A roundup of today's other business news in brief
Negativity on finances and jobs weakens consumer sentiment
Consumer sentiment weakened in July as people became a little more negative about their current finances and the future of the labour market, writes Ciara O'Brien.
The KBC Ireland/Economic and Social Research Institute index weakened to 66.2 last month, falling from 67.9 in June.
The overall index remains above the 50 mark separating expansion from contraction. Last year, the index registered 49.5 in July following a record low of 39.6 in the same month in 2008.
The index of current conditions slipped from 88.4 in June to 85.7 last month, possibly influenced by easing in the pace of the fall in prices, the weakening of the euro against the dollar and sterling, and rising standard variable mortgage costs.
S&P keeps negative status on Anglo
Standard and Poor's (S&P) has retained its negative view on Anglo Irish Bank, pending the European Commission's decision on the bank's restructuring plans, writes Una McCaffrey.
The ratings agency said yesterday the “creditwatch negative” status reflected its view of “downside risks” from the Anglo plan, which is being considered by the Commission.
SP first put Anglo Irish’s BBB/A-2 rating on creditwatch with negative implications in January.
The agency will revisit its views on Anglo after the commission makes its decision on the bank split into a good and a bad bank, which is expected in September.
Revenue up 4.9% at Dragon Oil
Revenue at exploration firm Dragon Oil rose 4.9 per cent in the first six months of the year, boosted by a rise in crude oil prices.
The company said revenues were $276.3 million in the six months to June 30th, compared with $263.5 million a year earlier. Average realised crude oil prices reached $75 a barrel, compared with $50 in the first half of 2009. This price rise was partly offset by a fall in sales volumes, the company said.
Dragon Oil increased its average gross production by 8 per cent over the six-month period to 46,420 barrels a day.
It has completed six new development wells this year and is on track to complete 11 wells during the year.
Aer Lingus carried 1m passengers in July
Aer Lingus carried just over one million passengers in July, 8.7 per cent fewer than in the same month last year. Both short- and long-haul passenger numbers fell as capacity was cut by 13.9 per cent. Some 99,000 long-haul travellers flew with the airline in July, down 12.4 per cent on last year, while short-haul passengers totalled 921,000, or 8.3 per cent fewer.
Overall load factor – how full flights are – was at 85.8 per cent, up 3.5 points on last year. The long-haul load factor was 89.8 per cent, up 12.8 per cent on last year as capacity was cut by 27.9 per cent. The short-haul load factor fell 1.6 per cent to 84 per cent despite capacity falling 5.3 per cent.
