AER LINGUS TO REDUCE FUEL SURCHARGES - Aer Lingus is to reduce long haul fuel surcharges by 25% on its long haul flights to the US and the Middle East. Those reductions come into effect on bookings made from midnight tonight.
The surcharge, introduced last May, was €40 for each leg of a return flight to the US adding €80 to the cost of a round trip. A similar charge applied to the airlines new route to Dubai. The additional cost to Los Angeles was €45 each way.
Aer Lingus commercial director Enda Corneille says when the airline introduced the surcharge back in May fuel was running at $74 a barrel, and fuel prices had now fallen.
He said the airline had 55% of fuel for this year hedged at a good price and at the time said it would keep the charges under review.
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FUND TO BUILD HOUSING IN EMERGING MARKETS - Anyone with a spare €50,000 is being invited to invest in a consortium which will build affordable housing in countries like South Africa and Jordan.
That follows a deal struck between property developer Frank Gormley of Howard Eurocape and US company MuniMae, who have come together to form a joint venture called International Housing Solutions.
Frank Gormley says the fund seeks to minimise risk by investing in the supply of reasonably priced housing in countries where the demand far outweighs supply.
He said although the problem of affordable housing exists all over the world, this particular fund is looking at emerging markets where you have high demand, and low costs.
He says MuniMae has many decades of experience of providing social and affordable housing with 320,000 units currently in the US.
Mr Gormley says the fund will be centrally managed, will select the best developers possible with the most interesting projects, with the finance provided in conjunction with local banks.
Mr Gormley says there is no guaranteed yield, however investors get their return before the developers.
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BRIEFS AND MARKETS- Bill McCabe's Bedminster, whose business is converting biodegradable waste into bio fuel, has announced its first venture in the UK.
It has become involved in a joint venture to build a waste treatment facility in Mersyside which is scheduled to start working at the end of 2008. Bedminster already operates in North America, Australia and Japan.
*** Independent News and Media, along with private investors, is to buy one of Australia's biggest media groups in which Independent already has a 40% stake.
It has just been announced that Australia's APN News and Media has agreed a take-over deal which values APN at €2.26 billion, or A$6.10 australian a share, compared to an earlier approach of A$6.05.
*** The Nikkei index of Japanese shares was closed for holidays but on the currencies the euro is worth €1.303 and 66.67 pence sterling.
