A roundup of today's other business news in brief
US labour market recovery falters
The number of US workers filing new applications for unemployment insurance rose unexpectedly last week for the first time since early April, suggesting the labour market recovery has hit a stumbling block.
Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week to May 15th, the highest level since the week to April 10th. The surprise jump took a toll on US financial markets, already reeling on concerns Europe’s debt crisis could put a damper on the US economic recovery. – (Reuters)
Petroneft Russian licences ‘on schedule’
Exploration company Petroneft says it is on schedule to begin oil production from its Russian licences in the third quarter.
The company has a range of interests in western Siberia and many of its licences have proven resources.
It is due to begin production from its fields in Tomsk later this year, and work on this is going according to schedule, it said yesterday.
Kenmare titanium mine ‘on target’
Kenmare Resources told shareholders yesterday that production from its titanium mine in Mozambique is on target.
The mine, at Moma, Mozambique, moved into full production late last year. The company is planning to expand capacity to meet anticipated increased demand for the commodity on world markets.
Yesterday, it said April figures showed that production of ilmenite, a titanium mineral and Moma’s main product, was 57,307 tonnes, 14 per cent up on the monthly average for the first quarter. Production of other minerals was also ahead.
B of I plan to raise €3.56bn approved
Minister for Finance Brian Lenihan has praised Bank of Ireland shareholders for their backing of the bank’s latest capital raising plan.
Yesterday, shareholders voted overwhelmingly in favour of a plan to raise €3.56 billion in fresh capital at an extraordinary general meeting of the bank.
The plan will “facilitate the bank meeting the credit needs of the Irish economy”, Mr Lenihan said.
