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In brief: Tullow strikes it rich with oil find

Tullow Oil yesterday announced another oil discovery in Ghana. The result encouraged brokers to up estimates for the nearby Tweneboa prospect, which is now believed to hold up to 750 million barrels of oil.

Banks 'must kick-start lending'
Banks must start lending again or face being named and shamed, the Treasury Select Committee chairman says.
Fears of company closures as banks tighten grip on lending

Small businesses continue to be crippled by the lack of lending from the banks and more than 50pc of SMEs have been refused access to finance in the past few weeks, according to new figures.

Cancel that Ferrari order! Top banks axe bonuses for their executives
UBS and Goldman Sachs will not pay bonuses to their top executives in 2008, the banking giants reveal.
Digicel opens service in Honduras

DiGiCel, Denis O'Brien's mobile telecoms firm, will go up against Claro, the firm owned by the richest man in the world, through its $450m launch in Honduras.

Irish Life and Permanent confirms talks with EBS

Irish Life and Permanent has announced that it is in discussions with the EBS building society about how the two institutions might work together in the current market environment.

Jobs fair seeks to lure Lithuanian workers home

A jobs fair is being held in Dublin today to encourage Lithuanians to return and find employment in their homeland.

Rolls-Royce set to cut 2,000 jobs

Rolls-Royce Group, the world's second-largest maker of aircraft engines, said it will cut as many as 2,000 jobs worldwide next year as economies slow and programs at Boeing and Airbus SAS suffer delays.

Eurozone output hits record low

Europe's manufacturing and service industries contracted in November at the fastest pace in at least a decade, extending a slump that has already pushed the economy into a recession.

Credit crunch syndrome hits Irish property investment in China

Irish investors in the Treasury Holdings associate company China Real Estate Opportunities (CREO) are probably pinning their hopes that the Chinese government's plans to boost its economy will also help the recovery in the share price.

Daewoo leases African plantation
South Korean firm Daewoo says it is leasing a vast tract of land in Madagascar, which will produce half of its corn supply by 2023.
Pakistan asks IMF for rescue loan
Pakistan has asked the International Monetary Fund for a loan of at least $7.6bn, its top economic adviser says.
Screens turn red as ISEQ plummets

Trading screens across Dublin turned red as bank shares and later industrial stocks came under the hammer as a wave of negative sentiment swept global markets.

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