A roundup of today's other business news in brief

Quinn jobs in North will not be axed

A decision by the administrator of Quinn Insurance not to press ahead with plans to axe 75 jobs at its Enniskillen operation has been welcomed by the North’s Enterprise Minister.

The Department of Enterprise, Trade and Investment confirmed that the proposed 75 redundancies from Quinn Insurance’s private lines business will not now be implemented.

The move will have no impact on the voluntary-led redundancies earmarked in other parts of the business.

According to Arlene Foster the Enniskillen workforce has hard won its reprieve.

NI ‘committed’ to helping those who lost out in mutual collapse

The North’s Executive remains committed to find the “best possible solution” for people who lost their life savings following the collapse of the Presbyterian Mutual Society (PMS), according to the First and Deputy First Ministers.

Peter Robinson and Martin McGuinness said yesterday they are determined to push for a speedy resolution to the PMS crisis.

Mr Robinson and Mr McGuinness were among a number of Ministers and officials who attended a meeting of the PMS ministerial working group in London.

Aer Lingus faithful to its NI operation

Aer Lingus is fully committed to its Northern Ireland operation and expects to make a profit from its flights to and from Aldergrove Belfast International Airport by next year, according to the company’s chief executive Christoph Mueller.

The controversial decision to downgrade Shannon and inaugurate flights out of Aldergrove was taken by Mr Mueller’s predecessor Dermot Mannion.

Mr Mueller said that since the first flight out of Aldergrove to Amsterdam in December 2007 Aer Lingus had carried 1.75 million passengers.

Obama signs new finance legislation

US president Barack Obama has signed into law the most comprehensive financial regulatory overhaul since the Great Depression and vowed there will be no more taxpayer-funded bailouts for Wall Street.

“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Mr Obama said at a signing ceremony for the legislation approved by Congress last week.

The Bill targets the kind of Wall Street risk-taking that helped to trigger a global financial meltdown and also aims to strengthen consumer protections. – (Reuters)

Circle Oil test of well in Egypt successful

Circle Oil has successfully drilled and tested its Al-Amir SE-6 appraisal well in Egypt the exploration company said yesterday.

The well is the fifth appraisal well to be drilled in the Al-Amir SE discovery area. Al-Amir is part of the NW Gemsa concession, which covers an area of 260 square kilometres located 300 kilometres southeast of Cairo in the Gulf of Suez Basin.