A round-up of today's other financial news stories in brief
Oil predicted to fall to $30 a barrel
Oil prices will fall to $30 a barrel in the next three months, Goldman Sachs said yesterday, as it lowered its 2009 forecast for oil prices to $45 a barrel, down from a previous prediction of $80 a barrel.
Nymex January West Texas Intermediate fell $3.19 to $44.80 a barrel but gained 9.8 per cent over the week, while ICE January Brent lost $2.89 at $44.50 a barrel, rising 12 per cent this week.
The forecast is an awkward U-turn for a bank that until recently had been one of the big bulls of the oil market and only a few months ago warned about the danger of a "superspike" to $200 a barrel.
In the broader commodities asset class, the bank was also bearish, telling clients to underweight commodities, particularly relative to equities.
Vodafone to cut Irish workforce by 150
Vodafone is to cut its Irish workforce by 150 people over the next month due to what it says is "an increasingly challenging economic environment". The firm, which employs 1,500 staff here, said it hoped to achieve the cuts through a voluntary redundancy programme.
Elan to cut 114 jobs and close offices
Elan plans to cut 114 jobs and close its offices in New York and Tokyo to put more investment into its drug pipeline. A spokeswoman said the changes would have "no impact" on Elan's Irish operations. Elan expects the changes to save €20 million to €25 million a year.
Irish firms still paying seasonal bonuses
More than half of Irish firms will pay a Christmas bonus this year in spite of the recession, according to a survey of 300 business leaders by Dublin- based Gift Voucher Shop.
The survey found that 55 per cent of companies intended to pay a bonus to staff this Christmas of at least the same level as in 2007.
ComReg begins consultation process
Communications regulator ComReg has started a consultation process over whether it should make additional wireless broadband capacity available.
The agency said the proposed capacity increase, which is "sizeable", would be determined during the process.
Sterling close to parity with euro
Sterling plunged towards parity with the euro this week, as the rapid deterioration in economic activity prompted speculation that the UK could face a currency crisis.
The pound fell 1.2 per cent against the euro to touch a new all-time low of £0.8997 yesterday in its fifth consecutive session of losses, bringing its decline on the week to 4.3 per cent.
Sterling's trade-weighted exchange rate index also hit a historic low, sinking to 78.8, its weakest level since records began in 1981.
An onslaught of bleak economic data exposed the depth and severity of the UK recession and savaged confidence in the pound.
