Today in the press

WYETH AND INTEL PLEDGE COMMITMENT TO IRELAND - Two of the largest multi-nationals operating in Ireland pledged their commitment to the country yesterday, writes the Irish Examiner. While Wyeth BioPharma vice president, Dr Michael Karmarck was fully confident the company would continue to invest heavily in Ireland, Intel general manager, Jim O'Hara was a little more cautious in his outlook. Mr O'Hara refused to deny there would be any job losses at Intel in the near future, saying the performance of the company on the global stage will affect its operations here. "Our business in Ireland will be as successful as the business is around the world. There's no reason the next 20 years can't be as successful as the last 20," he said. Intel established its Irish operations in 1989 and around 5,000 people are employed in its manufacturing site in Leixlip, Co Kildare, with another 150 employed in its product development business in Shannon, Co Clare. Mr O'Hara admitted that we are in difficult times but added that Intel's operations in Ireland are well equipped to deal with any challenges. Meanwhile, Dr Karmarck of Wyeth, which employs 3,300 people here, said the IDA was the best organisation of its kind in the world for its ability to attract foreign direct investment (FDI) and work with foreign companies.

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ULSTER BANK INCREASES COMMERCIAL LOANS ON 'WATCH LIST' IN THIRD QUARTER - Ulster Bank increased the number of its commercial loans on "watch list" during the third quarter of 2008, says the Irish Times. Most of the affected borrowers came from the commercial property sector, according to an interim management statement yesterday from its parent company Royal Bank of Scotland (RBS). Last month Ulster Bank, along with Bank of Ireland, put Belfast-based developer Taggart Holdings into administration. However, RBS also noted that Ulster Bank's commercial portfolio remains "well diversified", and the proportion of commercial property commitments secured on speculative developments remains "modest". Last August, the bank said speculative developments accounted for just 3% of commercial property loans. Acording to Ciarán Callaghan, financials analyst with Goodbody Stockbrokers, Ulster Bank's deteriorating commercial property loan book has a negative readacross for Anglo Irish Bank, given that about 87 per cent of its loan book comprises construction and property related lending.

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200 COMPLAINTS AGAINST PLAN FOR FIRST-TIME BUYERS - More than 200 Irish people have submitted complaints to the EU Competition Directorate over the new housing support scheme announced in the Budget for first-time buyers, says the Irish Independent. They allege that the Home Choice Loans plan is contrary to competition rules as it only applies to new homes, and is only open to people earning more than €40,000 a year. They claim the Home Choice Loans scheme breaches State aid rules as it is effectively a bailout for builders. Spokesman for the EU Commissions Competition Directorate, Jonathan Todd, confirmed that in excess of 200 Irish people have submitted complaints over the scheme. The commission will now make a request for information on Home Loans Choice from the Government and on the basis of that, it will decide whether or not to open an investigation. An adverse finding could mean money provided under the scheme would have to be refunded and the scheme radically altered, Mr Todd added.

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SAUDI ARAMCO REVIEWS PROJECTS - Saudi Aramco, the world's biggest oil company, is reviewing some of its long-term projects following the sharp decline in oil prices and a dramatic slowdown in demand growth for crude, a senior official said on Tuesday. The Financial Times says that the official did not elaborate on details of the review process, saying no firm decisions had been made. It was also unclear whether the review could result in a decision to slow down the development of some of the kingdom's projects or simply a renegotiation of contracts with service companies. "We are going back to our partners and discussing with them the new economic circumstances," said Khaled al-Buraik, an executive director at Saudi Aramco. "We are not talking about delays, we are talking about reviewing." He said a decision on the projects would be made based on the re-evaluation process. Mr Buraik said he expects other countries to conduct their own reviews in the wake of changing dynamics.