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AIB fund launches solar investment
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Saturday October 10 2009

renewable energy

AIB Wealth Management made its first foray into the renewable energy sector yesterday with the launch of a solar energy fund that will invest in Spanish solar farms through a partnership with Seville-based operator Quintas Energy. AIB Wealth Management said it was an "opportune time" to invest, with projected annual returns of about 10pc over five to seven years and a minimum investment of €50,000.

Citigroup offloads oil trading unit

DEAL

Citigroup has sold its Phibro oil trading unit to Occidental Petroleum in a $250m deal that will eradicate one of the bank's most pressing problems over pay and perks for select staff. Phibro's management team will remain with Phibro.

M&S slips to third in fashion stakes

RETAIL

Marks & Spencer (M&S) has fallen into third place among the UK's fashion retailers in terms of volume of clothes sold, falling behind George at Asda and Primark. M&S's sales have suffered this year, with consumers switching to cheaper rivals.

Chinese firm seals Hummer deal

AUTOS

General Motors has agreed to sell its Hummer sport-utility vehicle brand to China's Sichuan Tengzhong Heavy Industrial Machinery and another investor for an undisclosed price. Tengzhong intends to buy Hummer through an investment group in which it will hold 80pc, and Suolang Duoji will hold the rest, the companies said.

Irish Independent