A round-up of today's other stories in brief
Trade surplus falls due to weak exports
Exports remained weak in September, pushing down the Republic's trade surplus.
Seasonally-adjusted trade figures released by the Central Statistics Office yesterday show that exports fell by 4.7 per cent to €7.3 billion in September, while imports declined by 0.2 per cent to €4.7 billion over the same period. The resulting €2.7 billion trade surplus was 12 per cent lower than the €3 billion recorded in August.
Alan McQuaid of Bloxham Stockbrokers said the performance of exports has been the weakest feature of domestic economic activity in the year to date.
"The bottom line is hat the trade surplus in 2005 is again likely to be lower than the previous year."
IIB owner in talks with Spanish bank
Belgian banking group KBC- which owns IIB Bank in Dublin - confirmed it had held talks with Spanish savings bank Caja Madrid but declined to confirm a report it was negotiating an international alliance.
"We had one-off talks with Caja Madrid as we do with lots of people," said KBC spokeswoman Viviane Huybrecht.
An agreement with KBC would boost the international expansion of Caja Madrid, Spain's second-largest unlisted savings bank. - (Reuters)
Conroy takes hard look at gold find
Conroy Diamonds and Gold said it is investigating how best to advance the excellent gold exploration results produced by its Irish licenses.
During the year the company doubled the number of gold targets on its Longford-Down Massif after identifying 10 new ones up to 0.5km long within a 20sq km area of the Armagh-Monaghan Gold Belt around Tullybuck-Lisglassan.
€200m spend for Belfast Port
The Port of Belfast yesterday revealed a €200 million investment programme as part of its strategic outlook for the next five years.
The funding, which will come from a combination of the port's own revenue and external funding, is the most money ever to be spent on the port over such a period.
The port handles about 25 per cent of the whole of Ireland's sea borne trade and 66 per cent of Northern Ireland's.
Copper prices hit record high
Copper prices posted a record high on the London Metal Exchange yesterday as investors gambled that China, despite denials, may be forced to cover a big loss-making position.
"The market is completely focused on China, but there is a lot of smoke and mirrors - no one really knows what the true picture is," a trader said. Traders blamed the volatile conditions on China.
China's State Reserves Bureau is the focus of market speculation that a trader working on its behalf had taken out a huge 150,000 to 200,000 tonne bet that copper prices would fall. Instead, they have actually hit successive highs. - (Reuters)
Oil prices fall due to high stockpiles
Oil prices fell to a 5-month low on Thursday as robust fuel stockpiles in the United States eased fears of a winter supply crunch, despite forecasts for a frosty heating season to come.
U.S. crude settled down $1.54 to $56.34 a barrel while London Brent crude fell $1.15 cents to $54.85.
Commercial crude oil stockpiles in the United States are 12 per cent higher than a year ago, despite a surprise fall last week.
Gold climbs to 18-year high
The price of gold climbed to its highest in almost 18 years yesterday, while platinum recovered after slipping more than 2 per cent from its near 26-year peak on investment fund buying, dealers and analysts said. - (Reuters)
Ardawn seeks €50m to fund development
Dublin-based property group Ardawn Developments has launched its second residential project, Ardawn 2, aimed at raising more than €50 million to fund residential development projects in the Greater Dublin area.
The first project, Ardawn 1, was established earlier this year and in February raised €56 million from private clients of NCB Stockbrokers.
Combined with bank debt, this was used to provide a total fund of about €120 million for long-term investment in development land. To date, Ardawn 1 has invested more than €100 million in the greater Dublin area. Ardawn 2 will be managed by Cova Properties, the developer responsible for the €400 million redevelopment of Blessington town centre. The minimum investment is €50,000, which must be pledged through NCB.
Liberty offers land acquisition fund
Independent financial adviser Liberty Asset Management this week launched its Crystal Property Development Fund, aimed at offering investors the opportunity to benefit from the substantial returns available in Ireland's land development sector.
The fund, which will be managed by Crystal Partners, is open to individuals, companies, pension funds and approved retirement funds (ARFs). It aims to raise between €25 million and €45 million and will focus primarily on acquiring and developing land in Munster and Connaught's main towns and cities.
IFS renews forestry investment plan
IFS Asset Managers this week announced the launch of its 12th forestry investment plan. The group is seeking to raise €2.5 million, which will be used to purchase semi-mature forestry and bare land that will be planted with the aid of European Union and Government grants.
The programme offers an 8.5 per cent tax free projected rate of return over its 10-year term. The minimum investment is €750.
