said net production in the first half averaged 11,710 barrels per day, a 71 per cent increase on the first half of 2003.
The company, which has operations in Turkmenistan and Congo, said it hoped to begin operations in Egypt this year. The Egyptian parliament has approved the award to Burren of the East Kanayis Block 7 licence.
Virgin Mobile cuts float price
Virgin Mobile yesterday blamed tough market conditions as it cut the price of its planned market debut to 200-220 pence per share, valuing the mobile phone group at £500-£550 million sterling (€750-€825 million).
A Virgin Mobile spokesman said the stake sale in Britain's fifth-ranked mobile-phone group had also been reduced to 25 per cent from between 37 and 43 per cent.
Virgin Mobile's management has been on a two-week whirlwind international roadshow after setting an initial price range of 235p to 285p per share, valuing the no-frills mobile services provider's equity at £588-£713 million sterling.
However, the team failed to win investor backing for the price of the offering. - (Reuters)
Raise retirement age to 70, says CBI
Employers in Britain have called for the retirement age to be increased to 70 in exchange for a bigger state pension. The Confederation of British Industry said the government should increase the basic state pension to reduce the need for means-testing and help low-paid workers.
But to fund the rise, it said the state retirement age should gradually increase to 70 between 2020 and 2030. - (PA)
Dragon drills new Turkmenistan well
Dragon Oil has successfully drilled a third well in its Cheleken contract area in offshore Turkmenistan.
New technology allowed the company to complete the drilling faster and at lower cost than in previous projects. Shares in the firm closed at 62 cents last night, up three cents.
