A roundup of today's other business news in brief
Providence wins licensing option for well
Providence Resources has been awarded a licensing option over the Baltimore heavy oil discovery located off the south coast of Ireland .
The 48/19-2 discovery well is situated some 30km (18.6 miles) off the south coast at a depth of approximately 100m (328ft). It was discovered in 1992.
Tony O’Reilly, chief executive of the company, which is listed in both Dublin and London, said yesterday that, while “technically challenging”, the Baltimore oil accumulation deserved “further review given the current sustained higher oil-pricing environment” and the recently announced progress on similar oil accumulations in the North Sea.
Strategy for agri-food sector
Former interim chief executive of the Irish Dairy Board, Dr Sean Brady, is to lead an initiative to draw up a long-term strategy for the agri-food, forestry and fishery sectors. Dr Brady was appointed yesterday as chair of the 2020 Strategy Committee.
A web-based consultation process has also been launched to facilitate public contributions to the strategy. Details are available at www.agriculture.gov.ie/2020/ .
“I firmly believe that this sector can contribute significantly to our economic recovery and provide long-term growth into the future,” said Minister for Agriculture, Fisheries and Food Brendan Smith.
EADS studies Nato aid deal
Airbus parent EADS pored over a new offer of aid for the delayed and over-budget A400M military transporter craft from seven Nato buyer nations yesterday, amid speculation of a long-awaited rescue deal this week.
“EADS has received an offer from the governments sent to the chief executive Louis Gallois, and is studying it. EADS will answer in due time,” a company spokesman said.
None of the parties agreed to comment on the offer, but one source close to the negotiations described it as “serious”, in contrast with weeks of slow and sometimes acrimonious talks over the fate of Europe’s largest defence project. – (Bloomberg)
Surge in UK inflation as reduced VAT ended
The ending of a temporary reduction in VAT led to a surge in the British inflation rate last month.
The consumer price index climbed to 3.5 per cent year on year from the 2.9 per cent annual rate recorded in December, the UK Office for National Statistics said yesterday.
Economists’ comments that the rise was generally in line with forecasts offered some reassurance to the markets that the increase is temporary.
In addition to the reversion of VAT rates, a rise in the price of crude oil contributed to the surge in inflation to a 14-month high in the UK. – (Copyright The Financial Times Limited 2010)
