A round-up of today's other stories in brief
Industrial action for B of I union
Almost 500 Bank of Ireland staff belonging to the trade union Amicus have voted in favour of industrial action over new pension arrangements.
More than 90 per cent of the union's 500-plus employees at the bank voted in favour of the industrial action, which is expected to take place within the next fortnight. The union is objecting to a decision taken by the bank 10 days ago to impose a new two-tier structure to its pension arrangements. It has criticized the bank for its failure to negotiate when the union has successfully worked with other employers in the sector.
Providence wins oil and gas licence
Exploration group Providence Resources has won a Government licence to search for oil and gas in 15 blocks off the west coast of Ireland.
Under the latest round of licenses awarded by the Minister for the Marine and Natural Resources, Noel Dempsey, Providence has won approval to search the areas known as the Goban Spur, in conjunction with its partners, oil giant ExxonMobil and Sosina.
Ramco names finance director
Ramco Energy, the Aberdeen-based exploration group, has named Christopher Gilbert Moar as finance director.
Mr Moar is currently vice president for finance and company secretary, as well as being finance director for Lansdowne Oil & Gas, the Irish-focused exploration and production company that was admitted to London's AIM in April.
Iona targeting IBM systems
Dublin-based Iona Technologies yesterday announced a technology, sales and marketing tie-up with Lansa, a global provider of application development and integration software, which will enable IBM system users to adopt Iona technology.
Ryanair to add bingo to website
Ryanair has formed a gaming partnership with internet bingo group Jackpotjoy.com, adding another new revenue stream as it seeks to boost cashflow from areas other than ticket sales.
Ryanair said the deal would allow passengers to play bingo on its website, www.ryanair.com.
The airline did not disclose the financial terms of the deal. - (Reuters)
Deutsche profits but trading poor
Deutsche Bank reported higher third-quarter profit yesterday, despite a sharp drop in equity trading income which echoed a disappointing result from rival UBS a day before.
Windfalls and strong interest income buoyed Deutsche Bank's net profit by almost a quarter to €1.24 billion but a decline in income from equities trading worried some analysts. - (Reuters)
Abbey to lend at five times income
Abbey, Britain's second largest mortgage lender, has increased the amount it will typically lend to up to five times income in order to help first-time buyers.
The move is in response to the relentless rise of house prices, but some experts believe such large loans could lead borrowers into repayment difficulties, especially as interest rates are expected to edge upwards in the next few months.
Standard income multiples have not changed substantially since interest rates were at 15 per cent, and Abbey said it was "sensible" to review income multiples. (Reuters)
