A round-up of today's other business news in brief ...
BP seeks another $1bn in savings
Oil giant BP says it has increased its cost reduction targets for 2009 by 50 per cent to $3 billion (€2.1 billion), as it reports a halving in second quarter profits due to lower oil prices and weaker refining margins.
The firm says it has achieved its original 2009 target of $2 billion in cuts in the first half of the year.
– (Reuters)
Exploration firm finishes survey
Dublin-based oil and gas exploration company Providence Resources says it has successfully completed its 3D seismic survey off the Irish coast.
Providence holds a 56 per cent interest in and is operator of the Spanish Point licence which is situated in the Porcupine Basin off the west coast.
The Tony O’Reilly jnr- headed firm said the seismic survey covered in excess of 300 km2 primarily over the Jurassic Spanish Point gas condensate discovery.
Ireland-Bermuda information pact
Ireland and Bermuda have signed an agreement that will enable Irish tax investigators to request information from Bermuda authorities.
Minister for Finance Brian Lenihan welcomed “a new chapter in relations between Ireland and Bermuda”. A number of US firms are moving from Bermuda to Ireland ahead of US tax rule changes. – (Reuters)
Deutsche Bank profits up 70%
Deutsche Bank’s second- quarter net profit has risen 68 per cent to €1.09 billion, boosted by its investment banking arm, but loan provisions have risen sharply as economic slowdown takes its toll.
Net profit at Germany’s largest bank was higher than the €649 million it reported in the second quarter last year. Pre-tax profit more than doubled to €1.32 billion from €642 million one year ago, with the investment banking arm accounting for €828 million. – (Reuters)
AIB extends O'Driscoll's term to 2010
AIB announced yesterday that the term of non- executive director Seán O’Driscoll has been extended until the bank’s 2010 agm.
Mr O’Driscoll was due to step down from the board when his three-year term expires on September 6th, but he has agreed to remain on to help with the process of recruiting a new group chief executive.
Mr O’Driscoll is a member of the board sub-committee tasked with identifying and recommending a new group chief executive.
