A round-up of other business news.

Dollar hits new low after mixed data

The dollar slumped to an 11-month low against the euro yesterday, after a mixed bag of US economic data did little to overturn the market's view that the Federal Reserve is nearing a pause in its interest rate hike campaign.

The dollar extended losses into a sixth straight session against a basket of major currencies after data showed the US economy was growing briskly in the first quarter but that inflationary pressures were softer than the previous quarter.

The dollar index is now down almost 4 per cent in April, poised for its worst month since September 2003. In mid-morning New York trade, the euro was up 0.7 per cent on the day around $1.2620, after touching an 11-month high of $1.2635, while the greenback was mired near a seven- month low, down 0.6 per cent on the day. - (Reuters)

Asda to bring 400 jobs to Antrim

Supermarket group Asda is to open a 5,110sq m (55,000sq ft) outlet in Co Antrim, creating more than 400 new jobs in the area.

The new store, which will be situated alongside the Junction One International Factory Outlet Centre in Co Antrim, follows the development of 13 other Asda outlets in the North, which were converted from Safeway stores last year.

Asda said yesterday that since these conversions it had been looking for sites to expand its business to 20 stores within the next three years.

Asda plans to spend £25 million (€36 million) developing the new store.

April inflation exceed forecasts

Inflation in the euro zone hit an annual rate of 2.4 per cent in April versus 2.2 per cent in March, which was more than markets were betting on and likely to have been caused in part by record oil prices.

The European Central Bank, which wants to keep inflation below but close to 2 per cent, has warned of rising risks from costly energy and fast credit growth, which the bank said yesterday grew to an annual 10.8 per cent in March, the fastest growth on record.

The European Commission's economic sentiment index for the euro zone, which was expected to slip a little, hit a five-year high, reaching 105.3 points versus 103.6 in March. The gain was mainly driven by sizeable rises in confidence in industry and the services sector, with a small recovery in optimism among consumers, long the economy's weakest point. - (Reuters)

Sligo mayor in plea for jobs help

The mayor of Sligo has urged Enterprise Ireland to seek alternative employment opportunities for the workforce of a video-manufacturing company that ceased operations yesterday.

Saehan Media, formerly one of the town's largest employers with a peak workforce of 500, has blamed the worldwide downturn in demand for videotape and cassettes and the advent of DVDs for its decision to close.

Almost 70 of the 91 strong workforce have been laid off, while the remainder will stay to complete the "wind down" of the plant over the summer months.

A consortium of local business people recently bought the Saehan property, including the historic Hazelwood House, which local campaigners hope will be developed as a tourism facility.

Digicel expanding to new island

Digicel, Denis O'Brien's Caribbean mobile group, is expanding its operations in the Netherlands Antilles to include the small island of Bonaire. The addition comes after Digicel acquired a majority holding in Antilliano Por, an entity holding a licence to operate telecoms on the island. Bonaire, located off the coast of Venezuela, has a population of roughly 13,000.