Credit unions 'ignoring' failed repayments - A large number of credit unions are ignoring the fact that their clients are not repaying their loans or are unaware of the problem, according to a confidential report for the Irish League of Credit Unions says the Irish Times. Submitted to the league in March by its own rationalisation committee, the report warns that the delinquency problem is increasing and that it will probably lead to credit union failures in the coming years. It said the key delinquency ratio in almost three-quarters of 448 credit unions analysed in 2003 was above the league's guideline target of 5%, and added some credit unions have 'very significant adverse ratios'. About three million people are members of credit unions and their savings currently amount to some €12.6 billion. Loans in issue amount to some €7.1 billion. While the report described as 'worrying' the fact that credit unions are not addressing the delinquency issue, the league insisted yesterday that clients had no reason to be concerned about their savings.
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Greencore rises by almost 7% on Athy closure report - Shares in Greencore rose by almost 7% yesterday after the former sugar company was reported to be considering the closure of its malt facility in Athy, says the Irish Independent. Shares in the group gained 26 cent, or about 7%, to €4 in the wake of the news. While a spokesman played down a report in the 'Farmers Journal' that the group is set to close its only remaining Irish malt facility in Athy, he confirmed that the business has been under review for several months. Following the decision to close its only remaining sugar plant at Mallow, Greencore has become increasingly focused on its sandwich and convenience foods business.
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Fuel prices directing attention to energy crops production - Although many technical and economic aspects remain unresolved, energy production from agri biomass is now moving towards commercial realisation, a Teagasc biofuels open day was told in Carlow, yesterday. The Irish Examiner says that the head of the Teagasc Oak Park crops research centre Professor Jimmy Burke said ever-rising fuel prices are directing attention to the production of energy crops. Research on a range of crops that are nearest to commercial exploitation as energy sources was on display at the open day. Professor Burke said interest in biomass crops for energy is growing rapidly. Decoupling of EU supports, the end of sugar production, the rise in fuel prices and the need to reduce greenhouse gas production are all having their effects.
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Dell to offer Google software on PCs - The battle for market share among computer makers and internet companies took a new twist on Thursday after Dell, the world's biggest PC maker said it would sell PCs with pre-installed search software from Google, writes the Financial Times. For Dell, the partnership represents the latest attempt to boost revenues as it struggles against slumping margins, slowing sales growth and a turnround at Hewlett-Packard, its biggest PC rival. Dell last week announced that it would begin shipping some high-end servers containing microchips in a separate attempt to increase sales.For internet search giant Google, the move to offer Dell customers factory-installed search technology represents a direct challenge to Microsoft , the world's biggest software company, whose suite of software tools has long dominated the PC desktop.
