Unemployment in Northern Ireland has fallen to a record low and now equals the UK average, figures released yesterday reveal.

The seasonally adjusted unemployment rate of 4.7 per cent for the three months June to August was down from the 5 per cent of the previous quarter. Over the last three months the number of people claiming benefits has fallen by 800, though it was up 100 over the month to September.

The latest seasonally adjusted claimant count stands at 29,700, down 4,900 over the year.

Commenting on the figures, Enterprise Minister Mr Barry Gardiner said: "It is good news to see the continuing fall in unemployment." - (PA)

MyTravel sets debt deadline

Debt-saddled travel firm MyTravel has set itself a year-end target to complete a proposed £800 million debt-for-equity swap, shortly before its next bond interest payment on January 5th.

An expansion drive and accounting errors led to mounting debts at MyTravel, formerly known as Airtours, which announced last year that it would refinance its debt.

The company, which owns Panorama and Direct Holidays in Ireland, said in a statement yesterday that its proposed debt-swap would leave shareholders with 4 per cent of the company, and that it would break even at the operating level for the 12 months to September 30th.

But creditors were not all happy. "I'm not sure any creditor is happy with the debt-swap because the company isn't worth much," said an adviser to an investor. - (Reuters)

Ivernia on target for production

Exploration company Ivernia is on schedule to begin full production of its Magellan lead mine in Australia in the new year.

The company has operating control of the project and a 51 per cent interest in the mine. In a statement yesterday, it said that construction of the mine was on schedule and said production would begin in the first quarter of 2005.

Ivernia is the former 50 per cent owner of the Lisheen zinc and lead mine in Co Tipperary. Following a restructuring, it is listed in Canada, but 10 per cent of its shareholders are Irish.

Premier finishes oil appraisal

Premier Oil expects to recover around 54 million barrels of oil from a field in Indonesia, the company said yesterday. The firm said that it had just completed an appraisal of the field, known as Gajah Baru, in the West Natuna Sea in Indonesia.