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Roundup-Energy index unchanged

Monday, March 11 08:29:47

The Bord Gais Energy Index was unchanged in February as hopes for a global economic recovery were impacted by a number of negative economic releases. The index now stands at 150, a decrease of 4pc on February last year.

Bord Gais said a key factor that could impact oil prices in the months ahead was the growing shale oil revolution in the US.

Imports

"Evidence of its evolution appeared during the month as US oil output hit a 20-year high and its net petroleum imports fell for the first time in over 20 years," said John Heffernan, power trader at Bord Gais Energy.

"Domestic US oil output is now 22pc higher than a year ago. The Irish Independent

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Budapest International Airport has initiated legal action against Ryanair, the Irish Independent has learned. An application was lodged with the High Court in Dublin last month with the Hungarian airport seeking summary judgment, which means it wants the court to order the repayment of an alleged debt owed by the airline.

This is the first stage in the legal process and Ryanair can either consent to or challenge the judgment.

The no-frills carrier and the airport have been involved in a spat over airport charges, with Ryanair announcing in November that it was axing 10 routes at its Budapest base as the airport became the latest to be pilloried by the airline over charges. The Irish Independent

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Cobone.com, founded by Irishman Paul Kenny, has been acquired by Tiger Global Management, providing it with extra capital to further its long-term commitments in the region.

The deal will see Mr Kenny remain at the helm of the company, along with other members of Cobone's leadership.

Cobone.com, founded in 2010 with backing from the Jabbar Internet group, is among the biggest deal sites in the Middle East, and has more than two million customers. The Irish Independent

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Mortgage lenders will run the risk of financial sanctions if they fail to meet Government targets in a new plan to overcome the personal debt crisis. The plan, to be unveiled on Wednesday, includes last-resort measures to facilitate the repossession of property from home owners deemed to be in "strategic default" if they do not co-operate with their lenders.

This is designed to prompt borrowers who can repay their loans but who won't do so to engage with their banks. The aim is to separate them on a case-by-case basis from borrowers who genuinely cannot repay, and to settle such cases quickly.

The matter is politically sensitive. The tone of remarks on repossessions by Department of Finance secretary general John Moran last week went down badly with some Cabinet members. However, a senior Government source said there was a clear understanding among all stakeholders that the arrears question should be urgently addressed. The objective was to keep people in the family home "where it's at all possible", the source said. There is support for the initiative within the EU-IMF troika. The view within the troika is that the task of settling genuine arrears cases would be made much more difficult if strategic defaulters are not tackled. The Irish Times