EUROPE'S AIRLINE FLEETS STILL GROUNDED - Today is day five of paralysis at the airports, as Europe's aviation sector is grounded by a cloud of volcanic ash, rock, sand and glass. That means that millions of euro worth of our exports are stranded.
The chief executive of the Irish Exporters Association, John Whelan, says that €95m worth of exports were being held up every day by the continuing air restrictions. Mr Whelan said exporters were hiring trucks to take goods to southern Europe where airports are still open. However he added that valuable exports to the US and Asia were being seriously disrupted.
Olivier Jankovec, who is director general of Airports Council International in Europe says this is the first time that the airports of almost a whole continent have been closed by a volcano. He wants more urgency attached to getting the aviation industry back to work.
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MORNING BRIEFS - Elan Corporation says it is considering the possibility of spinning off its Elan Drug Technologies business. The company says that if it goes ahead, the move would create two distinct publicly listed companies - Elan BioNeurology and EDT. Elan says the idea is being explored to boost shareholder value. On an operating basis, both sides of the business are now profitable and it is anticipated both would continue to be based in Ireland.
*** On the currency markets, the euro is worth $1.3450 and 87.8 pence sterling.
